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.

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 […]
Rules proposed for classifying cloud and digital content transactions
on August 13, 2019 at 2:05 pm
The Internal Revenue Service proposed regulations to clarify how to classify transactions involving digital content and […]
IRS changes its third-party contact procedures
on August 6, 2019 at 6:45 pm
The IRS issued updated procedures for third-party contacts to reflect changes enacted in the recent Taxpayer First Act, […]
Federal court rejects change to substantial-donor reporting requirement
on August 2, 2019 at 2:45 pm
If the IRS wishes to no longer require tax-exempt organizations to report information about their substantial financial […]
Taxpayers may revoke or make late bonus depreciation elections
on July 31, 2019 at 8:15 pm
The IRS will permit taxpayers to change their bonus depreciation treatment for property acquired after Sept. 27, 2017, […]
IRS permits certain partnerships to file superseding partnership returns
on July 29, 2019 at 6:10 pm
The IRS is permitting certain partnerships that timely filed their tax returns for the 2018 tax year an extension of […]
IRS alerts virtual currency owners of nonfiling consequences
on July 29, 2019 at 3:10 pm
The IRS has begun sending what it calls “educational letters” to taxpayers it has identified as not […]
Guidance adds preventive care items to high-deductible health plans
on July 17, 2019 at 9:15 pm
The IRS added 14 types of preventive care items that qualify to be provided under a high-deductible health plan to […]
Final rules permit truncated TINs on W-2s
on July 2, 2019 at 8:30 pm
As part of its effort to reduce identity theft, the IRS issued final rules permitting employers to provide truncated […]
Congress approves IRS reform bill, drops Free File language
on July 2, 2019 at 1:30 pm
The bill establishes an independent appeals office and requires the IRS to develop a customer service strategy. A […]
Supreme Court holds North Carolina cannot tax trust
on June 21, 2019 at 8:05 pm
The U.S. Supreme Court issued a unanimous decision holding that North Carolina’s attempt to tax a trust based […]
Virtual currency not FBAR reportable (at least for now)
on June 19, 2019 at 6:30 pm
The AICPA Virtual Currency Task Force reached out to Treasury’s Financial Crimes Enforcement Network (FinCEN) to […]
W-2 methods proposed for Sec. 199A(g) deduction by agricultural co-ops
on June 18, 2019 at 9:00 pm
The IRS issued methods for calculating W-2 wages for the Sec. 199A(g) deduction for agricultural and horticultural […]
Final HRA rules permit integration with individual health insurance
on June 17, 2019 at 6:45 pm
The IRS issued final regulations on health reimbursement arrangements, which may be offered to individuals as […]