Tax regulations

The Internal Revenue Service is including a question at the top of Schedule 1 of the Form 1040 this year asking taxpayers whether they received, sold, sent, exchanged or acquired a financial interest in virtual currency in 2019, but most taxpayers won’t have any record from a Form 1099 about their cryptocurrency transactions.

It is important to look at cost segregation and what it can do for a taxpayer.

Ask the average business owner if they have a tax shelter and they’d probably have a chuckle while wistfully thinking about how nice it would be to swim in crystal clear waters while their offshore bank accounts grew, unencumbered by state and federal taxes.

The Internal Revenue Service is postponing the date for filing gift tax and generation-skipping transfer tax returns and making payments until July 15 because of the novel coronavirus pandemic.

The Internal Revenue Service posted a frequently asked questions page about the recently announced delay in tax filing and payments until July 15 because of the novel coronavirus pandemic.

The relief is only for income taxes, and doesn't change any filing deadlines.

As you’re gathering documents this tax season and preparing personal tax returns, you may come across clients who have employed domestic help in the past year.

The service issued final regs to increase the OIC application fee to $205, while offering another way to waive the fee for low-income taxpayers based on their AGI.

Here are some of the significant disclosure items that are either already required, or will be required, for next filing season.

The Internal Revenue Service is giving holders of foreign retirement trusts an exemption from some of the information reporting requirements, along with the abatement of penalties.