Treasury Department

The American Institute of CPAs says companies haven't received enough guidance yet on a requirement of the new tax law.

The Internal Revenue Service and the Treasury Department are following up on their threat to forestall attempts by states to get around the $10,000 limit in the Tax Cuts and Jobs Act on deductions of state and local taxes by setting up state-run charitable contribution funds.

The Internal Revenue Service and the Treasury Department published a notice Tuesday saying they intend to issue proposed regulations clarifying who is a qualifying relative for the new $500 credit for dependents and head of household filing status for years in which the exemption amount is zero for tax years 2018 through 2025.

The IRS is blocking the charitable workarounds high-tax states like New York approved in response to the tax law’s $10,000 limit.

The Internal Revenue Service put the tri-state area on notice: The charitable workarounds New York, New Jersey and Connecticut approved following the new federal cap on deductions for state and local taxes aren’t acceptable to the federal government.

A broad coalition of hundreds of industry associations and companies sent a letter Wednesday to Treasury Secretary Steven Mnuchin urging him to resolve errors in last year’s tax code overhaul related to depreciation rules and net operating loss carrybacks.

There’s one area where the traditional pension plan is getting new life — as a tax dodge for wealthy business owners.

The American Institute of CPAs requested immediate guidance Monday from the Internal Revenue Service and the Treasury Department on various provisions of the Tax Cuts and Jobs Act related to S corporations.

The Treasury Department and the Internal Revenue Service proposed regulations Friday to increase and expand the first-year depreciation deduction for qualified property from 50 to 100 percent, carrying out a provision of the Tax Cuts and Jobs Act.

The American Institute of CPAs has sent a set of recommendations to the Internal Revenue Service and the Treasury Department about the impact of last December’s tax code overhaul on accounting method changes for small businesses.

The Finance Committee is expected to approve Trump’s nomination of a tax attorney as the next head of the Internal Revenue Service.

Many tax-exempt groups that participate in politics will no longer be required to disclose their donors to the Internal Revenue Service, the Treasury Department said.

CPAs and EAs are raising objections to the draft version of the Employee’s Withholding Allowance Certificate.

U.S. Treasury Department rules outlining which businesses structured as S corporations, partnerships and limited liability companies can claim a 20 percent tax deduction are likely to be delayed until the end of July, according to a senior administration official.

The draft version of the streamlined form tries to deliver on one of the promises of the tax simplification effort, but adds more schedules.

National Taxpayer Advocate Nina Olson released her mid-year report to Congress Wednesday, spotlighting her top areas of concern, particularly how the new tax overhaul will be implemented.

The short form would fulfill one of the promises of last December’s tax overhaul.

The Internal Revenue Service and the Treasury Department are going to amend the Section 987 regulations to postpone them for another year.

Private universities won’t be taxed on unrealized income from their billions of dollars in assets before the levy was approved.

The Internal Revenue Service said Friday it plans to issue regulations may limit the impact of a new excise tax on the endowments of private colleges and universities under the new tax law.