Tax regulations

The Trump administration’s fiscal year 2019 budget proposal includes increasing oversight of paid tax preparers along with more authority for the Internal Revenue Service.

The Internal Revenue Service is giving homeowners whose homes were damaged by deteriorating concrete foundations more time on a safe harbor it issued last year.

The widow of a country music producer who continued to operate, at a loss, an establishment to encourage songwriters was not able to deduct her losses in excess of her income from the activity.

The American Institute of CPAs is asking Congress, the Internal Revenue Service and the Treasury Department for more guidance on the new Tax Cuts and Jobs Act, along with a dedicated service unit for tax practitioners.

The Internal Revenue Service has issued a notice providing guidance for employees and employers on what to do with the Form W-4 under the new Tax Cuts and Jobs Act.

Just when banks may have thought they have met all of their fiscal and regulatory obligations for the New Year (including the hotly debated IRS 871(m) requirements governing financial derivatives), yet a new one arises.

A new notice will allow manufacturers, producers and importers to avoid the failure to deposit penalties, provided they meet certain requirements.

The Internal Revenue Service is warning taxpayers who owe more than $51,000 in tax debts they could have their passport applications or renewals denied unless they pay up.

The Internal Revenue Service and Treasury Department will generally allow existing loans and other related-party transactions involving the overseas affiliates of multinational corporations to be taxed at the lower of two preferential rates, according to an official notice.

The Internal Revenue Service said it is working on developing withholding guidance to implement the tax reform bill signed into law on December 22.