Category: IRS Tips

IRS Tips
IRS and Treasury finalize Opportunity Zone guidance

WASHINGTON — The Internal Revenue Service today issued  final regulations providing details about investment in qualified opportunity zones (QOZ). The final regulations modified and finalized the proposed regulations that were issued on October 28, 2018 and May 1, 2019. The final regulations provide additional guidance for taxpayers eligible to make an election to temporarily defer […]

IRS Tips
Recent legislation requires tax-exempt organizations to e-file forms

The Taxpayer First Act, enacted July 1, 2019, requires tax-exempt organizations to electronically file information returns and related forms. The new law affects tax-exempt organizations in tax years beginning after July 1, 2019.   The following IRS forms are included in the mandate: Form 990, Return of Organization Exempt from Income Tax. Form 990-PF, Return […]

IRS Tips
IRS, Treasury issue proposed regulations on compensation deductions for publicly held corporations

WASHINGTON — The Treasury Department and Internal Revenue Service issued proposed regulations to reflect changes from the Tax Cuts and Jobs Act (TCJA) on the tax deductibility of officers’ compensation by publicly held corporations. On Aug. 21, 2018, the Treasury Department and IRS released Notice 2018-68. This notice provided initial guidance on this deduction limitation. […]

IRS Tips
e-News for Small Business issue 2019-21

Inside This Issue In the news: Jan. 31 filing deadline remains for employer wage statements, independent contractor forms Employers: Finalized version of 2020 Form W-4 now available New filing addresses for Form 941, employer’s quarterly federal tax returns IRS updates per-diem guidance for business travelers and their employers IRS reminds business taxpayers of required statement […]

IRS Tips
New downloadable assistant helps small businesses withhold the right amount of income tax

WASHINGTON — The Internal Revenue Service has launched a new online assistant designed to help employers, especially small businesses, easily determine the right amount of federal income tax to withhold from their workers’ pay. Known as the Income Tax Withholding Assistant for Employers, this new spreadsheet-based tool is designed to help employers easily transition to […]

IRS Tips
Small business owners should use the correct form to pay employment taxes

Small business owners should review the rules for filing two commonly-used employment tax returns. The two forms are: Form 944 Employer’s Annual Federal Tax Return Form 941 Employer’s Quarterly Federal Tax Return Small business owners should remember these two forms are not interchangeable. A small business files one or the other. The employer should never […]

IRS Tips
IRS seeks applications for the Electronic Tax Administration Advisory Committee for 2020

WASHINGTON — The Internal Revenue Service is seeking qualified applicants for nomination to the Electronic Tax Administration Advisory Committee (ETAAC). The ETAAC is an organized public forum for discussion of electronic tax administration issues, such as prevention of identity theft and refund fraud in support of the overriding goal that paperless filing should be the […]

IRS Tips
IRS: Make a tax payment now, avoid a tax-time surprise

WASHINGTON —Taxpayers who paid too little tax during 2019 can still avoid a tax-time surprise by making a quarterly estimated tax payment now, directly to the Internal Revenue Service. The deadline for making a payment for the fourth quarter of 2019 is Wednesday, Jan. 15, 2020. Income taxes are pay-as-you-go. This means that by law, […]

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