Federal Tax News

Check out the latest IRS provided tax news below. Tax news is updated regularly as the IRS posts new news and announcements about the tax industry and IRS procedures.

More taxpayers qualify for student loan COD relief
on January 16, 2020 at 6:27 pm
The IRS is expanding its relief from cancellation-of-debt income to students whose federal loans were discharged for […]
IRS issues 2020 standard mileage rates
on January 2, 2020 at 5:43 pm
On the last day of 2019, the IRS issued the standard mileage rates for 2020 for business, charitable, medical, or […]
Qualified opportunity zone regs. finalized
on December 20, 2019 at 7:29 pm
The IRS issued final regulations providing guidance on tax-favored investments in qualified opportunity zones (QOZs).
Year-end government spending bill contains many tax provisions
on December 19, 2019 at 9:50 pm
The consolidated appropriations bill passed by Congress makes many changes to retirement plan rules, repeals health […]
5th Circuit invalidates health care law’s individual mandate
on December 19, 2019 at 8:50 pm
The Fifth Circuit held that the “individual mandate” under Sec. 5000A, which imposes a “shared […]
New FASB standard aims to simplify accounting for income taxes
on December 18, 2019 at 10:37 pm
FASB issued a standard that is designed to reduce cost and complexity in accounting for income taxes.
Proposed regs. would govern Sec. 162(m) executive compensation limits
on December 17, 2019 at 9:28 pm
The IRS issued proposed regulations on the Sec. 162(m) $1 million limit on executive compensation paid by certain […]
Final regs. issued on foreign tax credits
on December 17, 2019 at 5:10 pm
The IRS officially released final regulations providing guidance on determining foreign tax credits. The regulations […]
Guidance issued on payments to charitable organizations
on December 16, 2019 at 6:15 pm
The IRS issued additional rules on the treatment of deductions for charitable contributions in lieu of state and local […]
Partnership capital reporting requirements postponed until 2020
on December 10, 2019 at 5:44 pm
The IRS is postponing the requirement to report partners’ shares of partnership capital on the tax-basis method […]
BEAT regs. are finalized, new regs. are proposed
on December 3, 2019 at 7:33 pm
The IRS issued detailed guidance on the Sec. 59A base-erosion and anti-abuse tax (BEAT), which was added to the Code by […]
Deadline for health care information statements extended
on December 2, 2019 at 8:48 pm
As it does every year, the IRS extended the due date to furnish certain health care information statements to […]
Per-diem method clarified in light of TCJA changes
on November 26, 2019 at 9:32 pm
The IRS issued updated rules for substantiating the amount of ordinary and necessary business expenses paid or incurred […]
Final regs. eliminate estate and gift tax clawback
on November 25, 2019 at 7:15 pm
The IRS issued final regulations that reconcile the current higher exclusion for the estate and gift tax unified credit […]
Use of standard mileage rate, other rules are updated for TCJA
on November 15, 2019 at 9:13 pm
The IRS updated its rules concerning the use of standard mileage rates and to reflect the current suspension of […]