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 - Interest rate announced for Q1 of 2020The Alaska interest rate for delinquent taxes and overpayment of taxes is set at 7.50%, compounded quarterly, for the period January 1, 2020, through March 31, 2020. The Department of Revenue posting ...
GA - IRC conformity bill introducedLegislation updating Georgia’s income tax Internal Revenue Code (IRC) conformity was introduced. The new conformity date would be January 1, 2020, with certain exceptions. H.B. 949, as intr...
IN - IRC conformity bill passes houseThe Indiana House has passed a bill that:updates the Indiana’s Internal Revenue Code (IRC) conformity date to January 1, 2020;clarifies state income tax deductions and credits; andmakes various ...
IA - Due date for W-2s or 1099s filing discussedCorporations that issued W-2s or 1099s that contain Iowa withholding must electronically file those documents with the Iowa Department of Revenue by February 15, 2020 for corporate and personal income...
MO - Local tax rate changes announcedThe following local Missouri sales and use tax rate changes take effect April 1, 2020. Also, new rates are listed for each county, city, and special district affected by the rate changes.County Change...
NE - Municipal boundary changes announcedCertain Nebraska cities have modified their boundaries for purposes of city sales and use taxes, effective July 1, 2020.Municipal BoundariesThe following cities’ boundaries will change: Beatrice...
OK - Additional Q2 local rate changes announcedAdditional Oklahoma local sales and use tax rate changes have been announced effective April 1, 2020.City Rate ChangesCherokee imposes a new lodging tax of 5%.Eufaula imposes a new lodging tax at a ra...
SC - Casual excise tax guidance updatedGuidance relating to the South Carolina casual excise tax has been amended to reflect. As of July 1, 2017, the sale of motor vehicles and motor cycles are no longer subject to sales tax or casual exci...
VA - Form 1099-K threshold set at $600Virginia has enacted a $600 threshold for third-party settlement organizations to report Form 1099-K information to the Department of Taxation and to any participating payee.The requirement applies to...
WY - Daycare operated by municipality not exemptA daycare facility run by a town was not eligible to receive an exemption from Wyoming property tax because it was not used primarily for a governmental purpose.Proprietary CapacityThe mere ownership ...
