Tax Reform News Releases — 2019

IRS and Treasury finalize Opportunity Zone guidance

IR-2019-212, December 19, 2019 — The IRS today issued final regulations providing details about investment in qualified opportunity zones (QOZ).

IRS: Make a tax payment now, avoid a tax-time surprise

IR-2019-211, December 18, 2019 —Taxpayers who paid too little tax during 2019 can still avoid a tax-time surprise by making a quarterly estimated tax payment now, directly to the IRS.

New downloadable assistant helps small businesses withhold the right amount of income tax

IR-2019-209, December 17, 2019 — The IRS has launched a new online assistant designed to help employers, especially small businesses, easily determine the right amount of federal income tax to withhold from their workers' pay.

IRS, Treasury issue proposed regulations on compensation deductions for publicly held corporations

IR-2019-208, December 17, 2019 — The Treasury Department and IRS issued proposed regulations to reflect changes from the Tax Cuts and Jobs Act on the tax deductibility of officers' compensation by publicly held corporations.

Treasury, IRS issue final regulations on new international provision, the base erosion and anti-abuse tax

IR-2019-194, December 2, 2019 — The Internal Revenue Service issued final regulations and proposed regulations today on the base erosion and anti-abuse tax.

Treasury, IRS issue final regulations on the Foreign Tax Credit

IR-2019-193, December 2, 2019 — The Internal Revenue Service issued final regulations today on the Foreign Tax Credit, a long-standing tax benefit that generally allows individuals and businesses to claim a credit for income taxes paid or accrued to foreign governments.

IRS updates per diem guidance for business travelers and their employers

IR-2019-190, November 26, 2019 — The Internal Revenue Service today issued guidance for business travelers, updated to include changes resulting from the Tax Cuts and Jobs Act (TCJA).

Final regulations confirm: Making large gifts now won't harm estates after 2025

IR-2019-189, November 22, 2019 — The Treasury Department and the IRS today issued final regulations confirming that individuals taking advantage of the increased gift and estate tax exclusion amounts in effect from 2018 to 2025 will not be adversely impacted after 2025 when the exclusion amount is scheduled to drop to pre-2018 levels.

IRS updates guidance for deductible business, charitable, medical and moving expenses

IR-2019-183, November 14, 2019 — The Internal Revenue Service today issued guidance for taxpayers with certain deductible expenses to reflect changes resulting from the Tax Cuts and Jobs Act (TCJA).

Get Ready for Taxes: Get ready today to file 2019 federal income tax returns

IR-2019-178, October 31, 2019 – The Internal Revenue Service today urged taxpayers to act now to avoid a tax-time surprise and ensure smooth processing of their 2019 federal tax return.

IRS, Treasury issue final regulations on new reporting requirements for life insurance contract transactions

IR-2019-177, October 25, 2019 –The Internal Revenue Service today issued final regulations (LINK) on the new information reporting requirements for certain life insurance contract transactions.

IRS celebrates National Work and Family Month

IR-2019-166, October 8, 2019 – The IRS is participating in National Work and Family Month by issuing a series of informative tips on work-life balance throughout the month of October.

Reminder: Oct. 15 deadline approaching for taxpayers who requested extensions

IR-2019-163, October 7, 2019 — Taxpayers who requested the six-month filing extension should complete their tax returns and file on or before the Oct. 15 deadline.

IRS grants relief for U.S. persons who own stock in certain foreign corporations

IR-2019-162, October 1, 2019 — The Department of the Treasury and the Internal Revenue Service today issued Revenue Procedure 2019-40 and proposed regulations that provides relief to certain U.S. persons that own stock in certain foreign corporations.

IRS finalizes safe harbor to allow rental real estate to qualify as a business for qualified business income deduction

IR-2019-158, September 24, 2019 — The Internal Revenue Service today issued Revenue Procedure 2019-38 that has a safe harbor allowing certain interests in rental real estate, including interests in mixed-use property, to be treated as a trade or business for purposes of the qualified business income deduction under section 199A of the Internal Revenue Code (section 199A deduction).

Treasury, IRS release final and proposed regulations on new 100% depreciation

IR-2019-156, September 13, 2019 — The Treasury Department and the Internal Revenue Service today released final regulations and additional proposed regulations under section 168(k) of the Internal Revenue Code on the new 100% additional first year depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service by the business.

Tax Withholding Estimator helps retirees; figures tax on Social Security benefits

IR-2019-155, September 13, 2019 — The new Tax Withholding Estimator, launched last month on IRS.gov, includes user-friendly features designed to help retirees quickly and easily figure the right amount of tax to be taken out of their pension payments.

Third quarter estimated tax payment due Sept. 16

IR-2019-152, September 9, 2019 – With major tax reform now in its second year and taxpayers seeing its full effect on 2018 returns, the Internal Revenue Service today reminded people who pay estimated tax that their third quarter payment for 2019 is due Monday, Sept. 16.

New IRS Tax Withholding Estimator helps workers with self-employment income

IR-2019-149, September 4, 2019 — The IRS said today that the new Tax Withholding Estimator tool includes a feature designed to make it easier for employees who also receive self-employment income to accurately estimate the right amount of tax to have taken out of their pay.

IRS automatically waives estimated tax penalty for eligible 2018 tax filers

IR-2019-144, August 14, 2019 — The Internal Revenue Service is automatically waiving the estimated tax penalty for the more than 400,000 eligible taxpayers who already filed their 2018 federal income tax returns but did not claim the waiver.

IRS launches new Tax Withholding Estimator; Redesigned online tool makes it easier to do a paycheck checkup

IR-2019-139, August 6, 2019 — The Internal Revenue Service today launched the new Tax Withholding Estimator, an expanded, mobile-friendly online tool designed to make it easier for everyone to have the right amount of tax withheld during the year.

IRS, Treasury issue guidance on making or revoking the bonus depreciation elections

IR-2019-135, July 31, 2019 — The Internal Revenue Service today issued a Revenue Procedure allowing a taxpayer to make a late election, or to revoke an election, under section 168(k) for certain property acquired by the taxpayer after September 27, 2017, and placed in service by the taxpayer during its taxable year that includes September 28, 2017.

Qualified Business Income sessions highlight 2019 Nationwide Tax Forum; 199A popular topic for tax pros attending

IR-2019-130, July 22, 2019 – The Internal Revenue Service reminded tax professionals that this year's Nationwide Tax Forums offer several different sessions focusing on the new tax law's provisions involving Qualified Business Income.

IRS provides additional details on transition tax on untaxed foreign earnings

IR-2019-128, July 16, 2019 — The Internal Revenue Service provided additional information to help taxpayers meet their filing and payment requirements for the Section 965 transition tax on untaxed foreign earnings.

IRS issues guidance on the tax on the net investment income of certain private colleges and universities

IR-2019-120, June 28, 2019 — The Internal Revenue Service today issued proposed regulations for the new 1.4 percent excise tax on the net investment income of certain private colleges and universities.

IRS, Treasury issue guidance under Tax Cuts and Jobs Act and the Consolidated Appropriations Act of 2018 for cooperatives and patrons of cooperatives

IR-2019-115, June 18, 2019 — The Treasury Department and Internal Revenue Service today issued legal guidance under the 2017 Tax Cuts and Jobs Act (TCJA) and the Consolidated Appropriations Act of 2018 providing information on certain deductions to cooperatives and their patrons.

IRS and Treasury issue guidance related to global intangible low-taxed income (GILTI)

IR-2019-114, June 14, 2019 — The Treasury Department and the Internal Revenue Service issued final and proposed regulations today concerning global intangible low-taxed income under section 951A, the foreign tax credit, the treatment of domestic partnerships for purposes of determining the subpart F income of a partner, and the treatment of income of a controlled foreign corporation subject to a high rate of foreign tax under section 951A.

IRS reminder: Taxpayers can help determine the right amount of tax to withhold from their paychecks by doing a Paycheck Checkup now

IR-2019-112, June 14, 2019 — The IRS encourages taxpayers to look at their tax withholding now to take charge of their tax situation and avoid a surprise at tax time next year.

IRS reminds taxpayers to adjust tax withholding to pay the right tax amount

IR-2019-111, June 13, 2019 — With this year's average tax refund around $2,700, the Internal Revenue Service reminds taxpayers they have options to control the amount of their take-home pay and the size of their tax refund by adjusting their tax withholding.

IRS Withholding Calculator can help workers have right amount of tax withheld following tax law changes

IR-2019-110, June 12, 2019 — Following the biggest set of tax law changes in more than 30 years, the Internal Revenue Service continues to remind taxpayers to do a Paycheck Checkup to help make sure they are having the right amount of tax withheld.

Final regulations on charitable contributions and state and local tax credits

IR-2019-109, June 11, 2019 — The U.S. Department of the Treasury and the Internal Revenue Service today issued final regulations that require taxpayers to reduce their charitable contribution deductions by the amount of any state or local tax credits they receive or expect to receive in return.

IRS reminder: Get tax withholding right; do a Paycheck Checkup at least once every year

IR-2019-108, June 11, 2019 — The Internal Revenue Service today urged taxpayers to review their 2019 tax withholding using the IRS Withholding Calculator and make any changes with their employer as soon as possible.

IRS continues campaign to encourage taxpayers to do a Paycheck Checkup; use Withholding Calculator to help get right amount for 2019

IR-2019-107, June 10, 2019 — The Internal Revenue Service today launched a special week-long campaign encouraging taxpayers to do a Paycheck Checkup now to make sure they are having the right amount of tax taken out of their paychecks for 2019.

IRS reminder: June 17 is next deadline for those who pay estimated taxes

IR-2019-105, June 6, 2019 – The Internal Revenue Service today reminded taxpayers who pay estimated taxes that Monday, June 17, is the deadline for the second estimated tax payment for 2019.

IRS now billing those who filed for 2018 but didn't pay; many payment options available 

IR-2019-99, June 3, 2019 ― The Internal Revenue Service today advised those now receiving tax bills because they filed on time but didn't pay in full that there are many easy options for paying what they owe.

IRS, Treasury unveil proposed W-4 design for 2020

IR-2019-98, May 31, 2019 – Today the Internal Revenue Service issued a draft of the 2020 Form W-4, Employee's Withholding Allowance Certificate, that will make accurate withholding easier for employees starting next year.

IRS: Doing a 'Paycheck Checkup' is a good idea for workers with multiple jobs

IR-2019-97, May 23, 2019 — The Internal Revenue Service urges taxpayers who work multiple jobs or who may be adding summer employment to complete a Paycheck Checkup.

IRS highlights credits and deductions for businesses during Small Business Week

IR-2019-93, May 10, 2019 — During Small Business Week, the IRS reminds small business owners and self-employed individuals to take deductions and credits that will help their bottom line.

During Small Business Week, IRS spotlights expanded tax benefits for depreciation and expensing

IR-2019-92, May 9, 2019 — During Small Business Week, the Internal Revenue Service is highlighting tax reform changes that impact depreciation and expensing for nearly every business.

During Small Business Week, IRS urges businesses to make estimated tax payments so they don't owe

IR-2019-91, May 8, 2019 — As part of Small Business Week, the Internal Revenue Service today reminds small business owners and self-employed people that they can avoid a surprise tax bill and possibly a penalty by making estimated tax payments during the year.

For those who missed the tax-filing deadline, IRS says file now to avoid bigger bill

IR-2019-81, April 29, 2019 — While the federal income tax-filing deadline has passed for most people, there are some taxpayers who have not yet filed their tax returns.

Done with taxes this year? Use 2018 return to get 2019 withholding right

IR-2019-80, April 26, 2019 — Millions of taxpayers filed a 2018 tax return in the last few weeks, making now a prime time for everyone to consider whether their tax situation came out as they expected.

IRS issues guidance relating to deferral of gains for investments in a qualified opportunity fund

IR-2019-75, April 17, 2019 –The Internal Revenue Service today issued guidance providing additional details about investment in qualified opportunity zones.

Taxpayers can get faster tax refunds with Direct Deposit

IR-2019-69, April 10, 2019 — With the tax deadline nearly here, the Internal Revenue Service encourages all taxpayers to join the 80 percent of filers who choose Direct Deposit to get their tax refund faster.

IRS.gov: Best place to get last-minute tax tips and resources

IR-2019-67, April 9, 2019 – With just days remaining before the federal tax-filing deadline, the Internal Revenue Service reminds taxpayers they have a variety of options to get help preparing and filing their tax returns on IRS.gov.

IRS: Rushing to file taxes can result in errors, use e-file, file extension if needed

IR-2019-65, April 8, 2019 — As the April tax-filing deadline nears, many taxpayers may rush to finish their tax returns or find they need extra time to get them done.

Tax deadline approaches: IRS dispels five myths about tax refunds

IR-2019-64, April 5, 2019 ― As the April tax-filing deadline approaches, the Internal Revenue Service understands that taxpayers are anxious to get details about their tax refunds.

Estimated taxes form and publication can help people pay the right amount in 2019

IR-2019-62, April 3, 2019 – The Internal Revenue Service today reminded self-employed individuals, retirees, investors and others who pay their taxes quarterly that the first estimated tax payment for tax year 2019 is due Monday, April 15, 2019, for most taxpayers.

IRS offers webinar on the importance of filing on time

IR-2019-61, April 2, 2019 — The IRS is offering a free webinar focusing on the importance of filing a return on time, even if the tax due cannot be paid.

Tax Time Guide wrap-up: Tips on payment options, penalty waivers, refunds and more

IR-2019-60, April 2, 2019 — The IRS today urged taxpayers to file an accurate tax return on time, even if they owe but can't pay in full.

With new SALT limit, IRS explains tax treatment of state and local tax refunds

IR-2019-59, March 29, 2019 — The Internal Revenue Service today clarified the tax treatment of state and local tax refunds arising from any year in which the new limit on the state and local tax (SALT) deduction is in effect.

Tax Time Guide: Tax help is just a click away on IRS.gov

IR-2019-56, March 26, 2019 — The Internal Revenue Service reported that there were more than 585 million visits to IRS.gov by taxpayers finding answers to tax questions, e-filing tax returns and checking on their tax refunds in 2018.

IRS expands penalty waiver for those whose tax withholding and estimated tax payments fell short in 2018; key threshold lowered to 80 percent

IR-2019-55, March 22, 2019 — The Internal Revenue Service today provided additional expanded penalty relief to taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.

IRS issues proposed regulations on new tax reform reporting requirements for life insurance contract transactions; New reporting forms available

IR-2019-54, March 22, 2019 –The Internal Revenue Service today issued proposed regulations on the new information reporting requirements for certain life insurance contracts under the Tax Cuts and Jobs Act (TCJA).

IRS offers free March 28 webinar: Understanding how to do a 'Paycheck Checkup'

IR-2019-52, March 21, 2019 — The Internal Revenue Service will provide a free online, web-based information session in two languages on Thursday, March 28, 2019, to help people understand how to do a 'Paycheck Checkup.'

Tax Time Guide: Contribute to an IRA by April 15 to claim it on 2018 tax returns

IR-2019-46, March 19, 2019 — The IRS reminded taxpayers today that it's not too late to contribute to an IRA and still claim it on a 2018 tax return.

Tax Time Guide: IRS urges taxpayers to check their tax withholding early in 2019; Paycheck Checkup can avoid problems next year

IR-2019-37, March 12, 2109 – The Internal Revenue Service today renewed its effort to encourage taxpayers to review their tax withholding using the IRS Withholding Calculator and make any needed adjustments early in 2019.

Tax Time Guide: IRS publication helps small businesses, self-employed understand what's new for taxes

IR-2019-34, March 8, 2019 — The IRS wants business owners and the self-employed to know that a publication on IRS.gov has information they can use to learn which recent tax-law changes impact their bottom line.

IRS issues proposed regulations on deduction for foreign-derived intangible income and global intangible low-taxed income

IR-2019-27, March 5, 2019 — The Internal Revenue Service issued proposed regulations under section 250 of the Internal Revenue Code, which offers domestic corporations deductions for foreign-derived intangible income (FDII) and global intangible low-taxed income.

IRS waives estimated tax penalty for farmers, fishermen who file returns and pay tax by April 15

IR-2019-24, February 28, 2019 — The Internal Revenue Service will waive the estimated tax penalty for any qualifying farmer or fisherman who files his or her 2018 federal income tax return and pays any tax due by Monday, April 15, 2019.

Tax Time Guide: Most people affected by major tax reform changes; Special publication, other online resources can help

IR-2019-22, February 26, 2019 — With major tax law changes impacting every taxpayer, the Internal Revenue Service has developed a special electronic publication and other online resources designed to help people understand how tax reform affects them this year and the years ahead.

IRS provides various payment options for taxpayers who owe but can't pay in full

IR-2019-15, February 13, 2019 ― As the 2019 tax filing season gets into full swing, the IRS reminds taxpayers who owe of the many easy payment options.

IRS provides a safe harbor method of accounting for passenger automobiles that qualify for the 100-percent additional first year depreciation

IR-2019-14, February 13, 2019 –The Treasury Department and the Internal Revenue Service issued guidance today that provides a safe harbor method for determining depreciation deductions for passenger automobiles that qualify for the 100-percent additional first year depreciation deduction and that are subject to the depreciation limitations for passenger automobiles.

Avoid the rush: Pay taxes owed online or set up a payment plan

IR-2019-13, February 13, 2019 — The Internal Revenue Service today reminded taxpayers who may unexpectedly owe additional tax that there are many online options for payment as well as online options for applying for a payment plan for those who can't pay in full.

Avoid the rush: Fastest way to check tax refund is 'Where's My Refund?' tool at IRS.gov

IR-2019-12, February 12, 2019 — Offering time-saving alternatives to a telephone call, the IRS reminds taxpayers they can get fast answers to their refund questions by using the "Where's My Refund?" tool available on IRS.gov and through the IRS2Go app.

Avoid the rush over Presidents Day holiday; online tools, resources can help

IR-2019-10, February 11, 2019 — With a new tax law in effect and a surge of tax returns expected during the Presidents Day weekend, the IRS is offering taxpayers several tips and various time-saving resources to get them the help they need quickly and easily.

IRS kicks off 2019 tax-filing season as tax agency reopens; Use IRS.gov to avoid phone delays

IR-2019-07, January 28, 2019 ― The RS successfully opened the 2019 tax-filing season today as the agency started accepting and processing federal tax returns for tax year 2018.

Treasury, IRS issue final regulations, other guidance on new qualified business income deduction; Safe harbor enables many rental real estate owners to claim deduction

IR-2019-04, January 18, 2019 — Today the Treasury Department and the Internal Revenue Service issued final regulations and three related pieces of guidance, implementing the new qualified business income (QBI) deduction (section 199A deduction).

IRS waives penalty for many whose tax withholding and estimated tax payments fell short in 2018

IR-2019-03, January 16, 2019 — The Internal Revenue Service announced today that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.