TAXATION

Legislation Announced to Repeal SALT Deduction Cap
 

Legislation Announced to Repeal SALT Deduction Cap

Posted: February 11, 2019
Senator Bob Menendez and Congressman Bill Pascrell, Jr., have unveiled a bipartisan bill to repeal the federal cap on state and local tax (SALT) deductions imposed by the Tax Cuts and Jobs Act.

IRS Expands Identity Protection Pin Program
 

IRS Expands Identity Protection Pin Program

Posted: February 7, 2019
The IRS has expanded eligibility for its Identity Protection Pin (IP PIN) test program to taxpayers in the top 10 locations where identity thefts are reported to the Federal Trade Commission.

IRS Expects Consistency for Rental Businesses Claiming 20-Percent Deduction
 

IRS Expects Consistency for Rental Businesses Claiming 20-Percent Deduction

Posted: February 1, 2019
Guidance included with the recently released Qualified Business Income deduction regulations makes clear that taxpayers hoping to take the 20 percent deduction against their rental real estate income should be sure they are consistently applying the requisite trade or business standard in other areas of the tax code.

IRS Extends Transcript Faxing Service
 

IRS Extends Transcript Faxing Service

Posted: January 31, 2019
The IRS is extending its transcript faxing service beyond the planned Feb. 4 end date and is reviewing options for a new timeframe.


5 Busy Season Curveballs Heading Your Way
 

5 Busy Season Curveballs Heading Your Way

Posted: January 30, 2019
Between tax reform and a recent government shutdown, this busy season is playing hardball. Whether you hit a home run or strike out depends on how well you play the game.

FAQs about Resumption of IRS Collections and Exams
 

FAQs about Resumption of IRS Collections and Exams

Posted: January 30, 2019
As IRS employees work to resume normal operations after the government shutdown, they have provided answers to some frequently asked questions for taxpayers who are in the collections or exam process.

The Ins and Outs of the Section 199A Regulations
 

The Ins and Outs of the Section 199A Regulations

Posted: January 29, 2019
The IRS has issued final regulations providing guidance on the Section 199A deduction for qualified business income. The final regulations provide clarification on issues such as when businesses may be aggregated in determining QBI, how real estate rented to an operating business is treated and what constitutes a specified service business.

Taxpayers Need More Penalty Relief
 

Taxpayers Need More Penalty Relief

Posted: January 29, 2019
Recently, the AICPA sent a letter to the Department of Treasury and the IRS urging them to provide more extensive relief to taxpayers who are underwithheld due to the adjusted withholding tables as a result of the Tax Cuts and Jobs Act.

How Tax Court Is Impacted By the Shutdown
 

How Tax Court Is Impacted By the Shutdown

Posted: January 25, 2019
The U.S. Tax Court is closed due to the government shutdown. The IRS has provided a list of FAQs about how pending tax cases are impacted.

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