IRS News

IRS plan for paid leave for coronavirus. The U.S. Treasury Department, Internal Revenue Service, and the U.S. Department of Labor announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, desi... Read More

IRS increases visits to high earners. Over the last 32 years we have seen the pendulum of the IRS Collection Division swing from being aggressive to being passive, depending upon what the broader economy was doing. When times are tough the IRS usu... Read More

IRS rules on how settlements are taxed. Taxes depend on the "origin of claim". Taxes are based on the origin of your claim. IF you get laid off at work and sue seeking wages, you will be taxed as wages, and probably some pay on a Form 1099 for emo... Read More

IRS issues 2019 to 2020 per diem rates. Business travelers who incur expenses while traveling away from home have new per diem rates to use in substantiating certain of those expenses (Notice 2019-55). The new rates are in effect from Oct. 1 2019 ... Read More

Tax dispute one of largest by IRS. A little known decision by the Internal Revenue Service's appeals unit may spell trouble for legendary investor Jim Simons, who's embroiled in a multi-billion dollar tax dispute with the agency. Reviewing the aud... Read More

IRS guidance on rental properties. The IRS has released Notice 2019-07, which established a safe harbor under which a rental real estate enterprise would be considered a trade or business for eligibility of the 199A deduction. IRS guidance on rent... Read More

IRS regulations on charitable contributions. Ever since the Tax Cuts and Jobs Act, passed by Congress and signed into law by President Trump, multiple new tax laws have created uncertainty and grey areas regarding the treatment of new taxes and ol... Read More

IRS rules on partnership returns. Many of the tax debt issues that we encounter happen because business owners do not classify themselves properly from the beginning of the business. Case in point a business we are dealing with where the partnersh... Read More

IRS tax scams continue year round. Although the April filing deadline has passed, scam artists remain hard at work and the IRS has urged taxpayers to be on the alert for a spring surge of evolving phishing emails and telephone scams. The IRS is se... Read More

IRS highlights credits and deductions. During small business week, the Internal Revenue Service reminds small business owners and self-employed individuals to take deductions and credits that will help their bottom line. This year, National Small ... Read More