Electronic Filing of Form 1040-X ComingThe IRS has announced that later this summer taxpayers will for the first time be able to electronically file their Form 1040-X, Amended U.S. Individual Income Tax Return, using available tax sof...
IRS Enhances Get My Payment ToolThe IRS has announced significant enhancements to the "Get My Payment" tool to deliver an improved and smoother experience for Americans eligible to receive Economic Impact Payments (EIPs). ...
EIP Amounts Could VaryThe IRS is reminding taxpayers that the Economic Impact Payment (EIP) amounts could be different than anticipated. Some Americans could have received a payment amount different than what they expected...
2021 Health Savings Account Inflation AdjustmentsThe IRS has released the 2021 inflation-adjusted amounts for health savings accounts under Code Sec. 223. For calendar year 2021, the annual limitation on deductions for an individual with self-o...
IRS Reports Rise in Free File UseThe IRS reported a record increase in the use of Free File products for entering and filing federal income taxes. A total of 2.9 million tax returns was recorded through the Free File program since Ja...
Taxpayers Warned Against Coronavirus ScamsThe IRS has warned taxpayers against tax scams and identity thefts related to the coronavirus (COVID-19). Taxpayers are expected to watch out for calls, emails, text messages, websites and social medi...
IRS Increases User Fee for Offers in CompromiseThe IRS has released final regulations that increase the user fee for processing an offer in compromise from $186 to $205, effective for offers in compromise submitted on or after April 27, 2020.The f...
IRS Encourages Taxpayers to Save for RetirementHighlighting the tax provisions of the newly enacted Further Consolidated Appropriations Act, 2020 (the Act), the IRS has encouraged taxpayers to save for retirement. The Act includes a number of tax ...
IRS to Increase Visits to High-Income NonfilersThe IRS has announced that it will step up efforts to visit high-income taxpayers who in prior years have failed to timely file one or more of their tax returns. With the recent and ongoing hiring of ...
2020 Foreign Housing Expense Limitations ReleasedThe IRS has provided the adjustments to the limitation on foreign housing expenses for specific locations for tax year 2020. Generally, a qualified individual whose entire tax year is within the appli...
2020 Standard Mileage Rates ReleasedThe IRS has released the optional standard mileage rates for 2020. Most taxpayers may use these rates to compute deductible costs of operating vehicles for business, medical, and charitable purposes.2...
Closed School Student Loan Relief ExtendedThe IRS has established a safe harbor that extends relief to certain taxpayers who took out federal or private student loans to finance attendance at certain nonprofit or for-profit schools. Under the...
IRS Launches Gig Economy Tax CenterThe IRS has announced the launch of the new Gig Economy Tax Center on its website, to help individuals in this growing area meet their tax obligations through more streamlined information. I...
2019 Required Amendments List for Employee PlansThe IRS has issued its 2019 Required Amendments List (2019 RA List) for individually designed employee retirement plans. Beginning with the 2019 list, all RA Lists will apply to both Code Sec. 401(a) ...
Date Extended for Applying Foreign Branch RulesA one-year extension has been granted for applying the Code Sec. 987 final regulations, and certain related final and temporary regulations covering foreign branch transactions of U.S. corporations. T...
Guidance Updated for Making Adequate DisclosureThe IRS has updated its guidance that identifies circumstances under which a disclosure on a taxpayer’s income tax return with respect to an item or position is "adequate" for reducing the under...
Accounting Method Change Procedures UpdatedThe IRS has released guidance listing the specific changes in accounting method to which the automatic change procedures in Rev. Proc. 2015-13, I.R.B. 2015-5, 419, apply. This guidance updates and sup...
Proposed Updated RMD Tables IssuedThe IRS has proposed updated life expectancy and distribution period tables under the required minimum distribution (RMD) rules. The proposed tables reflect the general increase in life expectancy, an...
New LB&I Campaign on Deferred Foreign IncomeThe IRS Large Business and International (LB&I) has added a new active campaign to the IRS website called "IRC 965." The campaign’s goal is to promote compliance with Code Sec. 965, Treatmen...
AK - Governor signs tax credits lawAlaska Gov. Mike Dunleavy has signed into law H.B. 232 which creates an air quality improvement tax credit and an energy efficient new construction tax credit that could be adopted by municipalities. ...
HI - Property tax credit reminderHawaii residents are reminded that the City & County of Honolulu offers a real property tax credit to property owners who meet certain eligibility requirements. Applicants who qualify, are entitle...
IL - Guidance on withholding income tax issuedThe Illinois Department of Revenue has updated an informational publication that provides guidance on personal income withholding tax payment and reporting requirements, including withholding threshol...
IN - Guidance for retail merchantsThe Indiana Department of Revenue has updated its guidance to assist retail merchants in the proper application of the food and beverage tax. Generally, in counties or municipalities that adopt a food...
IA - Iowa omnibus tax bill passes house and senateThe Iowa house passed an omnibus tax bill that would make multiple changes to the income tax law.If enacted, the bill would:modify the loss carryback provisions for net operating losses;update the Int...
LA - Certain taxpayers allowed to appealEffective July 1, 2020, taxpayers that receive a Louisiana local sales and use tax assessment may appeal if:the assessment exceeds $100,000; orthe taxpayer has never filed a return or been subject to ...
MS - Appeal properly dismissed as untimelyA Chancery Court’s properly dismissed taxpayers’ untimely filed Mississippi personal income tax appeal. In this matter, the Department of Revenue (department) issued an assessment determin...
NC - House passes IRC conformity, cares act billThe North Carolina House of Representatives passed a bill that would update the IRC conformity tie-in date for computing corporate and personal income tax liability. The bill would also decouple from ...
PA - Income subject to city wage tax disucssedIn a series addressing the City Wage Tax, the Pennsylvania’s City of Philadelphia Department of Revenue (department) identified the types of income that are not subject to the tax. In most cases...
