Category: IRS Tips

IRS Tips
Newly revised publication helps taxpayers understand changes to backup withholding

The IRS urges taxpayers who make payments or receive payments to check out Publication 1281, Backup Withholding for Missing and Incorrect Name/TIN(s). The newly revised publication helps taxpayers understand how tax reform affects backup withholding. Backup withholding can apply to most kinds of payments reported on Form 1099. Last year’s Tax Cuts and Jobs Act […]

IRS Tips
IRS issues proposed regulations reducing potential income inclusions for certain domestic corporations that own stock in foreign corporations

WASHINGTON — The Internal Revenue Service today issued proposed regulations reducing the amount determined under Internal Revenue Code section 956 for certain domestic corporations that own (or are treated as owning) stock in controlled foreign corporations (CFCs).  The Tax Cuts and Jobs Act (TCJA), passed in December 2017, made major changes to the tax law, […]

IRS Tips
Here’s how tax reform affects farmers and ranchers

Many farmers and ranchers will benefit from tax law changes brought about by last year’s Tax Cuts and Jobs Act. Here are some of those changes along with details about how they will affect farmers and their bottom line: Net Operating Losses: These can now be carried forward indefinitely. Under prior law, they could only […]

IRS Tips
401(k) contribution limit increases to $19,000 for 2019; IRA limit increases to $6,000

WASHINGTON — The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2019.  The IRS today issued technical guidance detailing these items in Notice 2018-83. Highlights of Changes for 2019 The contribution limit for employees who participate in 401(k), 403(b), most 457 […]

IRS Tips
IRSAC expands to cover more areas of the IRS; IRPAC and ACT to join centralized advisory committee in 2019

WASHINGTON — The Internal Revenue Service announced today that the Internal Revenue Service Advisory Committee’s role will expand in 2019 to have a wider portfolio and incorporate two other advisory groups. The expanded IRSAC will include areas currently covered by both the Information Reporting Program Advisory Committee (IRPAC) and the Advisory Committee on Tax Exempt […]

IRS Tips
Treasury, IRS issue proposed regulations on new Opportunity Zone tax incentive

WASHINGTON —The Treasury Department and the Internal Revenue Service today issued proposed regulations and other published guidance for the new Opportunity Zone tax incentive. Opportunity Zones, created by the 2017 Tax Cuts and Jobs Act, were designed to spur investment in distressed communities throughout the country through tax benefits. Under a nomination process completed in […]

IRS Tips
2019 PTIN renewal period underway for tax professionals

WASHINGTON — The Internal Revenue Service today reminded the nation’s more than 768,000 federal tax return preparers that they must renew their Preparer Tax Identification Numbers (PTINs) for 2019. All current PTINs will expire Dec. 31, 2018. Anyone who prepares or helps prepare any federal tax return, or claim for refund, for compensation must have […]

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