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Daily News

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

Tax Advisor

Use of standard mileage rate, other rules are updated for TCJA

Fri, Nov 15, 2019

The IRS updated its rules concerning the use of standard mileage rates and to reflect the current suspension of miscellaneous itemized deductions and moving expense deductions....

IRS commissioner seeks to enhance taxpayer contacts, target enforcement

Thu, Nov 14, 2019

Speaking to the AICPA National Tax Conference in Washington, IRS Commissioner Charles Rettig discussed possible IRS restructuring, more-targeted enforcement efforts and IRS use of data analytics....

Automatic accounting method change procedures updated

Fri, Nov 08, 2019

The IRS released its updated procedures for automatic accounting method changes, which are accounting method changes that can be made without the IRS’s consent....

IRS posts 2020 inflation adjustments and tax tables

Wed, Nov 06, 2019

The IRS released the 2020 tax tables for individuals and estates and trusts, as well as the inflation adjustments for over 60 tax provisions for 2020 tax returns....

Retirement plan contribution limits increase for 2020

Wed, Nov 06, 2019

Annual contribution limits for 401(k) plans will increase from $19,000 in 2019 to $19,500 in 2020, and most other limits are increasing as well....

TIGTA outlines IRS challenges for 2020

Fri, Oct 18, 2019

The memorandum lists 10 challenges in order of importance, ranging from data security to achieving operational efficiencies....

Taxpayers may deduct casualty losses in prior years

Mon, Oct 14, 2019

The IRS finalized regulations permitting taxpayers to deduct disaster losses in the prior tax year and removed the related temporary regulations that were issued in 2016....

IRS clarifies the tax treatment of cryptocurrency ‘hard forks’ and ‘airdrops’

Wed, Oct 09, 2019

The IRS ruled that a taxpayer does not have gross income as a result of a hard fork of a cryptocurrency if the taxpayer does not receive units of a new cryptocurrency, but does have gross income as a result of an airdrop of new cryptocurrency after a hard fork if the taxpayer receives units of the new cryptocurrency....

CFC downward attributions get safe harbors

Tue, Oct 01, 2019

U.S. shareholders who own stock in foreign corporations were given a safe harbor by the IRS, making it easier for them to establish that they are not shareholders in a controlled foreign corporation, or CFC....

IRS issues 2019 to 2020 per-diem rates for traveling away from home

Wed, Sep 25, 2019

The IRS issued its annual notice specifying the special per-diem rates, including the transportation industry meal and incidental expenses rates, the rate for the incidental-expenses-only deduction, and the rates and list of high-cost localities for purposes of the high-low substantiation method....