Appeals Court: Refund Claim Untimely, No Tolling for Financial Disability
The First Circuit Court of Appeals has affirmed a district court’s dismissal of an estate’s untimely refund claim (Stauffer, (CA …
Final Regs Modify, Clarify 401(k) Hardship Distribution Rules
The IRS has issued final regulations that amend the rules for hardship distributions from a Code Sec. 401(k) plan. The …
IRS Discontinues Schedule C-EZ and Other Forms for 2019
IRS has announced that, for 2019, it will not be issuing certain forms that it issued in 2018. The obsolete …
IRS Offers Limited Micro-Captive Insurance Transaction Settlement
The IRS has announced in IR 2019-157 (9/16/2019) that it is mailing a time-limited settlement offer to certain taxpayers under …
Checkpoint’s Experts Estimate 2020 Tax Brackets, Standard Deductions, and Other Key Tax Items
The income tax brackets, standard deduction amounts, and many other tax items are adjusted annually for cost-of-living increases. These adjustments …
Business Expense Deductions Disallowed for Horseless Horse Activity
The Tax Court has determined that the IRS properly disallowed business expense deductions an individual taxpayer claimed for her horse …
IRS: Relief Available for Certain Former Citizens
IRS has announced new procedures under which persons who have relinquished, or who intend to relinquish, their U.S. citizenship, who …
District Court Upholds IRS Levy
A federal district court rejected a married couple’s attempt to stop the IRS from levying the proceeds of the sale …
Photocopy of return not subject to frivolous return penalty
Kestin, (2019) 153 TC No. 2 The Tax Court has held that the IRS could not assess frivolous return penalties …
Overpayment and underpayment rates remain the same for fourth quarter, 2019
Rev Rul 2019-21, 2019-38 IRB; IR 2019-146, 8/28/2019 IRS has announced that the interest rates for tax overpayments and underpayments for …