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IRS Working on a New Form 1040 for Tax Season
As part of a larger effort to help taxpayers, the Internal Revenue Service plans to streamline the Form 1040 into a shorter, simpler form for the 2019 tax season. The new 1040 – about half the size of the current version -- would replace...
Taxpayer Advocate: Cuts to IRS Budget Spread Agency Thin
National Taxpayer Advocate Nina Olson delivered her mid-year report to Congress in late June, and told legislators that cuts to the IRS’s budget has the agency spread critically thin, with funding reduced by 20 percent since fiscal 2010 (as...
“Phase Two” of Federal Tax Reform in the Works?
Recent comments made to Fox News by President Donald Trump suggest that the corporate tax rate may decrease further still...
National Taxpayer Advocate identifies priority areas in mid year report to Congress; focuses on customer service
National Taxpayer Advocate Nina E. Olson today released her statutorily mandated mid-year report to Congress that presents a review of the 2018 filing season, identifies the priority issues the Taxpayer Advocate Service (TAS) will address during...
Need for IRS Guidance on New Pass-Through Deduction A Top Member Concern
When will the Internal Revenue Service (IRS) issue guidance on new Internal Revenue Code section 199A? That’s the number one question on CPAs’ minds related to the Tax Cuts and Jobs Act.
The 10 biggest tax breaks for individuals
The overhaul of the US tax code was supposed to make taxes simpler and more streamlined. Nearly doubling the standard deduction was a move in that direction. But the changes did very little to reduce the number of so-called tax expenditures...
How the New Tax Law Affects Private Equity and VC Firms
Six months after the Tax Cuts and Jobs Act (TCJA) was enacted, businesses are still trying to decipher its nuances and impact on their specific industries. The private equity sector in particular will be greatly affected, with immediate effects...
IRS offers penalty, filing relief to many subject to new transition tax on foreign earnings
The Internal Revenue Service (IRS) today announced that it will waive certain late-payment penalties relating to the section 965 transition tax, and provided additional information for individuals subject to the section 965 transition tax...
IRS Issues Notice on State, Local Tax Deductions
The U.S. Department of the Treasury and the Internal Revenue Service issued a notice today stating that proposed regulations will be issued addressing the deductibility of state and local tax payments for federal income tax purposes. Notice...
Newly revised estimated tax form and publication can help people pay the right amount
With tax reform bringing major changes for the year ahead, the Internal Revenue Service today reminded the many self-employed individuals, retirees, investors and others who need to pay their taxes quarterly that the first estimated tax payment...

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