IRS Archives

IRS Posts FAQs Regarding Rental Real Estate in Context of QBI Deduction

On November 20, 2019, the IRS posted a series of Frequently Asked Questions (FAQs) which includes much needed guidance regarding rental real estate in the context of the Qualified Business Income (QBI) deduction under Internal Revenue Code (IRC) ยง199A.1 A few of the particularly noteworthy FAQs include: (1) when rental real estate is treated as a trade or business; (2) when a rental real estate enterprise is eligible to rely upon the Revenue Procedure 2019-38 safe harbor; and (3) whether the income, gain, deduction and losses are from the rental QBI if the real estate is rented to a C corporation.

Will the new tax payment option lead to abuse?

The Internal Revenue Service (IRS) recently announced a new tax payment option for those who have fallen behind on their tax obligations. Although the agency states the option is meant to make it easier for taxpayers to pay their bill, tax professionals have voiced concerns it could lead to abuse.

IRS to include cryptocurrency checkbox on 1040s

The Internal Revenue Service (IRS) has struggled with the best way to manage cryptocurrency. Cryptocurrency, also known as virtual currency or digital assets and include example like Bitcoin, KlickEx, and Ethereum, are gaining in popularity. The government is trying to figure out the best way to include these assets in tax reporting. The most recent answer: a checkbox on Form 1040.

States loose court battle against SALT limit

The Tax Cuts and Jobs Act (TCJA) led to major changes to federal tax law. One example of the changes that impact taxpayers is the creation of a cap on the state and local tax (SALT) deduction taxpayers could claim on their federal tax returns. The limit, now set at $10,000, was a blow to wealthy tax payers in high tax states.

Tax withholdings: A primer

A failure to adjust your tax withholding can lead to serious problems. Your tax withholding impacts how much tax the Internal Revenue Service (IRS) and state tax authorities take out of your paycheck. The government expects taxpayer to pay their tax obligations throughout the year.

Fail to meet estimated 2018 tax payment? IRS may waive fees.

The Tax Cuts and Jobs Act (TCJA) meant big tax changes for 2018 tax filings. For some, the changes impacted tax withholdings. As a result, the Internal Revenue Service (IRS) encouraged taxpayers to conduct a paycheck checkup to make sure they were withholding enough funds to cover their tax obligations. Those who failed to cover at least 90% of their tax bill through withholdings found themselves facing the potential for big financial penalties.

Former Offshore Voluntary Disclosure Program Participants and Expats Targeted in IRS Compliance Campaigns

On July 19, 2019, the IRS Large Business and International Division (LB&I) announced six newly approved compliance campaigns. In the Announcement, the IRS clarified that it identified the campaigns "through LB&I data analysis and suggestions from IRS employees." One of these campaigns, Post OVDP Compliance, targets taxpayers who previously went through the Offshore Voluntary Disclosure Program (OVDP). While another campaign, Expatriation, is aimed at U.S. citizens and long-term residents who expatriated on or after June 17, 2008.1

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