TAXATION


IRS Describes New Reporting Requirements for Certain Life Insurance Transactions
 

IRS Describes New Reporting Requirements for Certain Life Insurance Transactions

Posted: April 26, 2018
The IRS has outlined the new information reporting requirements for certain life insurance contracts under new IRC 6050Y, which was added by the Tax Cuts and Jobs Act. The new reporting requirements apply to reportable death benefits paid and reportable policy sales made after Dec. 31, 2017.

IRS Warns of New Twist on Phone Scam
 

IRS Warns of New Twist on Phone Scam

Posted: April 24, 2018
The IRS today warned of a new twist on an old phone scam as criminals use telephone numbers that mimic IRS Taxpayer Assistance Centers to trick taxpayers into paying non-existent tax bills.


Understanding the New Sec. 199A Business Income Deduction
 

Understanding the New Sec. 199A Business Income Deduction

Posted: April 9, 2018
The deduction, which lets businesses other than corporations deduct 20 percent of qualified trade or business income earned in a qualifying trade or business, is subject to limitations. Find out what they are and how the deduction works.

IRS Issues Guidance on Business Interest Expense Limitations
 

IRS Issues Guidance on Business Interest Expense Limitations

Posted: April 2, 2018
The notice describes rules addressing the calculation of the business interest expense limitation at the level of a consolidated group of corporations and other rules to clarify certain aspects of the law as it applies to corporations.




IRS to End Offshore Voluntary Disclosure Program
 

IRS to End Offshore Voluntary Disclosure Program

Posted: March 14, 2018
The IRS has announced it will begin to ramp down the 2014 Offshore Voluntary Disclosure Program and close the program on Sept. 28. Any U.S. taxpayers with undisclosed foreign financial assets are encouraged to use the program before it closes.

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