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News Releases

IRS issues guidance on Section 179 expenses and Section 168(g) depreciation under Tax Cuts and Jobs Act

IR-2018-257, December 21, 2018 — The IRS issued Revenue Procedure 2019-08 today to provide guidance on deducting expenses under Section 179(a) and on deducting depreciation under Section 168(g).

IRS: Make an estimated tax payment now to avoid a tax time surprise

IR-2018-255, December 19, 2018 — The IRS today advised employees, whose 2018 federal income tax withholding unexpectedly falls short of their tax liability for the year, that they can still avoid a tax-time surprise by making a quarterly estimated tax payment directly to the IRS.

IRS issues guidance on changes to excess business and net operating losses

IR-2018-254, December 18, 2018 — The IRS issued guidance on excess business loss limitations and net operating losses following law changes in the Tax Cuts and Jobs Act (TCJA).

IRS issues standard mileage rates for 2019

IR-2018-251, December 14, 2018 — The Internal Revenue Service today issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

IRS issues proposed regulations on key new international provision, the base erosion and anti-abuse tax

IR-2018-250, December 13, 2018 — The Internal Revenue Service issued proposed regulations today on the section 59A base erosion and anti-abuse tax.

IRS issues guidance for determining nondeductible amount of parking fringe expenses and unrelated business taxable income; provides penalty relief to tax-exempt organizations

IR-2018-247, December 10, 2018 – The Internal Revenue Service today issued interim guidance regarding the treatment of qualified transportation fringe benefit expenses paid or incurred after Dec. 31, 2017.

For private corporations and their employees, IRS provides initial guidance on new tax benefit for stock options and restricted stock units

IR-2018-246, December 7, 2018 — The Internal Revenue Service today issued Notice 2018-97 offering guidance on a recent tax law change that allows qualified employees of privately-held corporations to defer paying income tax, for up to five years, on the value of qualified stock options and restricted stock units (RSUs) granted to them by their employers.

IRS reminds those with disabilities of new ABLE account benefits

IR-2018-239, December 4, 2018 — The Internal Revenue Service wants to remind those with disabilities that the Tax Cuts and Jobs Act (2017) made major changes to Achieving a Better Life Experience (ABLE) accounts.

IRS launches Instagram account to help taxpayers: Agency adds social media platform to reach more taxpayers, share timely information on filing season, tax law changes, tax scams

IR-2018-237, November 30, 2018 — As part of a larger mission of helping all taxpayers understand and meet their tax responsibilities, the IRS announced today its debut on Instagram, adding this platform to its social media portfolio.

IRS issues proposed regulations on foreign tax credits

IR-2018-235, November 28, 2018 — The Internal Revenue Service issued proposed regulations today on foreign tax credits for businesses and individuals.

IRS issues proposed regulations on new business interest expense deduction limit

IR-2018-233, Nov. 26, 2018 —  The Internal Revenue Service issued proposed regulations today for a provision of the Tax Cuts and Jobs Act, which limits the business interest expense deduction for certain taxpayers.

Get Ready for Taxes: Tax reform changes likely to reduce number of taxpayers who itemize

IR-2018-230, Nov. 21, 2018 — The IRS today advised taxpayers that the doubling of the standard deduction due to tax law changes is likely to reduce the number of taxpayers who normally itemize.

Treasury, IRS: Making large gifts now won’t harm estates after 2025

IR-2018-229, Nov. 20, 2018 — Today the IRS announced that individuals taking advantage of the increased gift and estate tax exclusion amounts in effect from 2018 to 2025 will not be adversely impacted after 2025 when the exclusion amount is scheduled to drop to pre-2018 levels.

Like-kind exchanges now limited to real property

IR-2018-227, November 19, 2018 — The Internal Revenue Service today reminded taxpayers that like-kind exchange tax treatment is now generally limited to exchanges of real property.

New tax law allows small businesses to expense more, expands bonus depreciation

IR-2018-223, November 15, 2018 — The Internal Revenue Service today reminded small business taxpayers that changes to the tax law mean they can immediately expense more of the cost of certain business property.

IRS provides tax inflation adjustments for tax year 2019

IR-2018-222, November 15, 2018 — The Internal Revenue Service today announced the tax year 2019 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes.

Get Ready for Taxes: For many, time is running out to avoid a tax-time surprise; Check withholding, make estimated payments now

IR-2018-220, Nov. 14, 2018 ? Many taxpayers, at risk for having too little tax withheld from their pay, can avoid a surprise year-end tax bill by quickly updating the withholding form they give to their employer, according to the Internal Revenue Service.

Get Ready for Taxes: Here’s how the new tax law revised family tax credits

IR-2018-217, Nov. 7, 2018 ? More families will be able to get more money under the newly-revised Child Tax Credit, according to the IRS.

IRS issues final regulations, expanding paid preparer due diligence requirement to head of household filers

IR-2018-216, November 7, 2018 — The Treasury Department and the Internal Revenue Service today issued final regulations expanding the long-standing paid preparer due diligence requirement to include individual income tax returns claiming the head of household filing status.

IRS issues proposed regulations reducing potential income inclusions for certain domestic corporations that own stock in foreign corporations