IssuesWatch Podcast

Tax Season Post-Mortem: Lessons Learned and Best Practices for 2020

Posted: September 27, 2019
Many CPA firms reported that the 2019 tax season was more challenging than usual as they worked to implement all of the Tax Cuts and Jobs Act and New Jersey tax changes. Here are some lessons learned.

IRS Finalizes Safe Harbor to Allow Rental Real Estate to Qualify as a Business for QBI Deduction

Posted: September 25, 2019
The IRS has issued Revenue Procedure 2019-38 that has a safe harbor allowing certain interests in rental real estate, including interests in mixed-use property, to be treated as a trade or business for purposes of the qualified business income deduction under section 199A of the Internal Revenue Code.

IRS Automatically Waives Estimated Tax Penalty for Eligible 2018 Tax Filers

Posted: August 14, 2019
The IRS is automatically waiving the estimated tax penalty for the more than 400,000 eligible taxpayers who already filed their 2018 federal income tax returns but did not claim the waiver.

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.

Small Businesses: Encourage Workers to Do a Paycheck Checkup

Posted: May 10, 2019
The IRS reminds small businesses that recent tax reform legislation lowered the backup withholding tax rate to 24 percent and the withholding rate that usually applies to bonuses and other supplemental wages to 22 percent. The agency also urges employers to encourage their employees to check their withholding using the IRS Withholding Calculator.

IRS Explains Tax Treatment of State and Local Tax Refunds

Posted: March 29, 2019
The IRS has clarified the tax treatment of state and local tax refunds arising from any year in which the new limit on the state and local tax (SALT) deduction is in effect.