TAXATION

IRS Reminds Tax Professionals of Tasks to Get Ready for 2020
 

IRS Reminds Tax Professionals of Tasks to Get Ready for 2020

Posted: November 19, 2019
The IRS today reminded tax professionals to review their e-Services account to ensure all contact information is accurate and to add or remove users. Reviewing e-Services information is just one of the tasks tax pros should complete now to get ready for 2020.



401(k) Contribution Limit to Increase in 2020
 

401(k) Contribution Limit to Increase in 2020

Posted: November 6, 2019
Employees in 401(k) plans will be able to contribute up to $19,500 next year. The guidance also provides cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2020.


Tax-Exempt Trusts: New Guidance on Sec. 199A Deduction
 

Tax-Exempt Trusts: New Guidance on Sec. 199A Deduction

Posted: November 1, 2019
The IRS has posted informal guidance to explain how trusts that file Form 990-T, Exempt Organization Business Income Tax Return, and have unrelated business income can claim the qualified business income deduction.


Senate Rejects Democrats
 

Senate Rejects Democrats' Effort to Repeal SALT Deduction Rules

Posted: October 24, 2019
The resolution aimed to repeal Treasury Department regulations that prohibited high-tax states from creating charitable funds where residents could contribute their state tax payments, effectively bypassing the SALT limit.

Top 10 IRS Challenges for 2020
 

Top 10 IRS Challenges for 2020

Posted: October 18, 2019
The Treasury Inspector General for Tax Administration has reported on the most serious management and performance challenges facing the Internal Revenue Service for fiscal 2020. The memorandum lists 10 challenges in order of importance, ranging from data security to achieving operational efficiencies.


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