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

Read more

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

Read more

Section 199A Passthrough Guidance Expected in July, Kautter Says

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

Updated 2018 Withholding Tables Issued

The IRS has issued updated 2018 withholding tables that reflect the changes made by the Tax Cuts and Jobs Act. The new law makes numerous changes affecting individual taxpayers in 2018. The new tables reflect the increased standard deduction, repeal of personal exemptions and changes in tax

Read more