Tax regulations

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.

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.

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.

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.

The new regs clarify what property and businesses will qualify for the tax break.

Among other things, the IRS’s proposals offer a new set of definitions.

The IRS is concerned that taxpayers are not properly recognizing the gain or loss on partial dispositions of building components.

Tax professor Sharyn Fisk will take the helm early in 2020.

The Internal Revenue Service’s proposed regulations on the classification of transactions involving digital content could mean some unexpected tax bills for some publishers, especially those based abroad who sell copyrighted articles to U.S. readers.

The notice delays a requirement for reporting partners’ share of partnership capital.