IRS Provides Q&A for Tax Year 2018 Reporting and Payments under Section 965
The Internal Revenue Service this week provided additional information in a question and answer format to help taxpayers meet their filing and payment requirements for the section 965 transition tax. The Tax Cuts and Jobs Act requires various taxpayers that have untaxed foreign earnings and profits to pay a tax as if those earnings and […]
IRS Issues Standard Mileage Rates for 2019
This week, the IRS issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2019, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 58 cents per mile […]
Redesigned Form 1040, Schedules and Instructions Now Available
The redesigned Form 1040, U.S. Individual Income Tax Return, for tax year 2018 is now available on IRS.gov. Also available are Schedules 1 through 6 and the 1040 Instructions. The 2018 Form 1040 uses a “building block” approach, so your clients with straightforward tax situations will only need to file Form 1040. If you have […]
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