Legal News
IRS Whistleblower Office Collects Over $1.44 Billion
The IRS’s Whistleblower Office collected over $1.44 billion and awarded 217 whistleblowers $312 million in fiscal year 2018. The 2018 Whistleblower Program Annual Report to Congress is available on IRS.gov.
Treasury, IRS Issue Final Regulations and Guidance on New Qualified Business Income Deduction
The Treasury Department and the IRS issued final regulations and three related pieces of guidance, implementing the new qualified business income (QBI) deduction (section 199A deduction). The new QBI deduction, created by the 2017 Tax Cuts and Jobs Act (TCJA) allows...
Tax-Filing Season Begins
The IRS successfully opened the 2019 tax-filing season this week and has started accepting and processing federal tax returns for tax year 2018. The first refunds are expected to go out the first week of February. Your clients can check Where’s My Refund? for updates....
IRS Resumes Operations Following Government Shutdown
As IRS resumes operations following the recent government shutdown, tax professionals may have questions about exam and collection activities. Audits. If you have questions about your clients’ examinations affected by the shutdown, please review the Exam Resumption...
IRS Guidance on Changes to Excess Business and Net Operating Losses
The IRS issued guidance this week on excess business loss limitations and net operating losses (NOL) following law changes in the TCJA. The TCJA modified existing tax law on excess business losses by limiting losses from all types of business for noncorporate...