Tax News

  • Final Regulations Clarify Section 1031 Like-Kind Exchanges

    The Internal Revenue Service and the Treasury Department have issued their final regulations on section 1031 like-kind exchanges. The regulations clarify the definition of real property under section 1031, while providing a rule governing the receipt of personal property incidental to real property in a like-kind exchange. TCJA Limits Focus of Like-Kind Exchange Legislation passed…

  • IRS to Mask Key Details on Business Transcript

    After Dec. 12, business tax transcripts will soon be a little less informative—for good reason. The IRS will start masking sensitive data on the transcripts to protect businesses from identity theft beginning Dec. 13. The announcement from the IRS provides 30 days for adjustments from stakeholders. The agency started informing tax pros of the change…

  • More Time to Register to Get $500 EIP for Children

    Some people managed to register for their $1,200 Economic Impact Payment (EIP) but just didn’t have the necessary information in-hand to also sign up for the $500 payment for qualifying children. Now the IRS says there’s a way to get that missing payment. The Internal Revenue Service has announced that federal beneficiaries who didn’t register—or…

  • New Guidance Clears Up Partnership Deduction for State, Local Taxes

    A new notice from the Internal Revenue Service reveals some new rules that are expected to be included in upcoming proposed regulations. Notice 2020-75 spells out the proposed regulations clarifying that state and local income taxes imposed on and paid by a partnership or S corporation on its income are allowed to be claimed as…

  • IRS Says Self-Supporting College Students Could Qualify for an EIP

    The Internal Revenue Service announced that some college students could qualify for an Economic Impact Payment. This press release is part of the agency’s push to get all eligible non-filers to register for an EIP before the Nov. 21, 2020 deadline, and it comes days before National EIP Registration Day. “In advance of the National…

  • IRS Streamlines Payment Agreement Setup

    The Internal Revenue Service has unveiled changes they say will help struggling taxpayers affected by the pandemic settle their IRS tax debts more easily. The agency says it took a hard look at its collection activities to see how it could offer some relief to taxpayers who owe tax due but are struggling financially because…

  • Some FBAR Filers Have One Extended Deadline Remaining

    Most US citizens, entities, and resident aliens with a foreign bank or financial account have seen their IRS reporting deadline come and go. But for some taxpayers, one more deadline remains to file their 2019 Report of Foreign Bank and Financial Accounts, or FBAR. Most FBAR filings were due by October 31, 2020. The bulk…

  • IRS Announces 2021 Income Ranges for IRA, Saver’s Credit Eligibility, and More

    Taxpayers trying to plan their 2021 deductible retirement plan contributions will be happy to learn that the Internal Revenue Service this week published Notice 2020-79. The IRS says the notice includes “income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs and to claim the…

  • New 1065 Instructions Unveiled

    The Internal Revenue Service has released an early draft of the instructions to Form 1065, U.S. Return for Partnership Income for tax year 2020 (filing season 2021). The changes include revised instructions for partnerships that are required to report capital accounts to partners on Schedule K-1 (Form 1065). The revision, the IRS says, is part…

  • Tax Relief for Wildfire and Hurricane Victims

    Taxpayers dealing with the fallout from wildfires in California and Hurricane Delta in Louisiana yesterday received some good news from the Internal Revenue Service. Following the Federal Emergency Management Agency’s disaster declarations for affected areas, the IRS is giving victims additional time to meet certain filing and payment deadlines. What parts of California have been…