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Daily News

Below please find daily updates pertaining to the latest in financial, business, and tax news:

Tax Advisor

Supreme Court overturns consolidated group tax refund allocation rule

Wed, Feb 26, 2020

The U.S. Supreme Court struck down the Bob Richards rule for allocating tax refunds among members of a consolidated group, holding that state law is well equipped to decide the matter....

Proposed regs. issued on meal and entertainment expense deductions

Mon, Feb 24, 2020

The IRS issued proposed rules clarifying that taxpayers may generally continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and entertainment expense deduction under Sec. 274....

No need to report some transactions in video game currency, IRS says

Tue, Feb 18, 2020

Gamers who, as part of a video game, transact in virtual currencies that do not leave the video game environment do not have to report the transactions on a tax return, the IRS made clear in a statement released on its website....

IRS proposes rules to update income tax withholding, revises Form W-4

Wed, Feb 12, 2020

The IRS proposed new regulations for withholding on individuals’ wages to reflect the statutory changes in the law known as the Tax Cuts and Jobs Act, including the elimination of the personal exemption....

Final rules determine maximum vehicle values

Tue, Feb 04, 2020

The IRS finalized the rules for maximum vehicle values under the cents-per-mile valuation rule and the fleet-average valuation rule after the law known as the Tax Cuts and Jobs Act increased those values to $50,000, adjusted for inflation....

Electronic filing mandated for Sec. 501(c)(3) applications

Fri, Jan 31, 2020

The IRS announced that Form 1023, Application for Recognition of Exemption Under Section 501(c)(3), must now be submitted electronically....

More taxpayers qualify for student loan COD relief

Thu, Jan 16, 2020

The IRS is expanding its relief from cancellation-of-debt income to students whose federal loans were discharged for certain legal reasons. ...

IRS issues 2020 standard mileage rates

Thu, Jan 02, 2020

On the last day of 2019, the IRS issued the standard mileage rates for 2020 for business, charitable, medical, or moving expense purposes, as well as other deduction amounts....

Qualified opportunity zone regs. finalized

Fri, Dec 20, 2019

The IRS issued final regulations providing guidance on tax-favored investments in qualified opportunity zones (QOZs)....

Year-end government spending bill contains many tax provisions

Thu, Dec 19, 2019

The consolidated appropriations bill passed by Congress makes many changes to retirement plan rules, repeals health care taxes, extends expired tax provisions, and provides tax relief for disaster victims....