The IRS announced that it is lowering from 85% to 80% the amount taxpayers are required to have paid in order to escape an underpayment of estimated income tax penalty for 2018.
Source: The Tax Adviser
Proposed rules issued for information reporting for life insurance contract transactions
The IRS proposed regulations under Sec. 6050Y, which governs reporting obligations for reportable policy sales of life insurance contracts…
IRS reevaluating active trade or business requirement for spinoffs
The IRS announced that it is reviewing its approach to the active trade or business requirement that must be…
IRS’s Dirty Dozen scams — 2019 edition
The IRS highlighted the 12 abusive tax schemes it wants taxpayers and tax practitioners to be on the alert…
First-year challenges of TCJA implementation require broader penalty relief
Despite generally lower tax bills, many taxpayers are seeing smaller-than-expected refunds — or no refunds at all. And some…
Opportunities beckon in new qualified opportunity zones
With their prospects for deferral or even exclusion of gains from certain investments in them, the newly created qualified…
Treasury announces changes to tax regulatory process
The IRS and the Treasury Department announced changes to their policy on issuing temporary regulations, notices of proposed regulations,…
Guidance proposed on FDII and GILTI deductions
The IRS issued guidance on determining the amount of the deduction for foreign-derived intangible income (FDII) and global intangible…
Court upholds IRS PTIN fees
The IRS has authority to charge a user fee for preparer taxpayer identification numbers (PTINs) a federal appeals court…
Times have changed; professional standards should, too
The AICPA is revising its Statements on Standards for Tax Services and wants your help. Source: The Tax Adviser