In the race to see which state will be next to do so, Florida seems to be edging ahead. Senate Bill 126 jumped over its first hurdle when the Senate Committee on Commerce and Tourism unanimously approved it on October 15, 2019.
If the bill finds...
The IRS today reminded tax professionals to review their e-Services account to ensure all contact information is accurate and to add or remove users. Reviewing e-Services information is just one of the tasks tax pros should complete now to get...
The IRS advises small businesses that a home office deduction can help save money on taxes.
Taxpayers can take this deduction when they file their taxes if they use a portion of their home—exclusively, and on a regular basis—to run their business.
The IRS is advising business owners that certain tax treatments and employment tax rules apply to companies that include family members.
When both spouses run the trade or business together and share in profits and losses, they may be...
The IRS’s criminal division identified “dozens” of potential cryptocurrency tax evaders or cybercriminals after a meeting this week with tax authorities from four other countries.
Officials from the U.S., U.K., Australia, Canada and the...
The Internal Revenue Service today announced the tax year 2020 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2019-44 (PDF) provides details about these...
The Internal Revenue Service today announced that employees in 401(k) plans will be able to contribute up to $19,500 next year.
The IRS announced this and other changes in Notice 2019-59 (PDF), posted today on IRS.gov. This guidance provides...
The 20% Sec. 199A qualified business income (QBI) deduction is designed to provide some tax relief to owners of passthrough entities. However, the QBI deduction rules impose several limitations, most notably on high-income owners. These owners...
Ever since the U.S. tax system was created, way back in 1913, some taxpayers have objected to paying their federal income tax liability. But simply refusing to pay tax hasn’t gotten anybody real far. Even worse, as shown in a new case, Wells, TC...
The Internal Revenue Service today issued final regulations on the new information reporting requirements for certain life insurance contract transactions.
The requirement was authorized under new section 6050Y, added to the Internal Revenue...
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