Tax Transcript Tips for FAFSA 2019-2020 College Semesters
When filling out financial aid applications, students and families may need to get tax information to complete the Free Application for Federal Student Aid form.
Educators Claim Deduction to Get Money Back for Classroom Expenses
Educators may be able to deduct unreimbursed expenses on their tax return. This deduction can put money right back in the pockets of eligible teachers and other educators.
Members of the Armed Forces Entitled to Certain Tax Benefits
Members of the military and their families often qualify for special tax benefits.
Millions more ITINs set to expire in 2019
Nearly 2 million Individual Taxpayer Identification Numbers (ITINs) are set to expire at the end of 2019 as the Internal Revenue Service continues to urge affected taxpayers to submit their renewal applications early to avoid refund delays next year.
Charitable Contributions and State and Local Tax Credits
The U.S. Department of the Treasury and the Internal Revenue Service issued final regulations that require taxpayers to reduce their charitable contribution deductions by the amount of any state or local tax credits they receive or expect to receive in return.
S Corp Losses Not Deductible: Debt Didn’t Run to Shareholder
A real estate developer could not deduct a portion of his S corporation’s losses because there was no debt between the S Corp and the developer as shareholder.
2019 Fleet Average Valuation and Vehicle-Cents-Per Mile Number Released
The IRS has released 2019 maximum vehicle fair market values for use with the vehicle cents-per-mile valuation rule and the fleet-average valuation rule.
Stock Redemptions Post-Termination Transition Period
The IRS has issued guidance on treatment of cash distributions made when a former S corporation (now a C corporation) redeems stock during the post-termination transition period.
Large Corporate Compliance Program
The IRS’s Large Business and International Division (LB&I) began a new application of data analytics for determining the population of its largest and most complex corporate taxpayers.
Deferral of Gains for Investments in a Qualified Opportunity Fund
The Internal Revenue Service issued guidance providing additional details about investment in qualified opportunity zones. The proposed regulations allow the deferral of all or part of a gain that is invested into a Qualified Opportunity Fund (QO Fund) that would otherwise be includible in income.