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Archive for the Tax Compliance Category

199A Trade or Business Safe Harbor – Rental Real Estate

199A Trade or Business Safe Harbor – Rental Real Estate

Notice 2019-07 This notice contains a proposed revenue procedure that provides for a safe harbor under which a rental real estate enterprise will be treated as a trade or business solely for purposes of section 199A of the Internal Revenue Code (the Code) and §§ 1.199A-1 through…

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IRS, Security Summit Partners Urge Caution During National Tax Security Awareness Week

IRS, Security Summit Partners Urge Caution During National Tax Security Awareness Week

During “National Tax Security Awareness Week,” which ran from December 3 to December 7, the IRS and its Security Summit partners (state tax agencies and the private-sector tax community) issued a series of reminders that urged taxpayers and tax practitioners to take steps to protect their data.…

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IRS, Taxpayers Respond To Tax Cuts And Jobs Act

IRS, Taxpayers Respond To Tax Cuts And Jobs Act

The Tax Cuts and Jobs Act (HR 1) is now law and the IRS, tax professionals and taxpayers are gearing up to implement the massive overhaul of the Tax Code. For the IRS, one of the most immediate projects is the release of new withholding tables. “With…

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Estimated Tax Penalty WAIVED for Q4 2018 Payments due Jan 15th 2019

Estimated Tax Penalty WAIVED for Q4 2018 Payments due Jan 15th 2019

On January 16th the IRS released Notice 2019-11 to provide a waiver for the underpayment penalty related to the fourth quarter estimated tax payments due January 15th 2019 for certain individuals who would otherwise be required to make. Taxpayers should complete Part I of Form 2210 and the…

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Administration Broadens Short-Term Health Insurance Exemption from Affordable Care Act Consumer Protections

The Departments Health and Human Services, Labor and the Treasury have amended the definition of short-term, limited-duration individual health insurance coverage by allowing such coverage to last up to 364 days rather than up to 3 months. The amendments apply 60 days after August 3, 2018, the…

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Final Regulations Provided for Substantiating and Reporting Charitable Contributions

The IRS has issued final regulations relating to the substantiation and reporting of charitable contribution deductions under Code Sec. 170 for income tax purposes. The final rules adopt proposed regulations issued in 2008, as well as other interim guidance, with only a few minor modifications. The regulations…

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House Approves Five Tax Bills

The House approved five tax bills on July 24. The tax bills cover areas related to health care, IRS administration, and water infrastructure. The following measures were approved: Protect Medical Innovation Bill of 2018 ( HR 184): this bill would amend the tax code to repeal the…

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Brady Unveils Tax Reform 2.0 Framework

The House’s top tax writer has unveiled Republicans’ “Tax Reform 2.0” framework. The framework outlines three key focus areas: making permanent the individual and small business tax cuts enacted under the Tax Cuts and Jobs Act (TCJA); promoting family savings by streamlining retirement savings accounts and creating…

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Senate Approves IRS Funding Bill; Congress Departs for August Recess

The Senate has approved a fiscal year (FY) 2019 budget for the IRS. The Senate’s approved IRS budget provides less funding than a House-approved proposal. The Senate appropriations package, which includes the Financial Services and General Government appropriations bill (HR 6147), cleared the Senate by a 92-to-6…

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FAQs Provide Penalty and Filing Relief for Taxpayers Subject to Code Sec. 965 Transition Tax

Three new FAQs covering the Code Sec. 965 transition tax provide welcome penalty and filing relief for taxpayers who make the election to pay the tax in eight annual installments. The transition tax on accumulated foreign earnings is a tax imposed on the untaxed foreign earnings of…

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