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.
Read MoreIRS issues guidance relating to deferral of gains for investments in a qualified opportunity fund
The Internal Revenue Service recently issue guidance providing additional details about investment in qualified opportunity zones.
Read MoreIRS Releases 2019 Qualified Retirement Plan Amounts
The Internal Revenue Service today announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2019. Many of the limits applicable to pension and other retirement plans have increased:
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