TAXATION

6 Ways for Tax Professionals, Taxpayers to Be Safer Online
 

6 Ways for Tax Professionals, Taxpayers to Be Safer Online

Posted: July 19, 2019
The IRS and the Security Summit partners are urging tax professionals to review critical security steps to ensure they are fully protecting their computers and email as well as safeguarding sensitive taxpayer data.

NJCPA Calls on New Jersey’s U.S. Senators and Representatives to Support Practitioner Services Division at IRS
 

NJCPA Calls on New Jersey’s U.S. Senators and Representatives to Support Practitioner Services Division at IRS

Posted: July 16, 2019
This past May, several hundred CPAs from across the nation met with Members of Congress to ask for their support of consolidating existing IRS units into a Practitioner Services Division so that taxpayer issues are more efficiently resolved. These efforts proved effective – IRS Commissioner Rettig announced last week that he is considering the creation of a Practitioner Services Division, saying he understands the need for such a unit.​

Final Rules Permit Truncated TINs on W-2s
 

Final Rules Permit Truncated TINs on W-2s

Posted: July 16, 2019
As part of an effort to reduce identity theft, the IRS has issued final rules permitting employers to provide truncated taxpayer identification numbers on Forms W-2 provided to employees. To give employers and others time to adapt, the rules will apply to statements required to be furnished after Dec. 31, 2020.




IRS, Treasury Issue GILTI Regs
 

IRS, Treasury Issue GILTI Regs

Posted: June 17, 2019
The Treasury Department and the IRS have issued final and proposed regulations concerning global intangible low-taxed income under section 951A, the foreign tax credit, the treatment of domestic partnerships for purposes of determining the subpart F income of a partner and the treatment of income of a controlled foreign corporation subject to a high rate of foreign tax under section 951A.

IRS Issues Final Regs on Charitable Contributions and SALT Credits
 

IRS Issues Final Regs on Charitable Contributions and SALT Credits

Posted: June 11, 2019
The U.S. Department of the Treasury and the IRS have issued final regulations that require taxpayers to reduce their charitable contribution deductions by the amount of any state or local tax credits they receive or expect to receive in return.

IRS, Treasury Unveil Proposed W-4 Design for 2020
 

IRS, Treasury Unveil Proposed W-4 Design for 2020

Posted: May 31, 2019
​The IRS has issued a draft of the 2020 Form W-4, Employee's Withholding Allowance Certificate, that will make accurate withholding easier for employees starting next year.

2020 Limits on HSA Contributions Are Issued
 

2020 Limits on HSA Contributions Are Issued

Posted: May 28, 2019
The IRS has announced the annual inflation-adjusted limits on deductions for contributions to a health savings account allowed for taxpayers with family coverage under a high-deductible health plan for calendar year 2020.

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