The standard deduction for married filing jointly rises to $24,400 for tax year 2019, up $400 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $12,200 for 2019, up $200, and for heads ...
The number of CI special agents dipped below 2,100 by the end of fiscal 2018, which is the lowest level since the early 1970’s. Consequently, CI turned to data analytics to assist in finding the most-impactful cases.
The Tax Division Distinguished Service Award is bestowed for outstanding current contribution to the Tax Division. The individual must have made a substantial contribution to the Tax Division’s work product through a notable, extraordinary personal ...
Business owners, officers, directors, shareholders, and employees identified as “responsible parties” can be personally liable for sales tax obligations. What is a responsible party and why is the ask so invasive?
Previously, businesses were only required to collect sales tax in states where they operate physically. Some major online retailers like Amazon were already collecting sales tax nationwide, but many small- to mid-sized businesses were not to maintain ...
Effective for 2018 through 2025, the TCJA completely eliminates the Schedule A deduction for miscellaneous expenses. This change can be especially harmful to employees who pay job-related expenses out of their own pocket.
The AICPA explained in its letter that section 162(m) places a $1 million limitation on the amount of compensation that a “publicly held corporation” can deduct in a taxable year for a “covered employee.” The TCJA broadened the definition of “covered ...
The Treasury Department and the Internal Revenue Service have issued final regulations expanding the long-standing paid preparer due diligence requirement to include individual income tax returns claiming the head of household filing status.