The Internal Revenue Service today announced that employees in 401(k) plans will be able to contribute up to $19,500 next year. The IRS announced this and other changes in Notice 2019-59, posted today on IRS.gov. This guidance provides cost of living adjustments affecting dollar limitations for pension
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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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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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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
Read more →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
Read more →The IRS faces numerous challenges, most of which are attributable to funding cuts, the National Taxpayer Advocate Nina Olson told a Senate panel on July 26. “The IRS needs adequate funding to do its job effectively,” Olson told lawmakers. IRS Funding Olson, while testifying at a Senate
Read more →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
Read more →The IRS expects to issue guidance on the Code Sec. 199A passthrough deduction in July, Acting IRS Commissioner David Kautter has said. Kautter outlined the timeline of various guidance proposals at the American Bar Association (ABA) Section of Taxation May Meeting in Washington, D.C. Proposed Guidance More
Read more →House Ways and Means Committee ranking member Richard Neal, D-Mass., has asked the Treasury and the IRS for guidance on the tax code’s new pass-through deduction. In a May 1 letter, Neal asked Treasury Secretary Steven Mnuchin. and Acting IRS Commissioner David Kautter, for clarifying guidance on
Read more →President Donald Trump and the House’s top tax writer think Congress and the president should work to make the tax code better every year. House Ways and Means Committee Chairman Kevin Brady, R-Tex., said in an interview that he and the president share this goal and are
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