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A group of Senate Democrats has launched an investigation of the regulatory process for the Tax Cuts and Jobs Act and the ways in which exceptions were made for corporations as a result of fierce lobbying with the passage of the 2017 tax overhaul.January 20
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Filing taxes last year was a nightmare for taxpayers, their accountants and the Internal Revenue Service. This year might not be much better.January 17
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The Internal Revenue Service and the Treasury Department are offering a safe harbor to provide relief to taxpayers who borrowed money to attend a nonprofit or for-profit school and had their student loan debts discharged.January 16
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The institute has asked the IRS and the Treasury to issue a notice clarifying that relief will also apply to S corporations.January 10
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The Internal Revenue Service’s announcement last month delaying a requirement for reporting partners’ share of partnership capital offers some extra time to busy tax practitioners, but the issue still isn’t going away and may lead to some other problems.January 7
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The Internal Revenue Service issued the 2020 optional standard mileage rates that taxpayers and tax professionals can use to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.December 31
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The Internal Revenue Service issued final regulations last week on opportunity zone funds, but while they answer some of the questions, many other issues remain that are likely to prompt questions from tax clients.December 27
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For tax year 2018 filings, the IRS made a drastic change to the Form 1065, U.S. Return of Partnership Income, that went unnoticed by most practitioners.December 27
Accounting continuing education instructorKaplan Financial Education
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The new regs clarify what property and businesses will qualify for the tax break.December 19
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Among other things, the IRS’s proposals offer a new set of definitions.December 18
