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Tax reform brings changes to qualified moving expenses

Tax Tip 2018-192 December 12, 2018 For businesses that have employees, there are changes to fringe benefits that can affect a business’s bottom line and their employee’s tax liabilities. One of these changes is to qualified moving expenses. Under previous law, payment or reimbursement of an employee’s qualified moving expenses were not subject to income […]

New Opportunity Zone tax incentive benefits investors

Tax Reform Tax Tip 2018-191 December 11, 2018 Qualified Opportunity Zones were created by the 2017 Tax Cuts and Jobs Act. These zones are designed to spur economic development and job creation in distressed communities throughout the country and U.S. possessions by providing tax benefits to investors who invest eligible capital into these communities. Taxpayers […]

Steps for tax pros to obtain W&I transcripts needed for tax prep

12 | 19  | 2018 FS-2018-20, December 2018 The Internal Revenue Service, in partnership with the tax preparation community, has devised a new process that will allow tax practitioners to access employer information needed for return preparation and electronic filing while also protecting taxpayer data. The new process is part of a series of steps […]

IRS offers tips to tax professionals to reduce CAF number errors

12 | 19  | 2018 FS-2018-21, December 2018 The Internal Revenue Service today outlined common errors that may delay processing of Centralized Authorization File (CAF) numbers. Reducing errors in CAF applications is one way to speed the approval process for tax professionals. The IRS also reminded tax practitioners that CAF numbers are valuable cybercriminal targets […]

IRS takes additional steps to partner with tax professionals

12 | 19 | 18 IR-2018-256 WASHINGTON – After working with the tax preparation community, the Internal Revenue Service 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. The IRS worked with the tax preparation community to reach […]

IRS NEWS FOR TAX PROFESSIONALS December 2018

►UPCOMING WEB CONFERENCES Check Webinars for Tax Practitioners for upcoming webinars. ►Recently added to the IRS Video Portal https://www.irsvideos.gov/  Tax Reform Basics for Employers This webinar gives an overview of Tax Reform changes for Employers. Topics include changes to Employer Credit Family and Medical Leave, Employee Achievement Awards, Qualified Transportation Fringe Benefits, and others. Tax […]

Tax reform brings changes to qualified moving expenses

Tax Tip 2018-192 December 12, 2018 For businesses that have employees, there are changes to fringe benefits that can affect a business’s bottom line and their employee’s tax liabilities. One of these changes is to qualified moving expenses. Under previous law, payment or reimbursement of an employee’s qualified moving expenses were not subject to income […]

New Opportunity Zone tax incentive benefits investors

Tax Reform Tax Tip 2018-191 December 11, 2018 Qualified Opportunity Zones were created by the 2017 Tax Cuts and Jobs Act. These zones are designed to spur economic development and job creation in distressed communities throughout the country and U.S. possessions by providing tax benefits to investors who invest eligible capital into these communities. Taxpayers […]

Tax reform law makes changes to employee achievement award rules

Tax Reform Tax Tip 2018-190 December 10, 2018 The IRS reminds employers that last year’s Tax Cuts and Jobs Act made changes to several programs that can affect an employer’s bottom line and its employees’ deductions. This includes employee achievement awards. Here are some facts about these changes: Under previous law: Employers could deduct the […]

Everything but the Kitchen Sink

This just in: IRS 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. Business use rates are up 3.5 cents per mile, to 58 cents/mile. IRS helpfully reminds taxpayers that the miscellaneous itemized deduction for unreimbursed employee expenses is no more. […]