Final Regs Issued for Transportation, Commuting Expense; Some QOF Filers to Get Letters from IRS
Final regulations have been issued on the deduction for qualified transportation fringe and commuting expense.…
Interest Rates the Same for 2021’s First Quarter
While it seems our world is on the edge of big changes for the coming year, the IRS is keeping some things status-quo for now. The Internal Revenue Service says interest rates will be the same for the calendar quarter that starts Jan. 1, 2021.…
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Final Regulations Clarify Section 1031 Like-Kind Exchanges
The Internal Revenue Service and the Treasury Department have issued their final regulations on section 1031 like-kind exchanges. The regulations clarify the definition of real property under section 1031, while providing a rule governing the receipt of personal property incidental to real property in a like-kind exchange.…
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IRS Teams with Research Firm to Smooth Procurement Process
The Internal Revenue Service is pairing up with a Virginia research firm in an effort to improve the agency’s procurement operations.…
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IRS Advisory Council Issues 2020 Annual Report
The Internal Revenue Service Advisory Council, also known as IRSAC, has come out with its annual report for 2020. The 195-page report includes recommendations to the IRS on new and continuing issues in tax administration.…
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IRS to Mask Key Details on Business Transcript
After Dec. 12, business tax transcripts will soon be a little less informative—for good reason. The IRS will start masking sensitive data on the transcripts to protect businesses from identity theft beginning Dec. 13.…
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Protecting Your Tax Practice from Phishing Scams
Identity thieves who deploy phishing scams are quick to innovate, using popular communication platforms and current events to target victims where and when they are most vulnerable.…
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More Time to Register to Get $500 EIP for Children
Some people managed to register for their $1,200 Economic Impact Payment (EIP) but just didn’t have the necessary information in-hand to also sign up for the $500 payment for qualifying children.…
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New Guidance Clears Up Partnership Deduction for State, Local Taxes
A new notice from the Internal Revenue Service reveals some new rules that are expected to be included in upcoming proposed regulations.…
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IRS Reminds Last Chance for Non-Filer EIPs Not Far Away
Anyone who doesn’t normally file a tax return but hasn’t already received an Economic Impact Payment (EIP) is urged by the IRS to take advantage of its “National EIP Registration Day.”…
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