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Special $300 tax deduction helps most people give to charity this year – even if they don’t itemize
The Internal Revenue Service today reminded taxpayers of a special new provision that will allow more people to easily deduct up to $300 in donations to qualifying charities this year. Following special tax law changes made earlier this year,...
The Treasury Department and IRS issue final regulations regarding like-kind exchanges of real property
Today the Treasury Department and Internal Revenue Service issued final regulations PDF relating to section 1031 like-kind exchanges. These final regulations address the definition of real property under section 1031 and also provide a rule...
IRS doubles down on nondeductibility of PPP-funded expenses
In guidance issued late on Wednesday, the IRS reiterated its position that taxpayers cannot claim a deduction for any otherwise deductible expense if the payment of the expense results in forgiveness of a Paycheck Protection Program (PPP) loan...
The IRS has blessed this workaround for dodging the cap on state and local taxes
The IRS has signaled it will bless a workaround that allows small-business owners to skirt the $10,000 cap on state and local income tax deductions. Ever since the Tax Cuts and Jobs Act took effect in 2018, high-tax states have sought ways to...
IRS Criminal Investigation releases Fiscal Year 2020 Annual Report; identifies $2.3 billion in tax fraud
The Internal Revenue Service today released the Criminal Investigation Division's annual report PDF, highlighting the agency's successes and criminal enforcement actions taken in fiscal year 2020, the majority of which occurred during COVID-19. A...
IRS to mask key business transcript details; protect taxpayers from identity theft
Moving to protect business taxpayers from identity theft, the Internal Revenue Service today announced that starting December 13 it will begin masking sensitive data on business tax transcripts. The announcement provides 30 days for...
It’s a tough year for year-end tax planning
Performing year-end tax planning this year is going to be “very, very difficult,” Bob Keebler, CPA/PFS, said in a Nov. 10 webcast sponsored by the AICPA’s Personal Financial Planning Section. Advisers face the challenge of helping clients plan...