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IRS ANNOUNCES START DATES FOR 2019 BUSINESS E-FILING AND INDIVIDUAL RETURN FILING

07 January 2020

IRS Website – Modernized e-File (MeF) Status (Jan. 3, 2020) IR 2020-2, 1/6/2020 In a posting to one of its e-file websites and in a News Release, IRS has announced that it will begin accepting 2019 e-filed business returns...

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IRS RELEASES STANDARD MILEAGE RATES FOR 2020

02 January 2020

Notice 2020-5; IR 2019-215, 12/31/2019 IR 2019-215: IRS issues standard mileage rates for 2020 Notice 2020-5: 2020 Standard Mileage Rates The IRS has issued the 2020 optional standard mileage rates used to calculate the deductible costs of operating an...

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IRS ISSUES FINAL RULES ON NONRESIDENT ALIEN WITHHOLDING

31 December 2019

TD 9890; Reg §1.1441-1; Reg §1.1441-2; Reg §1.1441-6; Reg §1.1441-7; Reg §1.1471-4; and Reg §1.6049-6 TD 9890: Regulations Relating to Withholding and Reporting Tax on Certain U.S. Source Income Paid to Foreign Persons The IRS has issued final rules...

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New York—Personal Income Tax: Tax Preparer Penalty Properly Imposed

30 December 2019

For New York State personal income tax purposes, a tax preparer was properly subject to penalties because she failed to provide a reasonable basis for the improper tax position claimed with respect to her clients’ returns. Generally, a tax...

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LAST-MINUTE” YEAR-END 2019 TAX-SAVING MOVES FOR INDIVIDUALS

27 December 2019

There are only a few days left to go before the year ends, but here are some actions your clients may take before the end of the year to improve the client’s tax situation for 2019 and beyond. Increase...

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New York—Corporate Income Tax: MTA Surcharge Rate Increased for 2020, Deriving Receipts Thresholds Unchanged

26 December 2019

The New York corporate franchise tax MTA surcharge rate will increase from 28.9% to 29.4% for tax year 2020. The rate will remain the same in later tax years, unless the Commissioner of Taxation and Finance establishes a new...

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IRS: Recent legislation requires tax exempt organizations to e-file forms

16 December 2019

WASHINGTON – The Internal Revenue Service said today that the Taxpayer First Act, enacted July 1, requires tax exempt organizations to electronically file information returns and related forms. The new law affects tax exempt organizations in tax years beginning...

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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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