News

The Treasury Department and the Internal Revenue Service today released final regulations (PDF) and additional proposed regulations (PDF) under section 168(k) of the Internal Revenue Code on the new 100% additional first year depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service by the business.

The Internal Revenue Service and its Security Summit partners today warned taxpayers and tax professionals about a new IRS impersonation scam campaign spreading nationally on email. Remember: the IRS does not send unsolicited emails and never emails taxpayers about the status of refunds.

The Internal Revenue Service today launched the new Tax Withholding Estimator, an expanded, mobile-friendly online tool designed to make it easier for everyone to have the right amount of tax withheld during the year.

Using a new “Taxes. Security. Together.” Checklist, the Internal Revenue Service and the Security Summit partners urged tax professionals to review critical security steps to ensure they are fully protecting their computers and email as well as safeguarding sensitive taxpayer data.

Taxpayers who received an extension but haven’t filed or those otherwise unable to file their return by the April deadline should visit IRS.gov if they need help completing and filing their return. These taxpayers must file by October 15.

Taxpayers who filed an extension and are submitting their 2018 tax return this summer might be waiting for their tax refund. It’s easy for these taxpayers to check on the status of their money. They can just zip over to IRS.gov and use “Where’s My Refund?”

It’s important to revisit your tax withholding, especially if major changes from the Tax Cuts and Jobs Act affected the size of your refund this year. Even if you did a Paycheck Checkup last year, you should do it again to account for differences from TCJA or life changes. A Paycheck Checkup can help you see if you’re withholding the right amount of tax from your paycheck. Too little could mean an unexpected tax bill or penalty.

All taxpayers should check their withholding – also known as doing a Paycheck Checkup – as soon as possible. They should do a checkup even if they did one last year.

WASHINGTON — As part of its ongoing efforts to protect taxpayers from identity thieves, the Internal Revenue Service today announced it will stop its tax transcript faxing service in June and will amend the Form 4506 series to end third-party mailing of tax returns and transcripts in July.

The IRS has authority to charge a user fee for preparer taxpayer identification numbers (PTINs) a federal appeals court held on Friday, paving the way for the agency to reinstate the charges for obtaining and renewing a PTIN (Montrois, No. 17-5204 (D.C. Cir. 3/1/19)).