Advice

The Internal Revenue Service released final regulations Monday to offer guidance on deductions for estates and non-grantor trusts, clarifying that certain deductions aren’t to be considered miscellaneous itemized deductions. The Tax Cuts and Jobs Acts of 2017 forbids individuals, estates and non-grantor trusts from claiming miscellaneous itemized deductions for any taxable year starting after Dec.
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A group of Senate Democrats introduced legislation Thursday to offer tax relief to individuals, businesses and states affected by catastrophic wildfires, such as the ones devastating California, Oregon and Washington State, along with other presidentially declared disasters, such as Hurricane Sally, which flooded parts of Gulf states like Florida, Alabama and Louisiana this week. Senate
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Wolters Kluwer experienced issues with its CCH Axcess e-filing system on the Sept. 15, 2020, tax filing deadline. Tax preparer users started noticing e-filing was not functional on Tuesday, Sept. 15, with some receiving a message saying the system was experiencing “temporary filing errors.” Others received a message saying the system was down for “scheduled
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A majority of CFOs and other C-suite executives anticipate corporate tax rates will rise after the election, no matter whether Donald Trump or Joe Biden wins in November, according to a new survey by PricewaterhouseCoopers. PwC’s Road to Election 2020 Pulse Survey polled 578 CFOs and other executives to determine the general election’s impact on
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The Internal Revenue Service released final regulations Tuesday for taxpayers who claim the rehabilitation credit under changes made in the Tax Cuts and Jobs Act of 2017. The TJCA amended the rehabilitation credit so taxpayers can now claim the rehabilitation credit over a five-year period. The TCJA amendments generally apply to a taxpayer’s qualified rehabilitation
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The Internal Revenue Service has added a page to its website aimed at the marijuana industry to inform cannabis business owners about their tax compliance responsibilities. More states in recent years have been allowing marijuana for medical and in some places recreational use. While 33 states currently allow medical use, 11 states permit recreational use
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The Internal Revenue Service needs to improve how it handles third-party requests for access to taxpayer information and electronic signatures from representatives such as CPAs, enrolled agents and attorneys that could leave taxpayers at risk of identity theft, according to a new report. The report, from the Treasury Inspector General for Tax Administration, evaluated the
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A month after President Donald Trump moved to shore up workers’ incomes by giving employers the option of deferring payroll taxes, the effort has failed to energize a U.S. economy still reeling from the coronavirus pandemic. No major private employer has stepped forward with plans to forgo withholding the levy from workers’ paychecks — as
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The IRS is expanding information and assistance available to taxpayers in additional languages, including providing the 1040 in Spanish for the first time. In addition to being available in English and Spanish, the 2020 Form 1040 will also give taxpayers the opportunity to indicate whether they wish to be contacted in a language other than
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The Trust Fund Recovery Penalty is often described as one of the largest penalties in the Tax Code. It applies to employers that fail to withhold federal income, Social Security or railroad retirement, and Medicare taxes from their employees’ wages or salaries. These withheld taxes belong to the employees, and are held in trust by
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The extended season helped H&R Block notch strong financial results for the first quarter of its fiscal 2021 compared with the prior year, as revenues increased 300 percent to $601 million. A strong finish to the season also resulted in total U.S. tax filing growth of 3.3 percent, the company said. Block’s total operating expenses
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Democrats on the tax-writing House Ways and Means Committee introduced a bill to overturn President Trump’s executive action to defer payroll tax contributions, along with a resolution of disapproval that’s being coordinated with Democrats in the Senate. Last month, Trump signed a memorandum to defer the 6.2 percent employee’s share of Social Security taxes from
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One of the best ways to consistently and tangibly add value to client portfolios — especially in volatile markets — is using a tax-optimized investment approach. Better yet, by preparing ahead of downturns can set you up for swift and successful implementation, and help save you from the increased client outreach and longer workweeks caused
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