Tax filing season to start Feb. 12, IRS announces

Tax filing season to start Feb. 12, IRS announces

The IRS on Friday announced that it will start accepting and processing 2020 tax returns on Friday, Feb. 12. This is later than in most previous years, when tax season has started in January. The IRS says the delay is due to the extra time it needs for programming and...
Tax filing season to start Feb. 12, IRS announces

Final regs. govern deductibility of fines and penalties

Taxpayers subject to government fines and penalties received guidance on when those payments are deductible or not deductible under final regulations posted by the IRS on Tuesday (T.D. 9946). The regulations provide guidance on Sec. 162(f), which was amended by the...
Tax filing season to start Feb. 12, IRS announces

Final rules on exempt organization excess remuneration

Tax-exempt organizations received guidance from the IRS on Tuesday regarding the excise tax on compensation in excess of $1 million and certain parachute payments. The IRS issued the final regulations (T.D. 9938) under Sec. 4960, which was added to the Code by Section...

Carried interests regulations are finalized

The IRS posted final regulations (T.D. 9945) on the tax treatment of carried interests under Sec. 1061. In response to comments, the final regulations make changes to the proposed regulations (REG-107213-18) that were issued in August. Carried interests are ownership...

Final regs. address certain Sec. 163(j) rules

Final regulations posted by the IRS on Monday (T.D. 9943) provide additional guidance regarding the limitation on the business interest expense deduction under Sec. 163(j) to reflect amendments made by the law known as the Tax Cuts and Jobs Act, P.L. 115-97, and the...