The new draft form, which has been extensively redesigned, is intended to simplify the calculation of income tax withholding…
2020 limits on HSA contributions are issued
The IRS issued its annual notice of the inflation-adjusted limits on contributions to health savings accounts. All of the…
Rules for certified professional employer organizations finalized
Certified professional employer organizations (CPEOs) enter into contracts with employers to be treated as the employer for employment tax…
2019 inflation-adjusted vehicle depreciation limits and income inclusions issued
The IRS provided the limitations on depreciation deductions for passenger automobiles first placed in service in 2019 and the…
IRS corrects error in Schedule D tax calculation worksheet
The IRS notified tax software companies that it had discovered an error in the Schedule D, Capital Gains and…
IRS extends filing deadlines for CCH customers
The IRS announced that taxpayers affected by the recent Wolters Kluwer service outage who are facing May 15 filing…
FASB proposes simplifying accounting for income taxes
FASB issued a proposal that is intended to make accounting for income taxes less costly and complex. Source: The…
Distribution by former S corporation is part dividend
The IRS ruled that a distribution to the sole shareholder of a C corporation was partly a recovery of…
IRS changes maximum-vehicle-value rule
The IRS revised its maximum-vehicle-value rule for personal use of an employer-provided vehicle for 2019 for both the cents-per-mile…
Proposed rules would govern withholding on transfers of partnership interests
The IRS issued proposed regulations on the operation of new Sec. 1446(f), which requires withholding on the transfer of…