Blog

IRS Unveils Updated Draft 2020 Form W-4

13 August 2019

The IRS has unveiled an updated, newly named draft 2020 Form W-4. Once finalized, the revised form is expected to become effective on January 1, 2020. The TCJA-Related Evolution of IRS Form W-4 Following enactment of the Tax Cuts...

Continue reading...

100 Percent Bonus Depreciation Guidance for Tax Years Including September 28, 2017 Allows Late Elections and Election Revocations

01 August 2019

Bonus depreciation guidance that applies to property acquired after September 27, 2017 in a tax year that includes September 28, 2017 allows taxpayers to make a late election or revoke a prior valid election to: elect out of 100...

Continue reading...

Final Regulations Allow Truncated TINs on Forms W-2 Furnished to Employees

03 July 2019

Final regulations allow employers to voluntarily truncate employees’ social security numbers (SSNs) on copies of Forms W-2, Wage and Tax Statement, furnished to employees. The truncated SSNs appear on the forms as IRS truncated taxpayer identification numbers (TTINs). The...

Continue reading...

New York—Sales and Use Tax: Economic Nexus Threshold Increases

28 June 2019

New York increases the sales and use tax economic nexus threshold for businesses and marketplace providers that have no physical presence in the state. New Economic Threshold The economic nexus threshold increases from more than $300,000 to more than...

Continue reading...

IRS Officials Preview Impending Tax Transcript Changes Aimed to Prevent Identity Theft

21 June 2019

IRS officials previewed during a June 19 webinar certain impending changes to tax transcripts that aim to prevent identify theft refund fraud. Generally, the IRS will no longer fax tax transcripts beginning June 28 and will cease third-party mailing...

Continue reading...

New York—Miscellaneous Tax: Changes to Real Estate Transfer Taxes Enacted in 2019 Budget Discussed

12 June 2019

New York issued a summary of amendments to the real estate transfer taxes enacted in the 2019-20 budget. The changes apply to conveyances occurring on and after July 1, 2019. Current Law Base tax. New York imposes a real...

Continue reading...

New York—Sales and Use Tax: Tax Collection Requirements for Marketplace Providers Discussed

04 June 2019

New York discusses enacted legislation requiring marketplace providers to collect sales tax on taxable sales of tangible personal property that they facilitate for marketplace sellers. This requirement became effective June 1, 2019. Marketplace Providers A marketplace provider is a...

Continue reading...

New York—Sales and Use Tax: Changes Enacted in 2019 Budget Discussed

03 June 2019

New York has issued a summary on some of the sales and use tax changes enacted in the 2019-20 budget. Energy Delivery Service Exemption Beginning June 1, 2019, the state and local sales and use tax exemption for the...

Continue reading...

2020 Inflation Adjustments for Health Savings Accounts Released

29 May 2019

The IRS has released the 2020 inflation-adjusted amounts for health savings accounts under Code Sec. 223. For calendar year 2020, the annual limitation on deductions under Code Sec. 223(b)(2) for an individual with self-only coverage under a high-deductible plan...

Continue reading...

2019 Luxury Auto Depreciation Caps and Lease Inclusion Amounts Issued

23 May 2019

The IRS has issued the luxury car depreciation limits for business vehicles placed in service in 2019 and the lease inclusion amounts for business vehicles first leased in 2019. Luxury Passenger Car Depreciation Caps The luxury car depreciation caps...

Continue reading...