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. […]

Could It Be Worse than We Thought?

An explosive piece from ProPublica entitled “How the IRS Was Gutted” caught our eyes (and yes, we are aware that ProPublica is not known as a centrist organization). While the article is worth the read, we’ll outline a few attention grabbing statements: 1) “The last time IRS had fewer than 10,000 revenue agents was in […]

To Extend or Not to Extend, That Is the Question

Despite efforts of Congressman Kevin Brady, chairman of the powerful House Committee on Ways and Means, to extend over two dozen tax provisions that expired at the end of 2017, Congress seem no closer to a resolution. When NAEA’s GR team has asked Members of Congress and their staffs what’s the likely outcome, most have […]

The Chairman’s Proposal Regarding Contingency Fees

As Congress struggles to complete its work and leave town, Ways and Means Committee Chairman Kevin Brady quietly dropped a provision into an otherwise uncontroversial IRS reform package. The provision bars IRS from regulating contingency fees “in connection with tax returns, claims for refund, or documents in connection with tax returns or claims for refund […]

Surge in email phishing scams;IRS urges taxpayers: Don’t Take the Bait

WASHINGTON ― With the approach of the holidays and the 2019 filing season, the Internal Revenue Service, 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. Taxpayers saw many more phishing scams in 2018 as the IRS recorded a 60 percent increase in bogus […]

IRS warns public:  It’s shopping season for identity thieves, too!

IRS, Security Summit Partners warn public:  It’s shopping season for identity thieves, too; Tax Security Awareness Week offers tips IR-2018-xxx WASHINGTON ― 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. The holidays offer […]

National Tax Security Awareness Week

With the holidays upon us and the upcoming tax season fast approaching, the Internal Revenue Service, state tax agencies and the nation’s tax industry are sponsoring a nationwide campaign urging people to better protect their sensitive tax and financial data. December 3-7 is National Tax Security Awareness Week. The campaign focuses on key issues that […]

External Stakeholders Email – IRS Outreach Functions

Since the IRS joined in partnership with the states and tax industry in 2015, we’ve made great inroads in our effort to combat stolen identity refund fraud. Our numbers are going in the right direction. Because it is much harder now to file a fraudulent tax return that can get past our safeguards, cybercriminals know […]