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.

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 […]
Final regs. loosen 401(k) hardship distribution requirements
on September 20, 2019 at 7:05 pm
The IRS issued final regulations governing hardship distributions from Sec. 401(k) plans, eliminating the requirements […]
Regulations clarify bonus depreciation treatment
on September 13, 2019 at 9:45 pm
The IRS issued final regulations and new proposed regulations on the 100% bonus depreciation deduction that was amended […]
Corporations have short period to apply for IRS CAP program
on September 12, 2019 at 7:04 pm
The IRS announced that it is opening its Compliance Assurance Process (CAP) program to new applicants for the first […]
Built-in gains and losses subject of new proposed regs.
on September 10, 2019 at 4:15 pm
The IRS issued proposed regulations that provide a safe harbor for corporations to calculate built-in gains and losses […]
Proposed regs. clarify reporting requirements for tax-exempt organizations
on September 10, 2019 at 1:30 pm
The rulemaking mainly consolidates existing guidance in one location, but it also responds to a recent court decision […]
IRS offers expatriate tax relief
on September 9, 2019 at 8:33 pm
The IRS announced procedures to allow certain individuals who have renounced their US citizenship to get into […]
Tax accounting rules issued for advance payments
on September 6, 2019 at 7:15 pm
Taxpayers that use the accrual method and receive advance payments for good or services were given new rules by the IRS […]
Proposed regs. govern maximum automobile values
on August 22, 2019 at 11:40 pm
The IRS issued proposed rules that provide maximum automobile values for the cents-per-mile and fleet-average valuation […]
Underpayment penalty relief now automatic for eligible filers
on August 15, 2019 at 6:15 pm
Some taxpayers who paid 2018 underpayment penalties will receive refund checks because the penalties will be […]
Alimony tax gap swells to $3.2 billion, TIGTA finds
on August 13, 2019 at 9:00 pm
Discrepancies between the amount of alimony deducted by payers and reported as income by its recipients increased by […]