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WASHINGTON – Today the Treasury Department and Internal Revenue Service issued final regulations PDF relating to section 1031 like-kind exchanges. These final regulations address the definition of real property under section 1031 and also provide a rule addressing the receipt of personal property that is incidental to real property received in a like-kind exchange. The 2017 […]
Key focuses of CI in fiscal year 2020 included COVID-19 related fraud, cybercrimes, with an emphasis on virtual and cryptocurrencies, traditional tax investigations, international tax enforcement, employment tax, refund fraud and tax-related identity. The Internal Revenue Service has issued the Criminal Investigation Division’s annual report, highlighting the agency’s successes and criminal enforcement actions taken in […]
The CARES Act includes several temporary tax changes helping charities, including the special $300 deduction designed especially for people who choose to take the standard deduction, rather than itemizing their deductions. The Internal Revenue Service says there is a new tax provision for taxpayers that will allow more people to easily deduct up to $300 […]
WASHINGTON – The Internal Revenue Service today encouraged taxpayers to take necessary actions this fall to help file federal tax returns timely and accurately in 2021. This is the second in a series of reminders to help taxpayers get ready for the upcoming tax filing season. A special page, updated and available on IRS.gov, outlines […]
WASHINGTON — The next quarterly payroll tax return due date is October 31, and the Internal Revenue Service urges business owners to use the speed and convenience of filing the returns electronically. Deposits made by Monday, November 2, however, would still be considered timely as October 31 is a Saturday. IRS Forms 940, 941, 943, 944 or […]
Businesses could be saving money on local taxes without even realizing it. With more companies making remote work a permanent option, a more distributed workforce will be the norm moving forward. Not only does it provide tremendous flexibility for employees, allowing them to work wherever suits them best, but it also allows companies to take a […]
WASHINGTON — The Internal Revenue Service today announced the tax year 2021 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2020-45 PDF provides details about these annual adjustments. Highlights of changes in Revenue Procedure 2020-45 The Consolidated Appropriation Act for 2020 increased the amount of the […]
According to a new survey, close to 70 percent of organizations who have furloughed or laid off employees during the COVID-19 pandemic will back-fill roles that were eliminated (68%), even with hiring freezes (40%) being the most important cost saving initiative to organizations during the pandemic to-date. Nearly 9 in 10 of those saying they […]
Pressure from this summer’s housing inventory shortage caused U.S. home values to rise sharply in August. They are up 0.7% from July to $256,663, the biggest month-over-month increase in nearly seven years, according to the August Zillow Real Estate Market Report. Home value growth accelerated last month in 48 of the 50 largest markets and was relatively […]
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The Treasury Department and IRS issue final regulations regarding like-kind exchanges of real propertyNovember 25, 2020 - 10:26 pm
IRS Criminal Division Identified $2.3 Billion in Tax Fraud in 2020November 25, 2020 - 10:23 pm
IRS Reminds Taxpayers of Special $300 Charity Deduction without ItemizingNovember 25, 2020 - 10:18 pm