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.

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 […]
IRS commissioner seeks to enhance taxpayer contacts, target enforcement
on November 14, 2019 at 9:44 pm
Speaking to the AICPA National Tax Conference in Washington, IRS Commissioner Charles Rettig discussed possible IRS […]
Automatic accounting method change procedures updated
on November 8, 2019 at 6:01 pm
The IRS released its updated procedures for automatic accounting method changes, which are accounting method changes […]
IRS posts 2020 inflation adjustments and tax tables
on November 6, 2019 at 9:21 pm
The IRS released the 2020 tax tables for individuals and estates and trusts, as well as the inflation adjustments for […]
Retirement plan contribution limits increase for 2020
on November 6, 2019 at 7:48 pm
Annual contribution limits for 401(k) plans will increase from $19,000 in 2019 to $19,500 in 2020, and most other […]
TIGTA outlines IRS challenges for 2020
on October 18, 2019 at 8:39 pm
The memorandum lists 10 challenges in order of importance, ranging from data security to achieving operational […]
Taxpayers may deduct casualty losses in prior years
on October 14, 2019 at 5:40 pm
The IRS finalized regulations permitting taxpayers to deduct disaster losses in the prior tax year and removed the […]
IRS clarifies the tax treatment of cryptocurrency ‘hard forks’ and ‘airdrops’
on October 9, 2019 at 8:42 pm
The IRS ruled that a taxpayer does not have gross income as a result of a hard fork of a cryptocurrency if the taxpayer […]
CFC downward attributions get safe harbors
on October 1, 2019 at 10:38 pm
U.S. shareholders who own stock in foreign corporations were given a safe harbor by the IRS, making it easier for them […]
IRS issues 2019 to 2020 per-diem rates for traveling away from home
on September 25, 2019 at 6:54 pm
The IRS issued its annual notice specifying the special per-diem rates, including the transportation industry meal and […]
Safe harbor allows QBI deduction for rental real estate businesses
on September 24, 2019 at 10:19 pm
The IRS issued a revenue procedure describing the requirements taxpayers have to meet to be a rental real estate […]