On the last day of 2019, the IRS issued the standard mileage rates for 2020 for business, charitable, medical, or moving expense purposes, as well as other deduction amounts.
The IRS issued final regulations providing guidance on tax-favored investments in qualified opportunity zones (QOZs).
The consolidated appropriations bill passed by Congress makes many changes to retirement plan rules, repeals health care taxes, extends expired tax provisions, and provides tax relief for disaster victims.
The Fifth Circuit held that the “individual mandate” under Sec. 5000A, which imposes a “shared responsibility payment” on taxpayers who do not obtain health insurance that provides at least minimum essential coverage, is unconstitutional now that the payment amount has been reduced to zero.
FASB issued a standard that is designed to reduce cost and complexity in accounting for income taxes.
The IRS issued proposed regulations on the Sec. 162(m) $1 million limit on executive compensation paid by certain publicly held corporations.
The IRS officially released final regulations providing guidance on determining foreign tax credits. The regulations include changes necessitated by the law known as the Tax Cuts and Jobs Act.
The IRS issued additional rules on the treatment of deductions for charitable contributions in lieu of state and local taxes, an area in which it has already issued final regulations and other guidance.
The IRS is postponing the requirement to report partners’ shares of partnership capital on the tax-basis method for 2019 (for partnership tax years beginning in calendar 2019) until 2020 (for partnership tax years that begin on or after Jan. 1, 2020).
The IRS issued detailed guidance on the Sec. 59A base-erosion and anti-abuse tax (BEAT), which was added to the Code by the law known as the Tax Cuts and Jobs Act.