The Latest News
IRS crypto guidance every tax practitioner should know
The IRS is getting serious about cryptocurrency. This fall, it released three documents that all tax practitioners need to pay attention to ahead of the 2019 filing season: a retroactive revenue...
Connecticut Taxpayers Can Now Opt Into Identity Protection PIN Program - Here's What You Need to Know
When the IRS begins the 2020 tax filing season, taxpayers in selected locations will be eligible to opt into the online Identity Protection PIN program. Taxpayers will be eligible for this...
IRS opens 2019 tax filing season for individual filers on Jan. 27
The Internal Revenue Service confirmed that the nation's tax season will start for individual tax return filers on Monday, January 27, 2020, when the tax agency will begin accepting and processing...
IRS Reforms Free File Program, Drops Agreement Not to Compete With TurboTax
Finding free online tax filing should be easier this year for millions of Americans. The IRS announced significant changes Monday to its deal with the tax prep software industry. Now companies...
IRS Hosts Free 'Understanding Paid Preparer Due Diligence' Webinar Jan. 16
This free webinar will cover Tax Cuts and Jobs Act refundable credits due diligence requirements, tax identification number requirements for CTC/ACTC/ODC and head of household filing status,...
New Free File agreement signed to strengthen program, help taxpayers
The Internal Revenue Service announced today an agreement (PDF) with Free File, Inc. (FFI) designed to bring more clarity for taxpayers choosing to use free online software during the 2020 filing...
6 Decisions Clients Should Review Before Submitting 2019 Returns
Before your clients cast their votes in the 2020 presidential election, they may have to make certain “elections” on their 2019 returns. These choices can have a significant tax impact, so it’s up...
What Tax Professionals Need to Know About the New IRS Form W-4
The new Form W-4 is not well-understood and tax pros often didn’t get many questions or advise clients on how to complete it. That may now have changed. Here’s what you need to know, and how...
IRS issues standard mileage rates for 2020
The Internal Revenue Service today issued the 2020 optional standard mileage rates (PDF) used to calculate the deductible costs of operating an automobile for business, charitable, medical or...
Qualified opportunity zone regs. finalized
The IRS on Thursday issued final regulations (T.D. 9889) providing guidance on tax-favored investments in qualified opportunity zones (QOZs). These regulations provide additional guidance for...
Year-end government spending bill contains many tax provisions
The federal government spending bill passed by Congress on Thursday repeals three health care taxes that were originally enacted as part of 2010 health care reform legislation, makes many changes...
House votes to end cap on SALT deductions, but Senate likely won’t
The U.S. House on Thursday approved a bill that would scrap for two years a $10,000 cap on the federal deductibility of state and local taxes, a limitation decried by taxpayers in wealthy states...
Congress Passes Sweeping Overhaul of Retirement System
Congress passed the most significant changes to the nation’s retirement system in more than a decade, a move designed to help Americans save more.
Identity Theft and Taxpayer First Act Resources
The IRS appears to be making inroads in addressing tax-related identity theft, although the crime continues to feature prominently on its annual Dirty Dozen list of tax scams, along with phishing...
New downloadable assistant helps small businesses withhold the right amount of income tax
The Internal Revenue Service has launched a new online assistant designed to help employers, especially small businesses, easily determine the right amount of federal income tax to withhold from...
The Wayfair Effect on Black Friday and Cyber Monday Sales
A high volume of sales over the five-day Thanksgiving weekend shopping period could put many retailers in the black. It could also tip an out-of-state seller into new sales tax collection...

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