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News

Government shutdown ends in time for tax season

  • 28 January 2019
  • Author: machele
  • Number of views: 4484
  • 0 Comments
The partial government shutdown ended on Friday, allowing the full IRS workforce to return to work on Monday, Jan. 28 — the start of tax filing season for individuals. The Further Additional Continuing Appropriations Act, 2019, H.J. Res. 28, passed by Congress and signed by President Donald Trump on Friday, funds the agency until Feb. 15.

Qualified business income deduction regs. and other guidance issued

  • 23 January 2019
  • Author: machele
  • Number of views: 4616
  • 0 Comments
On Friday, the IRS released guidance on a large number of Sec. 199A issues, including the eagerly awaited final Sec. 199A regulations (in an as-yet-unnumbered Treasury decision). The IRS also issued new proposed regulations on how to treat previously suspended losses and how to determine the deduction for taxpayers that hold interests in regulated investment companies (RICs), charitable remainder trusts (CRTs), and split-interest trusts. The guidance also includes a notice that provides a safe-harbor rule for rental real estate businesses and a revenue procedure on calculating W-2 wages.

IRS sets start date for tax season, will issue refunds during government shutdown

  • 8 January 2019
  • Author: machele
  • Number of views: 3768
  • 0 Comments
The IRS announced on Monday evening that it is prepared to start processing 2018 tax returns on Jan. 28 and that it will pay tax refunds despite the partial shutdown of the federal government. The agency has been operating under a contingency plan that has furloughed 88% of the IRS’s workforce. It says it will recall “a significant portion” of its furloughed staff for tax season. The agency also says it will issue an updated contingency plan in the next few days.

Voices - The tax challenges of health insurance for small business

  • 7 December 2018
  • Author: machele
  • Number of views: 3866
  • 0 Comments
You’ve probably been asked by your clients before: “Can I deduct my health insurance?” or, “How can I reimburse my employees for health insurance premiums without triggering tax consequences?”

For small-business owners and sole proprietors, the most powerful and relevant options are Health Reimbursement Arrangements. There are two HRAs in particular that will be of most interest to your clients.

Inflation adjustments and tax tables issued for 2019

  • 16 November 2018
  • Author: machele
  • Number of views: 3474
  • 0 Comments
The IRS on Thursday issued the 2019 annual inflation adjustments for many tax provisions as well as the 2019 tax rate tables for individuals and estates and trusts (Rev. Proc. 2018-57). These adjusted amounts will be used to prepare tax year 2019 returns in 2020.
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