The Internal Revenue Service finalized a safe harbor allowing certain interests in rental real estate, including interests in mixed-use property, to be treated as a trade or business for purposes of the qualified business income deduction under section 199A of the Internal Revenue Code (section 199A deduction).
Read moreIRS has begun sending letters to Bitcoin and other cryptocurrency owners advising them to pay back taxes, file amended returns; part of agency's larger efforts
The Internal Revenue Service has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly.
Read moreFinal Regulations on Charitable Contributions and State and Local Tax Credits
The U.S. Department of the Treasury and the Internal Revenue Service today issued final regulations that require taxpayers to reduce their charitable contribution deductions by the amount of any state or local tax credits they receive or expect to receive in return. In a notice also issued today, the IRS stated that taxpayers may treat payments they make in exchange for these credits as state or local tax payments. This allows some taxpayers to deduct certain of the payments as taxes.
Read moreDone with taxes this year? Use 2018 return to get 2019 withholding right
Millions of taxpayers filed a 2018 tax return recently, making now a prime time for everyone to consider whether their tax situation came out as they expected. If it didn’t, they can use their recently finished 2018 return and the IRS Withholding Calculator to do a Paycheck Checkup and adjust their withholding.
Read moreAll you wanted to know about Opportunity Zones – Frequently Asked Questions
Q. What is an Opportunity Zone?
A. An Opportunity Zone is an economically-distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment.
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