The Internal Revenue Service has announced that the final regulations have been issued on the revamped Foreign Tax Credit, which was modified as a result of tax reform in 2017.…
The Internal Revenue Service has updated its guidance that was issued for deductible business, charitable, medical, and moving expenses.…
The IRS recently highlighted how the Tax Cuts and Jobs Act affected whistleblowers who submit information to the IRS Whistleblower Office.…
An organization that tracks charitable giving in the U.S. says it appears the new tax reform measures were a factor in decreasing donations to America’s charities.…
This filing season was the first to feature almost all changes from to the Tax Cuts and Jobs Act—not to mention the new Form 1040 and Schedules 1 through 6. To learn whether these changes had a significant impact on tax professionals, Taxing Subjects surveyed more than 5,000 preparers.…
The Government Accountability Office says a decade of budget and staffing cuts aimed at the Internal Revenue Service have left the nation’s tax collection agency poorly positioned to handle its future mission.…
Since the majority of the Tax Cuts and Jobs Act changes went into effect in tax year 2018 and there’s a new Form 1040 and supporting schedules to learn, Drake Software wanted to see if preparers felt ready before the January 28 start date.…
The tax reform package that went into effect at the end of 2017 effectively doubled the standard deduction for individuals.…
In a recent Tax Tip, the IRS reminded taxpayers that the Tax Cuts and Jobs Act (TCJA) lowered the backup withholding rate for 2018 to 24 percent.…
The Inspector General for Tax Administration (TIGTA) has found that the numerous changes put forth in the tax cut legislation pose a risk of delaying the 2019 filing season.…
