Tax information from the IRS and shared by Vernoia, Enterline + Brewer, CPA LLC.
Deferring Capital Gain with QOF Investments QOF investments offer taxpayers immediate tax savings—but more importantly, they also offer potentially extraordinary savings to long-term investors.
Reporting QOF Investments Read More »
The Internal Revenue Service today launched Identity Theft Central, designed to improve online access to information on identity theft and data security protection for taxpayers, tax professionals and businesses.
IRS Launches Identity Theft Central Read More »
Taxpayers who work in the gig economy need to understand how their work affects their taxes. A little pre-planning can help make sure gig economy workers are prepared when it’s time to file their tax return.
Gig Economy Work Can Affect a Taxpayer Read More »
The IRS announced today that the agency has become aware of limited circumstances in which it may be appropriate to provide relief from double taxation resulting from application of the repatriation tax under section 965, as amended by the Tax Cuts and Jobs Act (TCJA).
IRS Considering Requests for Relief from Double Taxation Related to Repatriation Read More »
The Internal Revenue Service and Department of the Treasury issued Revenue Procedure 2020-11 that establishes a safe harbor extending relief to additional taxpayers who took out federal or private student loans to finance attendance at a nonprofit or for-profit school.
A Tax Court rejected a constitutional challenge to the law barring expense deductions for legal marijuana businesses. However, two judges embraced the taxpayer’s claim that IRC §280E could violate the 8th Amendment’s prohibition against excessive fines.
8th Amendment Lets IRS Deny Deductions for Legal Marijuana Business Read More »
The IRS is increasing enforcement actions for syndicated conservation easement transactions including more coordinated examinations across IRS divisions and more criminal investigations. The goals of these audits may uncover billions of dollars of potentially inflated charitable contribution deductions for qualified conservation easements made through partnerships and limited liability companies (LLCs).
Enforcement of Syndicated Conservation Easements Read More »
The Internal Revenue Service reminds employers and other businesses that wage statements and independent contractor forms have a Jan. 31 filing deadline.
Deadline for Employer Wage Statements Read More »
Tax returns and tax refunds are unique and individual. This is something for taxpayers to remember next year when someone they know says or posts on social media about receiving a federal tax refund.
What to Know About Getting a Tax Refund Read More »
The Internal Revenue Service said today that the Taxpayer First Act, enacted July 1, requires tax exempt organizations to electronically file information returns and related forms. The new law affects tax exempt organizations in tax years beginning after July 1, 2019.
Tax Exempt Organizations File e-file Forms Read More »