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At the end of July (7/31), the IRS issued Revenue Procedure 2019-33 (“RP 2019-33”) allowing a taxpayer to make a late election, or to revoke an election, under section 168(k) of the Internal Revenue Code. This applies to certain property acquired by the taxpayer after September 27, 2017, and placed in service by the taxpayer during its taxable year that includes September 28, 2017.
The Tax Cuts and Jobs Act (TCJA) made several changes to bonus depreciation.
Treasury Department and IRS release final and proposed regs on the new 100% additional first-year depreciation deduction. . .
On September 13, the Treasury Department and the Internal Revenue Service today released final regulations and additional proposed regulations under § 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 that the business places such assets into service.
As a result of substantial pressure by U.S. tax authorities on banks in the United Kingdom, many British citizens born in the United States are currently at risk of having their accounts in British banks frozen. The Brits involved are those born in the U.S., but who left when they were just a few months or a few years old. Many fear that they are being pursued to pay taxes for which they never had knowledge were even due.
IRS grants waivers of tax underpayment penalties for more than 400,000 taxpayers. . .
In the middle of August, the IRS announced it would automatically waive the tax underpayment penalty for more than 400,000 taxpayers who have already submitted their 2018 federal income tax return and failed to claim a special penalty waiver this spring.
The waiver is only of the penalty. Any taxes that are owed must be paid.
Normally, taxpayers must pay at least 90% of the income taxes owed for a given year, or 100% of the tax liability from the prior year before filing a return, to avoid an underpayment penalty. The threshold is 110% if adjusted gross income on that year’s return exceeds $150,000.