Blog

2020 Inflation Adjustments for Pension Plans, Retirement Accounts Released

07 November 2019

The 2020 cost-of-living adjustments (COLAs) were released for -pension plan dollar limitations, and -other retirement-related provisions. Highlights of Changes for 2020 The contribution limit increased from $19,000 to $19,500 for employees who take part in: -401(k), -403(b), -most 457...

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IRS Releases 2020 Inflation-Adjusted Tax Tables, Standard Deduction, AMT and Other Amounts

07 November 2019

The IRS has released the annual inflation adjustments for 2020 for the income tax rate tables, plus more than 50 other tax provisions. The IRS makes these cost-of-living adjustments (COLAs) each year to reflect inflation. 2020 Income Tax Brackets...

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Individual’s Informal Claim Was Timely; Court Had Jurisdiction

18 October 2019

A district court had subject-matter jurisdiction in a case where an individual had timely filed a refund claim. The government brought a motion to dismiss the taxpayer’s claim for lack of subject-matter jurisdiction because the remittance she sent to...

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Social Security Wage Cap and Benefit Amounts Increase for 2020

15 October 2019

For 2020, the Social Security wage cap will be $137,700, and social security and Supplemental Security Income (SSI) benefits will increase by 1.6 percent. These changes reflect cost-of-living adjustments to account for inflation. Wage Cap for Social Security Tax...

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IRS Issues Second Early Release Draft of 2019 Form 1040, Schedule 1

14 October 2019

The IRS has issued the second early release draft of the 2019 Form 1040, Schedule 1, Additional Income and Adjustments to Income, which includes the following checkbox question: “At any time during 2019, did you receive, sell, send, exchange...

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New Payment Option for Taxpayers in Private Debt Collection Program

09 October 2019

The IRS has announced the addition of a new payment option to the private debt collection program to make it easier for those who owe to pay their tax debts. Accordingly, taxpayers may now choose a pre-authorized direct debit...

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Proposed Reliance Regs. Address Tax Implications of Elimination of London Interbank Offered Rate

09 October 2019

Proposed Regulations provide guidance on the potential tax consequences of replacing the London interbank offered rates (LIBORs) with a new reference rate in contracts and agreements. On July 27, 2017, the U.K. Financial Conduct Authority announced that all currency...

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SALT Cap Not Unconstitutionally Coercive (State of New York v. Mnuchin),(Oct. 2, 2019)

02 October 2019

A district court has dismissed a lawsuit filed by four states’ against the federal government, ruling that the $10,000 state and local taxes (SALT) federal deduction cap is not unconstitutionally coercive. In 2018, New York, Connecticut, Maryland, and New...

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Rental Real Estate Safe Harbor Guidance Issued

25 September 2019

The IRS has issued a final revenue procedure on the safe harbor for rental real estate enterprises under Code Sec. 199A. This revenue procedure applies to tax years ending after December 31, 2017. However, for the 2018 tax year,...

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Miscellaneous Tax: LLCs Required to Disclose Individual Members When Filing Joint Real Property Transfer Tax Return

18 September 2019

New York legislation requires limited liability companies (LLCs) to disclose the individual members of the company when it files a joint real property transfer tax return for any sale of real residential property that it is named the grantor...

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