As part of its effort to reduce identity theft, the IRS issued final rules permitting employers to provide truncated taxpayer identification numbers on Forms W-2, Wage and Tax Statement, they provide to employees.
The U.S. Supreme Court issued a unanimous decision holding that North Carolina’s attempt to tax a trust based solely on the residence of a beneficiary violates the Due Process Clause of the 14th Amendment.
The AICPA Virtual Currency Task Force reached out to Treasury’s Financial Crimes Enforcement Network (FinCEN) to help practitioners answer the question of whether virtual currency (or cryptocurrency) must be reported on FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).
The IRS issued methods for calculating W-2 wages for the Sec. 199A(g) deduction for agricultural and horticultural cooperatives, similar to the former Sec. 199 domestic production activities deduction.
The IRS issued final regulations on health reimbursement arrangements, which may be offered to individuals as individual coverage HRAs and integrated into health insurance plans.
The IRS issued final regulations on the Sec. 951A global low-taxed income inclusion and foreign tax credits, finalizing proposed rules issued in October and December 2018.
The bill establishes an independent appeals office and requires the IRS to develop a customer service strategy. A controversial provision codifying the Free File program was dropped from the bill.
Here are details on the new rules that deny a federal tax deduction to taxpayers who donate to a state charitable fund and receive a state or local tax credit in return.
The Ninth Circuit Court of Appeals reversed a Tax Court decision that had held that a cost-sharing regulation that required allocation of stock-based compensation was invalid.
To fight identity theft, starting June 28 the IRS will no longer fax transcripts to taxpayers, tax professionals, and other third parties. And in July it will stop providing an option for mailing transcripts to third parties.