IRS issues guidance on Section 179 expenses and Section 168(g) depreciation under Tax Cuts and Jobs Act IR-2018-257, December 21, 2018 — The IRS issued Revenue Procedure 2019-08 today to provide guidance on deducting expenses under Section 179(a) and on deducting depreciation under Section 168(g). IRS: Make an estimated tax payment now to avoid a tax time surprise IR-2018-255, December 19, 2018 — The IRS today advised employees, whose 2018 federal income tax withholding unexpectedly falls short of their tax liability for the year, that they can still avoid a tax-time surprise by making a quarterly estimated tax payment directly to the IRS. IRS issues guidance on changes to excess business and net operating losses IR-2018-254, December 18, 2018 — The IRS issued guidance on excess business loss limitations and net operating losses following law changes in the Tax Cuts and Jobs Act (TCJA). IRS issues standard mileage rates for 2019 IR-2018-251, December 14, 2018 — The Internal Revenue Service today issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. IRS issues proposed regulations on key new international provision, the base erosion and anti-abuse tax IR-2018-250, December 13, 2018 — The Internal Revenue Service issued proposed regulations today on the section 59A base erosion and anti-abuse tax. IRS issues guidance for determining nondeductible amount of parking fringe expenses and unrelated business taxable income; provides penalty relief to tax-exempt organizations IR-2018-247, December 10, 2018 – The Internal Revenue Service today issued interim guidance regarding the treatment of qualified transportation fringe benefit expenses paid or incurred after Dec. 31, 2017. For private corporations and their employees, IRS provides initial guidance on new tax benefit for stock options and restricted stock units IR-2018-246, December 7, 2018 — The Internal Revenue Service today issued Notice 2018-97 offering guidance on a recent tax law change that allows qualified employees of privately-held corporations to defer paying income tax, for up to five years, on the value of qualified stock options and restricted stock units (RSUs) granted to them by their employers. IRS reminds those with disabilities of new ABLE account benefits IR-2018-239, December 4, 2018 — The Internal Revenue Service wants to remind those with disabilities that the Tax Cuts and Jobs Act (2017) made major changes to Achieving a Better Life Experience (ABLE) accounts. IRS launches Instagram account to help taxpayers: Agency adds social media platform to reach more taxpayers, share timely information on filing season, tax law changes, tax scams IR-2018-237, November 30, 2018 — As part of a larger mission of helping all taxpayers understand and meet their tax responsibilities, the IRS announced today its debut on Instagram, adding this platform to its social media portfolio. IRS issues proposed regulations on foreign tax credits IR-2018-235, November 28, 2018 — The Internal Revenue Service issued proposed regulations today on foreign tax credits for businesses and individuals. IRS issues proposed regulations on new business interest expense deduction limit IR-2018-233, November 26, 2018 — The Internal Revenue Service issued proposed regulations today for a provision of the Tax Cuts and Jobs Act, which limits the business interest expense deduction for certain taxpayers. Get Ready for Taxes: Tax reform changes likely to reduce number of taxpayers who itemize IR-2018-230, November 21, 2018 — The IRS today advised taxpayers that the doubling of the standard deduction due to tax law changes is likely to reduce the number of taxpayers who normally itemize. Treasury, IRS: Making large gifts now won't harm estates after 2025 IR-2018-229, November 20, 2018 — Today the IRS announced that individuals taking advantage of the increased gift and estate tax exclusion amounts in effect from 2018 to 2025 will not be adversely impacted after 2025 when the exclusion amount is scheduled to drop to pre-2018 levels. Like-kind exchanges now limited to real property IR-2018-227, November 19, 2018 — The Internal Revenue Service today reminded taxpayers that like-kind exchange tax treatment is now generally limited to exchanges of real property. New tax law allows small businesses to expense more, expands bonus depreciation IR-2018-223, November 15, 2018 — The Internal Revenue Service today reminded small business taxpayers that changes to the tax law mean they can immediately expense more of the cost of certain business property. IRS provides tax inflation adjustments for tax year 2019 IR-2018-222, November 15, 2018 — The Internal Revenue Service today announced the tax year 2019 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Get Ready for Taxes: For many, time is running out to avoid a tax-time surprise; Check withholding, make estimated payments now IR-2018-220, November 14, 2018 ― Many taxpayers, at risk for having too little tax withheld from their pay, can avoid a surprise year-end tax bill by quickly updating the withholding form they give to their employer, according to the Internal Revenue Service. Get Ready for Taxes: Here's how the new tax law revised family tax credits IR-2018-217, November 7, 2018 ― More families will be able to get more money under the newly-revised Child Tax Credit, according to the IRS. IRS issues final regulations, expanding paid preparer due diligence requirement to head of household filers IR-2018-216, November 7, 2018 — The Treasury Department and the Internal Revenue Service today issued final regulations expanding the long-standing paid preparer due diligence requirement to include individual income tax returns claiming the head of household filing status. IRS issues proposed regulations reducing potential income inclusions for certain domestic corporations that own stock in foreign corporations IR-2018-210, October 31, 2018 — The Internal Revenue Service today issued proposed regulations reducing the amount determined under Internal Revenue Code section 956 for certain domestic corporations that own (or are treated as owning) stock in controlled foreign corporations (CFCs). Get Ready for Taxes: Learn how the new tax law affects tax returns next year IR-2018- 209, October 30, 2018 — The IRS today advised taxpayers about steps they can take now to ensure smooth processing of their 2018 tax return and avoid surprises when they file next year. Treasury, IRS issue proposed regulations on new Opportunity Zone tax incentive IR-2018-206, October 19, 2018 —The Treasury Department and the Internal Revenue Service today issued proposed regulations and other published guidance for the new Opportunity Zone tax incentive. Reduced 24-percent withholding rate applies to small businesses and other payers; Revised backup withholding publication features helpful FAQs IR-2018-205, October 18, 2018 — The Internal Revenue Service today urged small businesses and other payers to check out the agency's newly-revised backup withholding publication, now available on IRS.gov. IRS: Several tax law changes may affect bottom line of many business owners IR-2018-203, October 16, 2018 — The Internal Revenue Service today reminded business owners that tax reform legislation passed last December affects nearly every business. IRS to highlight tax reform changes affecting small businesses; Small business owners, self-employed should plan now for new changes IR-2018-197, October 9, 2018 — With just a few months left in tax year 2018, the IRS today urges small business owners to learn about how the new tax law changes may affect them. For many business taxpayers, time is running out to elect out of new 100-percent depreciation deduction for 2017 IR-2018-196, October 4, 2018 — The IRS today reminds business taxpayers who placed qualifying property in service during 2017 but choose not to claim the new 100-percent depreciation deduction, that they have a limited time to file the required election with the IRS. IRS issues guidance on Tax Cuts and Jobs Act changes on business expense deductions for meals, entertainment IR-2018-195, October 3, 2018 — The IRS issued guidance today on the business expense deduction for meals and entertainment following law changes in the Tax Cuts and Jobs Act (TCJA). New employer tax credit for paid family and medical leave available for 2018 and 2019 IR-2018-191, September 24, 2018 — Today the IRS announced that eligible employers who provide paid family and medical leave to their employees may qualify for a new business credit for tax years 2018 and 2019. IRS: 2018 employer reimbursements for employees' 2017 moves are generally tax-free IR-2018-190, September 21, 2018 — Employer payments or reimbursements in 2018 for employees' moving expenses incurred prior to 2018 are excluded from the employee's wages for income and employment tax purposes, the Internal Revenue Service announced today. IRS issues proposed regulations on global intangible low-taxed income for U.S. shareholders IR-2018-186, September 13, 2018 — The Internal Revenue Service issued proposed regulations today concerning global intangible low-taxed income under section 951A and related sections of the Internal Revenue Code. IRS reminder: Third estimated tax payment due Sept. 17; Tools are available to help people pay right amount following law changes IR-2018-184, September 11, 2018 — With tax reform bringing major changes for the current tax year, the Internal Revenue Service today reminded small businesses, self-employed individuals, retirees, investors and others who need to pay their taxes quarterly that the third estimated tax payment for 2018 is due on Monday, Sept. 17, 2018. Tax reform changes affecting small business and self-employed taxpayers; third quarter estimated tax payment deadline is Sept. 17 IR-2018-182, September 10, 2018 — With the last third of the year now in full view, the IRS today reminded small business and self-employed taxpayers of the importance of meeting their tax obligations. Part of those obligations normally include making quarterly estimated tax payments. Retirees: Avoid a surprise tax bill; get enough tax taken out of pension payments; IRS Withholding Calculator can help IR-2018-180, September 7, 2018 — With tax reform bringing major changes for the year ahead, the Internal Revenue Service today urged retirees to make sure they are paying in enough tax during the year by using the Withholding Calculator, available on IRS.gov. Avoid penalty for underpayment of taxes; IRS says check withholding, make estimated payments IR-2018-179, September 6, 2018 ― With nearly 10 million U.S. taxpayers facing a penalty for underpayment of estimated tax last year, the Internal Revenue Service urges taxpayers to plan ahead, understand their options and avoid the penalty when they file in early 2019. Clarification for business taxpayers: Payments under state or local tax credit programs may be deductible as business expenses IR-2018-178, September 5, 2018 — Business taxpayers who make business-related payments to charities or government entities for which the taxpayers receive state or local tax credits can generally deduct the payments as business expenses, the Internal Revenue Service said today. Treasury, IRS issue proposed regulations on charitable contributions and state and local tax credits IR-2018-172, August 23, 2018 — Today the U.S. Department of the Treasury and the Internal Revenue Service issued proposed regulations providing rules on the availability of charitable contribution deductions when the taxpayer receives or expects to receive a corresponding state or local tax credit. For people involved in the sharing economy: Do a 'Paycheck Checkup' now, avoid a surprise year-end tax bill IR-2018-168, August 17, 2018 — The Internal Revenue Service urges anyone working in the sharing economy to perform a Paycheck Checkup now to avoid an unexpected tax bill when they file their return next year. Taxpayers with children, other dependents should check their withholding soon IR-2018-167, August 16, 2018 — The IRS urges taxpayers with children and other dependents to use the Withholding Calculator at IRS.gov to do a "paycheck checkup." Key tax change affects taxpayers with dependents; IRS urges workers to check withholding IR-2018-166, August 15, 2018 — The IRS urges taxpayers who support dependents who can't be claimed for the Child Tax Credit to do a paycheck checkup soon. Taxpayers with high incomes, complex returns: Check withholding soon IR-2018-165, August 14, 2018 — The Internal Revenue Service today urged high-income taxpayers and those with complex tax returns to check their withholding soon to avoid an unexpected tax bill or penalty when they file their 2018 federal income tax return in 2019. Got a big tax refund? Use IRS Withholding Calculator to boost take-home pay in 2018 IR-2018-163, August 13, 2018 — Taxpayers who received large refunds earlier this year may be able to get more of their money included in their paychecks during the rest of 2018 by using the Withholding Calculator on IRS.gov. IRS issues proposed regulations on new 20 percent deduction for passthrough businesses IR-2018-162, August 8, 2018 — The Internal Revenue Service issued proposed regulations today for a new provision allowing many owners of sole proprietorships, partnerships, trusts and S corporations to deduct 20 percent of their qualified business income. IRS issues guidance on small business accounting method changes under Tax Cuts and Jobs Act IR-2018-160, August 3, 2018 — The IRS issued guidance today on new tax law changes that allow small business taxpayers with average annual gross earnings of $25 million or less in the prior three-year period to use the cash method of accounting. Treasury, IRS issue proposed regulations on new 100 percent depreciation IR-2018-159, Aug. 3, 2018 — The Treasury Department and the Internal Revenue Service today issued proposed regulations on the new 100-percent depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service. IRS and Treasury issue proposed regulations implementing Section 965 IR-2018-158, August 1, 2018 — The Internal Revenue Service and the Department of the Treasury today issued proposed regulations on section 965 of the Internal Revenue Code. IRS offers guidance on recent 529 education savings plan changes IR-2018-156, July 30, 2018 — The Internal Revenue Service and Department of the Treasury today announced their intent to issue regulations on three recent tax law changes affecting popular 529 education savings plans. IRS offers summer tips for temporary jobs, marriage, deductions and credits IR-2018-149, July 12, 2018 — Before starting a summer job, taking a vacation or sending the kids off to camp, the IRS wants taxpayers to know that some summertime activities may qualify for tax credits or deductions. Tax bill this year? Check withholding soon, avoid another one next year IR-2018-145, June 28, 2018 — Taxpayers who owed additional tax when they filed their 2017 federal tax return earlier this year can avoid another unexpected tax bill next year by doing a "paycheck checkup" as soon as possible, according to the IRS. Tax reform allows people with disabilities to put more money into ABLE accounts, expands eligibility for Saver's Credit IR-2018-139, June 15, 2018 – People with disabilities can now put more money into their tax-favored Achieving a Better Life Experience (ABLE) accounts and may, for the first time, qualify for the Saver's Credit for low- and moderate-income workers, according to the Internal Revenue Service. IRS reminder: Second estimated tax payment due June 15; form, publication can help people pay the right amount following law changes IR-2018-138, June 14, 2018 — With tax reform bringing major changes for the year ahead, the IRS today reminded self-employed individuals, retirees, investors and others who need to pay their taxes quarterly that the second estimated tax payment for 2018 is due on Friday, June 15, 2018. More than 2 million ITINs to expire this year; Renew soon to avoid refund delays IR-2018-137, June 14, 2018 — With more than 2 million Individual Taxpayer Identification Numbers (ITINs) set to expire at the end of 2018, the IRS today urged affected taxpayers to submit their renewal applications soon to beat the rush and avoid refund delays next year. For new tax on some private colleges, stepped-up basis may apply to property sold at a gain; new basis rule may limit tax impact IR-2018-134, June 8, 2018 — A private college or university, subject to the new 1.4 percent excise tax on net investment income, that sells property at a gain generally may use the property's fair market value at the end of 2017 as its basis for figuring the tax on any resulting gain, the IRS said today. IRS offers penalty, filing relief to many subject to new transition tax on foreign earnings IR-2018-131, June 4, 2018 — The Internal Revenue Service (IRS) today announced that it will waive certain late-payment penalties relating to the section 965 transition tax, and provided additional information for individuals subject to the section 965 transition tax regarding the due date for relevant elections. Law change affects moving, mileage and travel expenses IR-2018-127, May 25, 2018 — The Internal Revenue Service today provided information to taxpayers and employers about changes from the Tax Cuts and Jobs Act that affect: move related vehicle expenses; un-reimbursed employee expenses; and, vehicle expensing. New law gives individuals and businesses more time to challenge a wrongful IRS levy; newly-revised publication can help IR-2018-126, May 25, 2018 — Individuals and businesses have additional time to file an administrative claim or to bring a civil action for wrongful levy or seizure, according to the Internal Revenue Service. Two-income families, taxpayers working multiple jobs should check withholding amount IR-2018-124, May 24, 2018 – The Internal Revenue Service urges two-income families and those who work multiple jobs to complete a "paycheck checkup" to verify they are having the right amount of tax withheld from their paychecks. IRS issues notice on state and local tax deductions IR-2018-122, May 23, 2018 — The U.S. Department of the Treasury and the Internal Revenue Service issued a notice today stating that proposed regulations will be issued addressing the deductibility of state and local tax payments for federal income tax purposes. Taxpayers who usually itemize deductions should check their withholding to avoid tax surprises IR-2018-120, May 16, 2018 — The IRS encourages taxpayers who typically itemized their deductions on Schedule A of the Form 1040 to use the Withholding Calculator this year to perform a "paycheck checkup." Seasonal, part-year workers urged to check tax withholding amount IR-2018-118, May 9, 2018 — The Internal Revenue Service today encouraged taxpayers who work seasonal jobs or are employed part of the year to visit the Withholding Calculator and perform a "paycheck checkup." IRS highlights sharing economy tax center, other resources during National Small Business Week IR-2018-110, May 2, 2018 — The IRS is highlighting a variety of online resources to help small business owners and self-employed individuals as part of National Small Business Week from April 29 to May 5. For Small Business Week, IRS highlights key business tax topics IR-2018-109, May 2, 2018 — In recognition of National Small Business Week, April 29 to May 5, the IRS is highlighting several resources to help small business owners and self-employed individuals understand and meet their tax obligations. IRS grants relief for taxpayers affected by reduction of maximum deductible Health Savings Account contributions IR-2018-107, April 26, 2018 — The Internal Revenue Service today announced relief for taxpayers with family coverage under a High Deductible Health Plan (HDHP) who contribute to a Health Savings Account (HSA). IRS describes new tax reform information reporting requirements for certain life insurance contract transactions and provides transitional guidance delaying reporting until final regulations are issued IR-2018-104, April 26, 2018 — The Internal Revenue Service today described the new information reporting requirements for certain life insurance contracts under new IRC 6050Y, which was added by the Tax Cuts and Jobs Act (TCJA). Many corporations will pay a blended federal income tax this year under the new tax reform law IR-2018-99, April 16, 2018 — Many U.S. corporations elect to use a fiscal year end and not a calendar year end for federal income tax reporting purposes. Combat zone tax benefits now available to Armed Forces members who served in the Sinai Peninsula; IRS accepting retroactive tax refund claims back to 2015 IR-2018-95, April 13, 2018 — U.S. Armed Forces members who served in the Sinai Peninsula of Egypt may qualify for combat zone tax benefits retroactive to June 2015, according to the Internal Revenue Service. Inflation Adjustments Under Recently Enacted Tax Law IR-2018-94, April 13, 2018 — The Internal Revenue Service has updated the tax year 2018 annual inflation adjustments to reflect changes from the Tax Cuts and Jobs Act (TCJA). The tax year 2018 adjustments are generally used on tax returns filed in 2019. Newly-revised estimated tax form and publication can help people pay the right amount IR-2018-93, April 13, 2018 — With tax reform bringing major changes for the year ahead, the Internal Revenue Service today reminded the many self-employed individuals, retirees, investors and others who need to pay their taxes quarterly that the first estimated tax payment for 2018 is due on Tuesday, April 17, 2018. IRS issues guidance on business interest expense limitations IR-2018-82, April 2, 2018 ― The Treasury Department and the IRS today issued Notice 2018-28, which provides guidance for computing the business interest expense limitation under recent tax legislation enacted on Dec. 22, 2017. IRS issues guidance on withholding on the transfer of partnership interests by foreign persons IR-2018-81, April 2, 2018 ―The Treasury Department and the IRS today issued guidance regarding the withholding on the transfer of non-publicly traded partnership interests under the recently enacted Tax Cuts and Jobs Act. IRS urges "Paycheck Checkup" for key groups; tax withholding may need adjustment IR-2018-80, April 2, 2018 — The IRS today encouraged several key groups of taxpayers to perform a "paycheck checkup" to check if they are having the right amount of tax withholding following recent tax-law changes. IRS issues additional guidance on transition tax on foreign earnings IR-2018-79, April 2, 2018 — The Treasury Department and the Internal Revenue Service today provided additional guidance (Notice 2018-26) for computing the "transition tax" on the untaxed foreign earnings of foreign subsidiaries of U.S. companies under the Tax Cuts and Jobs Act enacted on Dec. 22, 2017. IRS encourages "Paycheck Checkup" for taxpayers to check their withholding; special week focuses on changes IR-2018-73, March 26, 2018 — Launching a special week of activities, the IRS today continued its effort to encourage taxpayers to do a "paycheck checkup" to make sure they have the right amount of tax taken out of their paychecks for their personal situation. IRS provides additional details on section 965, transition tax; Deadlines approach for some 2017 filers IR-2018-53, March 13, 2018 — The Internal Revenue Service today provided additional information to help taxpayers meet their filing and payment requirements for the section 965 transition tax. IRS plans to issue regulations clarifying limitations on carried interest IR-2018-37, March 1, 2018 — The IRS announced today that S corporations are subject to the extended three year holding period for applicable partnership interests and that regulations will be issued soon. Updated Withholding Calculator, Form W-4 released; Calculator helps taxpayers review withholding following new tax law IR-2018-36, Feb. 28, 2018 — The IRS today released an updated Withholding Calculator on IRS.gov and a new version of Form W-4 to help taxpayers check their 2018 tax withholding following passage of the Tax Cuts and Jobs Act in December. Interest on home equity loans often still deductible under new law IR-2018-32, Feb. 21, 2018 — The IRS today advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans. IRS issues guidance on changes in accounting periods related to the transition tax IR-2018-25, Feb. 13, 2018 — The Treasury Department and the IRS today announced modifications to the procedures for changing the accounting period of foreign corporations owned by U.S. shareholders that are subject to the transition tax under the Tax Cuts and Jobs Act. IRS Announces 2018 pension plan limitations not affected by Tax Cuts and Jobs Act of 2017 IR-2018-19, Feb. 6, 2018 - The Internal Revenue Service today announced that the Tax Cuts and Jobs Act of 2017 does not affect the tax year 2018 dollar limitations for retirement plans announced in IR 2017-177 and detailed in Notice 2017-64. Tax Issues for Alaska Native American Corporations and Alaska Native Settlement Trusts IR-2018-16, Jan. 30, 2018 — The Internal Revenue Service today reminds Alaska Native Corporations and Alaska Native Settlement Trusts that they may be able to take advantage of certain benefits in the recently enacted tax reform legislation. IRS issues additional guidance on transition tax on foreign earnings IR-2018-09, Jan. 19, 2018 — The Treasury Department and the Internal Revenue Service (IRS) today provided additional guidance (Notice 2018-13) for computing the "transition tax" on the untaxed foreign earnings of foreign subsidiaries of U.S. companies under the Tax Cuts and Jobs Act. Updated 2018 withholding tables now available; Taxpayers could see paycheck changes by February IR-2018-05, Jan. 11, 2018 — The Internal Revenue Service today released Notice 1036, which updates the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted last month.
