Electronic Filing of Form 1040-X ComingThe IRS has announced that later this summer taxpayers will for the first time be able to electronically file their Form 1040-X, Amended U.S. Individual Income Tax Return, using available tax sof...
IRS Enhances Get My Payment ToolThe IRS has announced significant enhancements to the "Get My Payment" tool to deliver an improved and smoother experience for Americans eligible to receive Economic Impact Payments (EIPs). ...
EIP Amounts Could VaryThe IRS is reminding taxpayers that the Economic Impact Payment (EIP) amounts could be different than anticipated. Some Americans could have received a payment amount different than what they expected...
2021 Health Savings Account Inflation AdjustmentsThe IRS has released the 2021 inflation-adjusted amounts for health savings accounts under Code Sec. 223. For calendar year 2021, the annual limitation on deductions for an individual with self-o...
IRS Reports Rise in Free File UseThe IRS reported a record increase in the use of Free File products for entering and filing federal income taxes. A total of 2.9 million tax returns was recorded through the Free File program since Ja...
Taxpayers Warned Against Coronavirus ScamsThe IRS has warned taxpayers against tax scams and identity thefts related to the coronavirus (COVID-19). Taxpayers are expected to watch out for calls, emails, text messages, websites and social medi...
IRS Increases User Fee for Offers in CompromiseThe IRS has released final regulations that increase the user fee for processing an offer in compromise from $186 to $205, effective for offers in compromise submitted on or after April 27, 2020.The f...
IRS Encourages Taxpayers to Save for RetirementHighlighting the tax provisions of the newly enacted Further Consolidated Appropriations Act, 2020 (the Act), the IRS has encouraged taxpayers to save for retirement. The Act includes a number of tax ...
IRS to Increase Visits to High-Income NonfilersThe IRS has announced that it will step up efforts to visit high-income taxpayers who in prior years have failed to timely file one or more of their tax returns. With the recent and ongoing hiring of ...
2020 Foreign Housing Expense Limitations ReleasedThe IRS has provided the adjustments to the limitation on foreign housing expenses for specific locations for tax year 2020. Generally, a qualified individual whose entire tax year is within the appli...
2020 Standard Mileage Rates ReleasedThe IRS has released the optional standard mileage rates for 2020. Most taxpayers may use these rates to compute deductible costs of operating vehicles for business, medical, and charitable purposes.2...
Closed School Student Loan Relief ExtendedThe IRS has established a safe harbor that extends relief to certain taxpayers who took out federal or private student loans to finance attendance at certain nonprofit or for-profit schools. Under the...
IRS Launches Gig Economy Tax CenterThe IRS has announced the launch of the new Gig Economy Tax Center on its website, to help individuals in this growing area meet their tax obligations through more streamlined information. I...
2019 Required Amendments List for Employee PlansThe IRS has issued its 2019 Required Amendments List (2019 RA List) for individually designed employee retirement plans. Beginning with the 2019 list, all RA Lists will apply to both Code Sec. 401(a) ...
Date Extended for Applying Foreign Branch RulesA one-year extension has been granted for applying the Code Sec. 987 final regulations, and certain related final and temporary regulations covering foreign branch transactions of U.S. corporations. T...
Guidance Updated for Making Adequate DisclosureThe IRS has updated its guidance that identifies circumstances under which a disclosure on a taxpayer’s income tax return with respect to an item or position is "adequate" for reducing the under...
Accounting Method Change Procedures UpdatedThe IRS has released guidance listing the specific changes in accounting method to which the automatic change procedures in Rev. Proc. 2015-13, I.R.B. 2015-5, 419, apply. This guidance updates and sup...
Proposed Updated RMD Tables IssuedThe IRS has proposed updated life expectancy and distribution period tables under the required minimum distribution (RMD) rules. The proposed tables reflect the general increase in life expectancy, an...
New LB&I Campaign on Deferred Foreign IncomeThe IRS Large Business and International (LB&I) has added a new active campaign to the IRS website called "IRC 965." The campaign’s goal is to promote compliance with Code Sec. 965, Treatmen...
AK - Governor signs tax credits lawAlaska Gov. Mike Dunleavy has signed into law H.B. 232 which creates an air quality improvement tax credit and an energy efficient new construction tax credit that could be adopted by municipalities. ...
DC - Child care credit amounts increasedThe District of Columbia announced the personal income tax Keep Child Care Affordable Tax Credit amount and upwardly revised the income thresholds for 2020.Tax Credit AmountFor 2020, the Keep Child Ca...
FL - Interest rate set for second half of 2020The floating interest rate on Florida underpayments (deficiencies), late payments, and overpayments of taxes for July 1, 2020, through December 31, 2020, is 9%. Tax Information Publication, No. 2...
ID - Taxpayers may qualify for automatic extensionTaxpayers who were unable to file their 2019 Idaho income tax return by the June 15 deadline, can get an automatic extension if they pay enough of your total tax due by June 15. To qualify, the taxpay...
IA - Iowa omnibus tax bill passes house and senateThe Iowa house passed an omnibus tax bill that would make multiple changes to the income tax law.If enacted, the bill would:modify the loss carryback provisions for net operating losses;update the Int...
KS - Hospital provider assessment rate revisedThe Kansas annual hospital provider assessment rate has been revised to range from 1.83% to 3.0% of each hospital's net inpatient and outpatient operating revenue, as determined by the healthcare acce...
NC - Interest rate set for second half of 2020The interest rate on North Carolina tax assessments and refunds for the period July 1, 2020 through December 31, 2020, is set at 5%. Interest Rate, North Carolina Department of Revenue, June 2020...
OR - Good faith effort cat regulations issuedOregon has adopted a temporary corporate activity tax (CAT) rule establishing the circumstances that constitute a good faith effort to comply with the required quarterly estimated payments for tax yea...
RI - Temporary permits will be issuedRhode Island will automatically issue temporary 90-day sales permits to allow retailers not in compliance with tax and filing requirements because of the COVID-19 pandemic to come back into compliance...
VA - Summary of 2020 legislative changes issuedThe Virginia Department of Taxation issued a summary of enacted 2020 legislation affecting (1) state taxes administered by the department, and (2) local taxes for which the department assists with adm...
