Tax

The Internal Revenue Service did a good job last tax season dealing with the many changes in the tax law, despite the 35-day government shutdown, but it still needs to improve its dealings with taxpayers who have limited proficiency with the English language, according to a new report.

The Internal Revenue Service said it may provide relief from double taxation in some circumstances to corporations because of the repatriation tax under the Tax Cuts and Jobs Act.

Less than a thousand businesses were affected by an OMB determination involving the refundable corporate minimum tax credit.

Savings for the top six U.S. banks from President Donald Trump’s signature tax overhaul accelerated last year, now topping $32 billion as the lenders curbed new borrowing, pared jobs and ramped up payouts to shareholders.

Barry Pennett has been named to the new role of vice president and general manager of Intuit’s ProConnect Group, just in time for tax season.

They call themselves the Patriotic Millionaires, and they say with straight faces it’s time the ultra-affluent kick in more to Uncle Sam.

Filing taxes last year was a nightmare for taxpayers, their accountants and the Internal Revenue Service. This year might not be much better.

A little off the top; noted; over the Edge; and other highlights of recent tax cases.

The year 2019 was a continuation of the banner year of 2018 for major law and administrative changes in sales and use tax compliance, inspired and driven in large part by the Supreme Court’s decision in South Dakota v Wayfair.

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.