Tax information from the IRS and shared by Vernoia, Enterline + Brewer, CPA LLC.
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.
Millions more ITINs set to expire in 2019 Read More »
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.
Charitable Contributions and State and Local Tax Credits Read More »
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.
S Corp Losses Not Deductible: Debt Didn’t Run to Shareholder Read More »
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.
2019 Fleet Average Valuation and Vehicle-Cents-Per Mile Number Released Read More »
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.
Stock Redemptions Post-Termination Transition Period Read More »
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.
Large Corporate Compliance Program Read More »
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.
Deferral of Gains for Investments in a Qualified Opportunity Fund Read More »
Tax-related identity theft occurs when a thief uses someone’s stolen Social Security number to file a tax return and claim a fraudulent refund.
ID Theft: What to Look For and What to Do Read More »
The Internal Revenue Service announced the results of a national two-week education and enforcement campaign to combat employment tax crimes featuring visits to nearly 100 businesses showing signs of potential serious noncompliance and taking several dozen legal actions against suspected criminals.
IRS Highlights Importance of Payroll Tax Compliance Read More »
Anyone else can request an automatic extension Anyone can request an automatic tax-filing extension, but some people get extra time without asking, according to the Internal Revenue Service.
Some People Get More Time to File Without Asking Read More »