Moving to better protect taxpayer data, the Internal Revenue Service has announced a new format for individual tax transcripts that will redact personally identifiable information from the Form 1040 series.
In a frequently asked question (FAQ) format, IRS has issued what it describes as basic guidance on the Code Sec. 199A pass-through deduction, which was enacted in the Tax Cuts and Jobs Act. IRS says that it will be issuing separate guidance for co-ops.
The Internal Revenue Service and the Security Summit partners warned tax professionals that savvy cybercriminals target IRS-issued identification numbers to help impersonate practitioners as well as taxpayers.
The Internal Revenue Service is urging high-income taxpayers and those with complex tax returns to check their withholding soon to avoid an unexpected tax bill or penalty when they file their 2018 federal income tax return in 2019.
Small-business taxpayers with average annual gross earnings of $25 million or less in the prior three-year period are now allowed to use the cash method of accounting, according to new guidance from the IRS.