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In early December, the U.S. Small Business Administration published in the Federal Register a final rule to modify its method for calculating annual revenues used to prescribe size standards for small businesses. The final rule is effective Jan. 6, 2020. The SBA changed its regulations on the calculation of annual revenues from a three-year averaging period to a five-year averaging period, […]
WASHINGTON —Taxpayers who paid too little tax during 2019 can still avoid a tax-time surprise by making a quarterly estimated tax payment now, directly to the Internal Revenue Service. The deadline for making a payment for the fourth quarter of 2019 is Wednesday, January 15, 2020. Income taxes are pay-as-you-go. This means that by law, taxpayers […]
WASHINGTON — The Internal Revenue Service today issued final regulations (PDF) providing details about investment in qualified opportunity zones (QOZ). The final regulations modified and finalized the proposed regulations (PDF) that were issued on October 28, 2018 and May 1, 2019. The final regulations provide additional guidance for taxpayers eligible to make an election to temporarily defer the inclusion […]
WASHINGTON — The Internal Revenue Service reminds taxpayers there are things they should do now to get ready for the tax-filing season ahead. Charitable Contributions For most taxpayers, December 31 is the last day to take actions that will impact their 2019 tax return. For example, those who plan to itemize deductions should know that charitable […]
A global survey of institutional investors commissioned by financial automation software leader BlackLine, Inc. reveals that 82 percent of global investors believe companies in their portfolio often resort to legal but ‘creative’ accounting tactics in order to attract or satisfy investors, causing investors to increase scrutiny over portfolio company financials. BlackLine commissioned independent global research firm Censuswide to […]
WASHINGTON — The Internal Revenue Service today announced that employees in 401(k) plans will be able to contribute up to $19,500 next year. The IRS announced this and other changes in Notice 2019-59 (PDF), posted today on IRS.gov. This guidance provides cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year […]
WASHINGTON — The Internal Revenue Service today announced the tax year 2020 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2019-44 (PDF) provides details about these annual adjustments. The tax law change covered in the revenue procedure was added by the Taxpayer First Act of […]
WASHINGTON – With the tax filing season quickly approaching, the Internal Revenue Service recommends taxpayers take time now to determine if they are eligible for important tax credits. This is the second in a series of reminders to help taxpayers Get Ready for the upcoming tax filing season. The IRS recently updated its Get Ready page with […]
WASHINGTON — The Treasury Department and the Internal Revenue Service today issued final regulations confirming that individuals taking advantage of the increased gift and estate tax exclusion amounts in effect from 2018 to 2025 will not be adversely impacted after 2025 when the exclusion amount is scheduled to drop to pre-2018 levels. Treasury Decision 9884, available today […]
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