by Rupinder | Oct 23, 2018 | Uncategorized
Accountants and tax preparers need to be aware that the 2019 PTIN renewal period has begun. The Internal Revenue Service today reminded the nation’s more than 768,000 federal tax return preparers that they must renew their Preparer Tax Identification Numbers (PTINs)...
by Rupinder | Oct 17, 2018 | Uncategorized
The rehabilitation tax credit offers an incentive for owners to renovate and restore old or historic buildings. Tax reform legislation passed in December 2017 changed when the credit is claimed and provides a transition rule: The credit is 20 percent of the...
by Rupinder | Oct 12, 2018 | Uncategorized
Hurricane Michael victims in parts of Florida and elsewhere have until Feb. 28, 2019, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today. The IRS is offering this relief to any Major Disaster...
by Rupinder | Oct 4, 2018 | Uncategorized
The Internal Revenue Service issued guidance today on the business expense deduction for meals and entertainment following law changes in the Tax Cuts and Jobs Act (TCJA). The 2017 TCJA eliminated the deduction for any expenses related to activities generally...
by Rupinder | Aug 8, 2018 | Uncategorized
Notice 2018-64 proposes a revenue procedure that provides guidance on methods for calculating W-2 wages for purposes of section 199A of the Internal Revenue Code (Code) and proposed §§ 1.199A-1 through -6 of the Income Tax Regulations (26 CFR part 1) which are being...
by Rupinder | Aug 8, 2018 | Uncategorized
The IRS released the long-awaited guidance for 199-A, Qualified Business Income (QBI), this morning. This release contains proposed regulations concerning the 20% QBI deduction that impacts small businesses, individuals, partnerships, trusts and estates, and S-corps...
by Rupinder | Jul 30, 2018 | Uncategorized
The Internal Revenue Service and Department of the Treasury today announced their intent to issue regulations on three recent tax law changes affecting popular 529 education savings plans. Notice 2018-58, addresses a change included in the 2015 Protecting Americans...
by Rupinder | Jul 18, 2018 | Uncategorized
More than $31,000 awarded to 25 Students Nationwide The National Society of Accountants (NSA) Scholarship Foundation has awarded 25 students scholarships to continue their college education. Combined, NSA scholarships for 2018 totaled $31,200. Since its inception in...
by Rupinder | Jun 21, 2018 | Uncategorized
Today, during a meeting at the IRS, the head of the IRS Tax Reform Office told NSA EVP John Ams that the 199A regulations will be released in mid-July. In addition to the expected release date, EVP Ams was also informed that the regulations would be delivered in...
by Rupinder | Jun 21, 2018 | Uncategorized
Treasury Secretary Mnuchin announced the department will unveil a new Form 1040, U.S. Individual Income Tax Return, next week that will come in the shape of a postcard “as promised.” In the lead-up to the passage of the 2017 tax act (Pub. L. No. 115-97), Republicans...
