Treasury Secretary Steven Mnuchin announced that individuals and businesses can delay their tax payments for 90 days due to the coronavirus pandemic.
The IRS issued final regulations raising the offer-in-compromise user fee from $186 to $205, a 10% increase instead of the increase to $300 included in proposed regulations.
To facilitate the nation’s response to COVID-19, the IRS issued guidance permitting high-deductible health plans to cover costs for testing and treating the virus without satisfying a deductible requirement.
The U.S. Supreme Court struck down the Bob Richards rule for allocating tax refunds among members of a consolidated group, holding that state law is well equipped to decide the matter.
The IRS issued proposed rules clarifying that taxpayers may generally continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and entertainment expense deduction under Sec. 274.
Gamers who, as part of a video game, transact in virtual currencies that do not leave the video game environment do not have to report the transactions on a tax return, the IRS made clear in a statement released on its website.
The IRS proposed new regulations for withholding on individuals’ wages to reflect the statutory changes in the law known as the Tax Cuts and Jobs Act, including the elimination of the personal exemption.
The IRS finalized the rules for maximum vehicle values under the cents-per-mile valuation rule and the fleet-average valuation rule after the law known as the Tax Cuts and Jobs Act increased those values to $50,000, adjusted for inflation.
The IRS announced that Form 1023, Application for Recognition of Exemption Under Section 501(c)(3), must now be submitted electronically.
The IRS is expanding its relief from cancellation-of-debt income to students whose federal loans were discharged for certain legal reasons.