Tax Laws

  • Final Regulations for Business Meals and Entertainment Deductions Now Available

    The Internal Revenue Service closed out September by announcing the publication of final regulations for the business-related entertainment deductions that were removed from section 274 by the Tax Cuts and Jobs Act. Corporations celebrated the new 21 percent tax rate and small businesses took advantage of the section 199A qualified business deduction, but the TCJA…

  • Final Regulations for Estate and Non-Grantor Trust Deductions, 100 Percent Bonus Depreciation

    Anyone who has prepared tax returns professionally knows that change is the rule, not the exception. When tax laws change, the Internal Revenue Service has the unenviable task of making sense of legislation or executive actions that directly impact the tax industry. Yesterday, the IRS announced the publication of two sets of final regulations that…

  • IRS Reminds Taxpayers About Extension Deadline

    The IRS suggests electronic filing and payment options. More than 150 million tax returns have been sent to the Internal Revenue Service, but many taxpayers still need to file for tax year 2019. That’s why the IRS recently reminded taxpayers that the extension deadline is less than a month away. (Those serving in combat zones…

  • More Forms Get Digital Signature OK from IRS

    The Internal Revenue Service has followed through on its promise to add digital signature capability to more tax forms, enabling an additional six forms to use the feature. On Aug. 28, the agency announced it would temporarily allow the use of digital signatures on certain forms that can’t be e-filed. Now, more forms have been…

  • IRS OKs Temporary Use of e-Signatures on Certain Forms

    The Internal Revenue Service has approved the use of e-signatures on certain forms that can’t be filed electronically. The move comes in response to the coronavirus pandemic, in order to protect the health of taxpayers and tax professionals alike. The change helps reduce in-person contact while lessening the risks to taxpayers and tax professionals by…

  • IRS Offers Disaster Relief to California and Iowa Taxpayers

    Taxpayers in California and Iowa have a little extra time to file their tax returns and pay tax due, thanks to relief measures announced by the Internal Revenue Service. Victims of California wildfires getting IRS disaster relief. California has been hit by a series of wildfires going back to Aug. 14. Taxpayers now have until…

  • Aug. 31 is the Deadline to Return Distributions to Retirement Accounts

    IRA owners, beneficiaries and workplace retirement plan participants who got a Required Minimum Distribution (RMD) this year have until Aug. 31 to rollover or repay the distribution in order to avoid being taxed on the payments. The Coronavirus Aid, Relief, and Economic Security Act – also known as the CARES Act – waives RMDs during…

  • IRS Announces Interest Payments to 13.9 Million Refund Recipients

    Receiving a tax refund might be the only thing people like about filing their return, and it looks like some taxpayers are about to get just a little more money from the Department of Treasury. The Internal Revenue Service today announced that it “will send interest payments to about 13.9 million individual taxpayers who timely…

  • Taxpayers Should Renew Their ITIN Early

    The Internal Revenue Service today recommended that taxpayers with an expiring Individual Taxpayer Identification Number renew it early to make sure their tax year 2020 refund isn’t delayed. Normally an important financial boost for households across the country, this announcement could help affected non-Social Security holding taxpayers better plan for another uncertain year. Which ITINs…