IRS Identifies Drought-Stricken Areas for Tax Relief After Involuntary Sale of Livestock

Thursday, November 7, 2019

The IRS identified drought-stricken areas where tax relief is available to taxpayers that sold or exchanged livestock because of drought. The relief extends the deadlines for taxpayers to replace the livestock and avoid reporting gain on the sales. These extensions apply until the drought-stricken area has a drought-free year. When Sales of Livestock are Involuntary […]

New Payment Option for Taxpayers in Private Debt Collection Program

Thursday, November 7, 2019

The IRS has announced a new payment option to the private debt collection program. Taxpayers can now choose a pre-authorized direct debit option to make one payment or a series of payments toward their federal tax debt. With direct debit, the taxpayer will give their written permission to the private collection agency (PCA) to authorize […]

IRS Will Not Exempt Individuals with Open TAS Cases from Passport Certification

Thursday, November 7, 2019

The IRS has changed how it handles passport certifications for people with significant tax debt. Following a review of relevant considerations regarding passport certification procedures, the IRS has determined that a blanket, systemic exception for anyone with an open Taxpayer Advocate Service (TAS) case is overly broad and could undermine the effectiveness of the statute […]

Social Security Wage Cap and Benefit Amounts Increase for 2020

Thursday, November 7, 2019

For 2020, the Social Security wage cap will be $137,700, and social security and Supplemental Security Income (SSI) benefits will increase by 1.6 percent. These changes reflect cost-of-living adjustments (COLAs) that are intended to ensure that inflation does not erode the purchasing power of these benefits. Wage Cap for Social Security TaxThe Federal Insurance Contributions […]

2019-2020 Per Diem Rates Released for Business Travel

Thursday, November 7, 2019

The IRS has released the 2019-2020 special per diem rates. Taxpayers use the per diem rates to substantiate certain business expenses incurred while traveling away from home for the period October 1, 2019, to September 30, 2020. Notice 2018-77, I.R.B. 2018-42, 601, is superseded. Transportation Industry M&IE RatesThe special meal and incidental expenses (M&IE) rates […]