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Treasury, IRS release final and proposed regulations on new 100% depreciation

WASHINGTON — The Treasury Department and the Internal Revenue Service today released final regulations (PDF) and additional proposed regulations (PDF) under section 168(k) of the Internal Revenue Code on the new 100% additional first…
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IRS finalizes safe harbor for rental real estate

WASHINGTON — The Internal Revenue Service today issued Revenue Procedure 2019-38 that has a safe harbor allowing certain interests in rental real estate, including interests in mixed-use property, to be treated as a trade or…
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Taxpayers should beware of property lien scam

With scam artists hard at work all year, taxpayers should watch for new versions of tax-related scams. One such scam involves fake property liens. It threatens taxpayers with a tax bill from a fictional government agency. Here are some details…
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New IRS Tax Withholding Estimator helps workers with self-employment income

Freelancers, others with side jobs in the gig economy may benefit from new online tool IR-2019-149, September 4, 2019 WASHINGTON — The Internal Revenue Service said today that the new Tax Withholding Estimator tool includes a feature…

IRS has begun sending letters to virtual currency owners

WASHINGTON — The Internal Revenue Service has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their…
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‘Paycheck Checkup’ for workers with multiple jobs

WASHINGTON — The Internal Revenue Service urges taxpayers who work multiple jobs or who may be adding summer employment to complete a Paycheck Checkup. Doing so will help them check if they are having the right amount of tax withheld from…
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IRS highlights credits and deductions for businesses

WASHINGTON — During Small Business Week, the Internal Revenue Service reminds small business owners and self-employed individuals to take deductions and credits that will help their bottom line. Reviewing options and eligibility now can…
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For those who missed the tax-filing deadline…

While the federal income tax-filing deadline has passed for most people, there are some taxpayers who have not yet filed their tax returns. The Internal Revenue Service encourages them to file now, even if they can’t pay to avoid…
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IRS revises EIN application process; seeks to enhance security

WASHINGTON — As part of its ongoing security review, the Internal Revenue Service announced today that starting May 13 only individuals with tax identification numbers may request an Employer Identification Number (EIN) as the “responsible…