IRS issues guidance on Section 179 expenses and Section 168(g) depreciation under Tax Cuts and Jobs Act
IR-2018-257, December 21, 2018 — The IRS issued Revenue Procedure 2019-08 today to provide guidance on deducting expenses under Section 179(a) and on deducting depreciation under Section 168(g).
IR-2018-256, December 19, 2018 — After working with the tax preparation community, the IRS today announced it would stop its tax transcript faxing service as of Feb. 4, 2019, and offer a more secure alternative to taxpayers and tax professionals.
IR-2018-255, December 19, 2018 — The IRS today advised employees, whose 2018 federal income tax withholding unexpectedly falls short of their tax liability for the year, that they can still avoid a tax-time surprise by making a quarterly estimated tax payment directly to the IRS.
IR-2018-254, December 18, 2018 — The IRS issued guidance on excess business loss limitations and net operating losses following law changes in the Tax Cuts and Jobs Act (TCJA).
IRS, Security Summit partners warn tax professionals of fake payroll direct deposit and wire transfer emails
IR-2018-253, December 17, 2018 — The IRS and its Security Summit partners today warned tax professionals of an uptick in phishing emails targeting them that involve payroll direct deposit and wire transfer scams.
First plug-in electric vehicle manufacturer crosses 200,000 sold threshold;Tax credit for eligible consumers begins phase down on Jan. 1
IR-2018-252, December 14, 2018 — The IRS announced today that Tesla, Inc. has sold more than 200,000 vehicles eligible for the plug-in electric drive motor vehicle credit during the third quarter of 2018.
IR-2018-251, December 14, 2018 — The Internal Revenue Service today issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
IRS issues proposed regulations on key new international provision, the base erosion and anti-abuse tax
IR-2018-250, December 13, 2018 — The Internal Revenue Service issued proposed regulations today on the section 59A base erosion and anti-abuse tax.
IR-2018-249, December 13, 2018 — Wrongfully-incarcerated individuals, wishing to take advantage of the special retroactive tax exclusion, usually must file refund claims by Monday, Dec. 17, 2018, according to the IRS.
IRS reminder: Deadline Dec. 31 for most retirees who must make required retirement plan distributions
IR-2018-248, December 11, 2018 — The Internal Revenue Service today reminded retirees born before July 1, 1948, that they usually must take distributions from their individual retirement arrangements (IRAs) and workplace retirement plans by Dec. 31.
IRS issues guidance for determining nondeductible amount of parking fringe expenses and unrelated business taxable income; provides penalty relief to tax-exempt organizations
IR-2018-247, December 10, 2018 – The Internal Revenue Service today issued interim guidance regarding the treatment of qualified transportation fringe benefit expenses paid or incurred after Dec. 31, 2017.
For private corporations and their employees, IRS provides initial guidance on new tax benefit for stock options and restricted stock units
IR-2018-246, December 7, 2018 — The Internal Revenue Service today issued Notice 2018-97 offering guidance on a recent tax law change that allows qualified employees of privately-held corporations to defer paying income tax, for up to five years, on the value of qualified stock options and restricted stock units (RSUs) granted to them by their employers.
IR-2018-245, December 7, 2018 — Cybercriminals stepped up their attacks on tax professionals during 2018, prompting the IRS and the Security Summit partners to urge practitioners to take steps to protect client data and their computer networks from these threats.
IR-2018-244, December 6, 2018 — The IRS today announced that interest rates will increase for the calendar quarter beginning January 1, 2019.
IR-2018-243, December 6, 2018 – As the 2019 tax season approaches, the IRS, state tax agencies and the nation’s tax industry joined together to warn small businesses to be on-guard against a growing wave of identity theft and W-2 scams.
IR-2018-242, December 4, 2018 — The Internal Revenue Service today granted taxpayers an extra day, until Thursday, Dec. 6, 2018 to file any return or pay any tax originally due on Wednesday, Dec. 5.
Security Summit Partners highlight new password guidance, urge taxpayers and practitioners to protect all accounts
IR-2018-241, December 4, 2018 — To help protect against cybercriminals stealing identities, the IRS, state tax agencies and the nation’s tax industry urged people to review new, stronger standards to protect the passwords of their online accounts.
IR-2018-240, December 4, 2018 ― With the approach of the holidays and the 2019 filing season, the IRS, state tax agencies and the nation’s tax industry warned people to be on the lookout following a surge of new, sophisticated email phishing scams.
IR-2018-239, December 4, 2018 — The Internal Revenue Service wants to remind those with disabilities that the Tax Cuts and Jobs Act (2017) made major changes to Achieving a Better Life Experience (ABLE) accounts.
IRS, Security Summit Partners warn public: It’s shopping season for identity thieves, too; Tax Security Awareness Week offers tips
IR-2018-238, December 3, 2018 ― With the holiday shopping season in full swing, the Internal Revenue Service and Security Summit partners warn taxpayers to take extra steps to protect their tax and financial data from identity thieves.
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