ICYMI: IRS Ending Certain Transcript Faxing Services On June 28, 2019 the IRS will end its faxing service for individual and business tax transcripts, and on July 1, 2019, the IRS will end its third-party mailing options from the Form 4506 series. IRS announced numerous safeguards to protect taxpayer transcripts last year, and the agency has worked with professional associations to assure that tax and accounting professionals still have access to the information needed for tax preparation. The IRS has presented alternatives which require you to register and have an e-Services account that is protected by two-factor authentication. Tax professionals also have several options to obtain tax transcripts necessary for tax preparation or representation as follows: Use IRS.gov or the IRS2Go app to access Get Transcript Online; after verifying their identities, taxpayers may immediately download or print their transcript, or Use IRS.gov or the IRS2Go app to access Get Transcript by Mail; transcript will be delivered within 10 days to the address of record, or Call 800-908-9946 for an automated Get Transcript by Mail feature, or Submit Form 4506-T or 4506T-EZ to have a transcript mailed to the address of record. Tax professionals also have several options to obtain tax … Read More
TIGTA releases spring semiannual report “January 2019 marked the 20th anniversary of TIGTA’s establishment as an independent organization. In July of 1998, Congress approved and the President signed into law the IRS Restructuring and Reform Act of 1998. In January 1999, TIGTA became operational as a newly formed Office of Inspector General, and for 20 years now it has faithfully served the American people by providing fair, effective, and efficient oversight of the IRS and the Nation’s tax administration system. I am confident that TIGTA will continue to successfully carry out its mission in 2019 and beyond.” J. Russell George, Inspector General On June 3, 2019, the Treasury Inspector General for Tax Administration (TIGTA) released its spring semiannual report to Congress. The report, covering the period of October 2018, through March 2019, has identified challenges faced by the IRS between October and March and focused their audits in those areas. These management and performance challenges fell into these categories: Security over taxpayer data and protection of IRS resources; Implementing the Tax Cuts and Jobs Act and other tax law changes; Identity theft and impersonation fraud; Improving tax reporting and payment compliance; And achieving program efficiencies and cost savings. TIGTA's Spring … Read More
Charitable Contribution Final Regulations/State and local tax credits The U.S. Department of the Treasury and the Internal Revenue Service have issued final regulations that require taxpayers to reduce their charitable contribution deductions by the amount of any state or local tax credits they receive or expect to receive in return. In the notice also issued, the IRS stated that taxpayers may treat payments they make in exchange for these credits as state or local tax payments. This allows some taxpayers to deduct certain of the payments as taxes. Treasury Decision 9864, available in the Federal Register, finalizes proposed regulations published August 27, 2018, that were designed to clarify the relationship between state and local tax credits and the federal tax rules for charitable contribution deductions. The Treasury Department and the IRS issued the Treasury Decision after carefully reviewing the more than 7,700 written comments received during the comment period and 25 comments made at the November 2018 public hearing. About 70 percent of the comments recommended adopting the proposed regulations without change. The final regulations, which apply to contributions made after August 27, 2018, and are effective on August 12, 2019, largely adopt the rules in the proposed regulations. Under … Read More
Senate approves bipartisan IRS reform bill; President Trump expected to sign The Senate has approved a bipartisan IRS reform bill, which now heads to President Trump’s desk which he is expected to sign into law. The reworked Taxpayer First Bill of 2019 (HR 3151) cleared the Senate on the evening of June 13. The revamped measure was approved unanimously in the House on June 10, 2019. "After years of good-faith, bipartisan work, our IRS reforms are finally going to become law," House Ways and Means Committee Chairman Richard Neal, D-Mass., and ranking member Kevin Brady, R-Tex., said in a joint statement. "In this historic legislation, we focused on putting taxpayers first." Likewise, Senate Finance Committee (SFC) Chairman Chuck Grassley, R-Iowa, praised the passage of the bipartisan, bicameral IRS reform bill. "It’s a big first step toward strengthening taxpayer protections and turning the IRS into the customer service organization it ought to be," Grassley said in a statement. "I look forward to President Trump signing it into law so the IRS can begin implementing long overdue reforms that will put taxpayers first," he added. Reworked IRS Reform Bill; Free File Program Stripped From Bill The reworked IRS reform bill, originally introduced … Read More
Revenue Ruling 2019-15: Section 6621, determination of rate of interest as of July 1, 2019 Revenue Ruling 2019-15 (see here) provides the interest rates: underpayments and overpayments. The rates for interest determined under Section 6621 of the code for the calendar quarter beginning July 1, 2019, will be 5 percent for overpayments (4 percent in the case of a corporation), 5 percent for underpayments, and 7 percent for large corporate underpayments. The rate of interest paid on the portion of a corporate overpayment exceeding $10,000 will be 2.5 percent.
2019 Special Topics Workshop – Napa Valley, CA July 15 – 17, 2019 Join us in the legendary, enchanting Napa Valley which is home to award-winning wineries and gourmet food. Arrange your travel plans to arrive early and spend time with your peers on a bus wine tour at 10 am on Sunday, July 14, 2019. Napa Valley Special Topics Course Name Date CPE Instructor Register Now! §199A Safe Harbor for Rental Real Estate Activities July 15 2 CPE Paul La Monaca, CPA, MST Register Now! Form 1040 Issues After the Enactment of the Tax Cuts and Jobs Act July 15 4 CPE Paul La Monaca, CPA, MST Register Now! Focusing on Sole Proprietorships and the Impact of §199A QBI Issues July 16 5 CPE Paul La Monaca, CPA, MST Register Now! Taxes and the Cannabis Industry July 17 4 CPE Nina Tross, MBA, EA Register Now! Click here for more information or to register. NEW HOTEL LOCATION: Embassy Suites by Hilton Napa Valley, CA Enjoy the resort-like setting of Embassy Suites by Hilton Napa Valley. Experience our stylish lobby, restaurant, meeting/event space, and atrium while exploring our seven acres of landscaped grounds. The idyllic surroundings of our Napa Valley … Read More