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Daily News

Below please find daily updates pertaining to the latest in financial, business, and tax news:

Taxpayer Advocate Service Feed

Wolters Kluwer Projects 2020 Tax Brackets and Other Amounts

Thu, Sep 12, 2019

Wolters Kluwer, Inc. has projected tax brackets and other inflation-adjusted amounts for the 2020 tax year. Highlights of projected 2020 amounts, including tax brackets for both ordinary income tax and capital gains tax, can be found at the following link. See Wolters Kluwer’s Projections for Inflation-Adjusted Tax Brackets and Other Amounts Tax Cuts and Jobs […] The post Wolters Kluwer P...

Self-Directed IRAs: Risks and Opportunities

Wed, Sep 11, 2019

Self-directed IRAs open up investment opportunities, but carry risks.  A wrong move can result in current taxation of IRA income, immediate taxation of all assets in the IRA, and a variety of penalties. Although the stakes are high, a self-directed IRA might be just the thing for the IRA owner with the time, energy and […] The post Self-Directed IRAs: Risks and Opportunities appeared firs...

ACA “Cadillac” Tax Repeal

Tue, Sep 10, 2019

The House of Representatives voted to repeal the Affordable Care Act’s (ACA) so-called “Cadillac” excise tax on high-cost employer insurance plans.  Unless the Senate takes up the repeal and passes it, the tax is set to kick in 2022. The Cadillac tax is not just a tax to raise revenue.  The tax will limit the […] The post ACA “Cadillac” Tax Repeal appeared first on Tax & Accou...

Congress Returns to Work on Including Possible Tax Legislation

Mon, Sep 09, 2019

Congress returns from its summer recess on Monday, September 9 and it may address several pieces of outstanding tax legislation over the next month. The federal government must pass budget appropriations soon and many are hoping that a few tax bills can hitch a ride. Otherwise, the tax bills may not be addressed until the […] The post Congress Returns to Work on Including Possible Tax Leg...

IRS Letters Warn Taxpayers to Report Past Virtual Currency Transactions

Wed, Sep 04, 2019

The IRS is sending letters this summer to more than 10,000 taxpayers who may have failed to properly report their virtual currency transactions. Taxpayers should take these letters “very seriously,” warns IRS Commissioner Chuck Rettig. Types of IRS Virtual Currency Letters The IRS letters come in three versions. Each version: explains why the IRS is […] The post IRS Letters Warn Taxpayers...

Wolters Kluwer Tax & Accounting Explores the Taxpayer First Act

Tue, Aug 27, 2019

The Taxpayer First Act legislation and its implications Enacted on July 1, 2019, the Taxpayer First Act is considered the most significant tax legislation focused on Internal Revenue Service (IRS) reform since the IRS Restructuring and Reform Act of 1998. The Act addresses a number of issues that have arisen in the last thirty years […] The post Wolters Kluwer Tax & Accounting Explor...

IRS Releases Draft 2019 Form 1040 with Fewer Schedules and New Form 1040-SR

Fri, Aug 23, 2019

The IRS released a new draft of Form 1040, U.S. Individual Income Tax Return, for the 2019 tax year that reduces the schedules in the 2018 version. The IRS also released a draft a new Form 1040-SR, U.S. Tax Return for Seniors, for taxpayers who are at least 65 years old. The new Form 1040 […] The post IRS Releases Draft 2019 Form 1040 with Fewer Schedules and New Form 1040-SR appeared fir...

SECURE Act Would Eliminate Stretch IRAs

Wed, Aug 21, 2019

The SECURE Act as passed by the House of Representatives would replace the 5-year distribution rule for inherited IRAs with a 10-year rule. It would also eliminate “stretch IRAs.” If passed by the Senate, the changes would kick in for plan participants or IRA owners who die after 2019. Limited exceptions would apply for narrow […] The post SECURE Act Would Eliminate Stretch IRAs appeared ...

Revised Draft Form W-4 Acknowledges Privacy Concerns, but Remains Complex

Mon, Aug 19, 2019

The IRS has revised  its controversial draft of the 2020 Form W-4, Employee’s Withholding Allowance Certificate. When first released, the form faced controversy over: complexity; and privacy considerations. Old Form W-4 Relied on Withholding Allowances Until now, employees adjusted the amount of withholding from their paychecks by simply increasing or reducing the number of withholding [&...

Form 1099-NEC Revived for Separate Reporting of Nonemployee Compensation

Fri, Aug 16, 2019

Form 1099-NEC, Nonemployee Compensation, is expected to return in 2020 after a 38-year absence. Taxpayers will use the form to report certain payments currently reported  on Form 1099-MISC, Miscellaneous Income. The IRS expects Form 1099-NEC to resolve some timing issues involved in submitting Form 1099-MISC. Reporting Nonemployee Compensation Taxpayers generally must use Form 1099-MISC to [...