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 proposed regs. on qualified opportunity funds issued
on April 17, 2019 at 9:50 pm
The regulations define the term “substantially all,” the definition of which was reserved in the earlier […]
Can a state tax a trust based on the beneficiary’s residency?
on April 17, 2019 at 8:15 pm
The U.S. Supreme Court heard oral arguments in a case that will decide whether states can tax trusts based solely on […]
Safe harbor issued for valuing pro sports trades
on April 11, 2019 at 10:00 pm
The IRS will permit professional sports teams that trade player contracts to recognize zero gain if both parties to the […]
AICPA asks government to issue more QBI deduction guidance
on April 11, 2019 at 6:45 pm
The AICPA asked Treasury and the IRS to issue additional guidance on Sec. 199A beyond the recently finalized […]
Tax treatment of state and local tax refunds clarified
on March 29, 2019 at 8:51 pm
The IRS issued guidance on the tax treatment of state and local refunds now that taxpayers are limited to a $10,000 […]
Procedure for obtaining EINs to change May 13
on March 27, 2019 at 6:45 pm
Beginning May 13, the IRS will accept employer identification number (EIN) applications only from individual taxpayers […]
Final rules issued on penalty for nondisclosure of reportable transactions
on March 26, 2019 at 8:30 pm
The IRS issued final regulations under Sec. 6707A, which imposes a penalty on taxpayers who fail to disclose a […]
IRS expands relief from underpayment penalty
on March 22, 2019 at 8:00 pm
The IRS announced that it is lowering from 85% to 80% the amount taxpayers are required to have paid in order to escape […]
Proposed rules issued for information reporting for life insurance contract transactions
on March 22, 2019 at 7:25 pm
The IRS proposed regulations under Sec. 6050Y, which governs reporting obligations for reportable policy sales of life […]
IRS reevaluating active trade or business requirement for spinoffs
on March 21, 2019 at 9:00 pm
The IRS announced that it is reviewing its approach to the active trade or business requirement that must be met for a […]
IRS’s Dirty Dozen scams — 2019 edition
on March 19, 2019 at 9:30 pm
The IRS highlighted the 12 abusive tax schemes it wants taxpayers and tax practitioners to be on the alert for this […]
First-year challenges of TCJA implementation require broader penalty relief
on March 15, 2019 at 9:10 pm
Despite generally lower tax bills, many taxpayers are seeing smaller-than-expected refunds — or no refunds at […]
Opportunities beckon in new qualified opportunity zones
on March 6, 2019 at 6:45 pm
With their prospects for deferral or even exclusion of gains from certain investments in them, the newly created […]
Treasury announces changes to tax regulatory process
on March 6, 2019 at 5:35 pm
The IRS and the Treasury Department announced changes to their policy on issuing temporary regulations, notices of […]
Guidance proposed on FDII and GILTI deductions
on March 5, 2019 at 6:30 pm
The IRS issued guidance on determining the amount of the deduction for foreign-derived intangible income (FDII) and […]