Estimated Tax Penalty Waived for Farmer and Fisherman Returns Filed by April 15
The IRS will waive the estimated tax penalty for any qualifying farmer or fisherman who files their 2018 federal income tax return and pays any tax due by Monday, April 15, 2019. The deadline is Wedne...

JCT Issues Overview of Section 199A QBI Deduction
The nonpartisan Joint Committee on Taxation (JCT) on March 13 released a slideshow overview of the Code Sec. 199A deduction for qualified business income (QBI). The deduction was enacted und...

IRS Issues FAQs on FATCA Procedures
The IRS has updated its Frequently Asked Questions (FAQs) on FATCA (Foreign Account Tax Compliance Act) General Compliance.Updated Q/A #23 addresses whether a withholding agent can be subjec...

Acquiescence in Result Only in Meals as De Minimis Fringe Benefits Case
The IRS has acquiesced in result only in J.M Jacobs,148 TC No. 24, Dec. 60,947, relating to whether the taxpayer’s expenses for provision of pregame meals at away city hotels to profes...

IRS Issues FAQ on Deduction of Attorney Fees
The IRS has issued a Frequently Asked Question (FAQ) on Code Sec. 162(q). The FAQ addressed whether taxpayers are not allowed to deduct their attorney’s fees related to the settlement of a ...

MI - Homestead property tax credit discussed
The Michigan Department of Treasury has issued a press release informing personal income taxpayers that if their household income is $60,000 or less a year, they may be eligible for a homestead proper...