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The Treasury Department and IRS issue final regulations regarding like-kind exchanges of real property

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…
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IRS Criminal Division Identified $2.3 Billion in Tax Fraud in 2020

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…
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IRS Reminds Taxpayers of Special $300 Charity Deduction without Itemizing

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…
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Get Ready for Taxes: Steps to take now to make tax filing easier in 2021

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…
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IRS reminds businesses to e-file payroll tax returns

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,…
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A Distributed Workforce Can Bring Tax Savings for Businesses

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…
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IRS provides tax inflation adjustments for tax year 2021

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…
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68% of Businesses Plan to Rehire Laid Off Staff within 6 Months

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…
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Home Values Growing in Most U.S. Markets

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…