Tag: IRS

IRS Offers Tips to Avoid Coronavirus-Related Tax Scams

Filed in Disaster Response, Economics by on April 8, 2020 0 Comments
IRS Offers Tips to Avoid Coronavirus-Related Tax Scams

The IRS is offering tips to avoid being a victim of coronavirus-related tax scams.

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IRS Releases New Form for Businesses to Claim Advance Payments

Filed in Disaster Response, Economics by on April 1, 2020 0 Comments
IRS Releases New Form for Businesses to Claim Advance Payments

Any business who will be claiming the employee retention credit, sick leave credit, and/or family medical leave credit, to the extent these credits exceed their payroll tax liabilities, can file IRS Form 7200 to get an advance on their anticipated tax refund.

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At NAHB’s Urging, IRS to Waive 2018 Withholding Penalties for Most Filers

Filed in Economics by on January 17, 2019 0 Comments
At NAHB’s Urging, IRS to Waive 2018 Withholding Penalties for Most Filers

The Internal Revenue Service (IRS) has announced that it is waiving the tax penalty for many home builders and other small businesses that pay estimated quarterly taxes but whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.

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Upcoming Webinars to Clarify New Tax Law

Filed in Tax Reform by on October 17, 2018 4 Comments
Upcoming Webinars to Clarify New Tax Law

Still confused about the new tax law? Then take advantage of two upcoming opportunities to hear directly from the IRS about the changes made to the business tax code.

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NAHB Asks IRS to Clarify Key Questions on Opportunity Zones

Filed in Tax Reform by on September 11, 2018 0 Comments
NAHB Asks IRS to Clarify Key Questions on Opportunity Zones

NAHB has joined the Bipartisan Policy Center and eight other national organizations to ask Acting Internal Revenue Service Commissioner David Kautter to issue guidance on key issues facing investors interested in opportunity zones, established as part of the Tax Cuts and Jobs Act of 2017.

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Treasury Releases Draft Regulations for 20% Pass Through Entities

Filed in Codes and Standards by on August 8, 2018 1 Comment
Treasury Releases Draft Regulations for 20% Pass Through Entities

The Treasury Department today released draft regulations for the new 20% pass through entity deduction under the Tax Cuts and Jobs Act of 2017.

The proposed regulations concern the deduction for qualified business income under Section 199A of the Internal Revenue Code.

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New IRS Campaign Targets S-Corp Compliance

Filed in Business Management, Codes and Standards by on July 6, 2018 1 Comment
New IRS Campaign Targets S-Corp Compliance

The Internal Revenue Service on July 2 announced that it is launching five new compliance campaigns, including one that will seek to stop S corporations from abusing the rules governing pass-through entities.

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What Happened to the Alternative Minimum Tax?

Filed in Codes and Standards, Tax Reform by on July 5, 2018 0 Comments
What Happened to the Alternative Minimum Tax?

While the corporate alternative minimum tax (AMT) was abolished permanently by recent legislation, the individual AMT still exists. However, the rules are now more taxpayer friendly, and other changes to the tax code reduce the odds that NAHB members will owe the AMT while the changes are in effect. Here’s the details.

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Expiring Provisions of the Tax Cuts and Jobs Act

Filed in Economics, Tax Reform by on June 21, 2018 0 Comments
Expiring Provisions of the Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act (TCJA), signed into law at the end of 2017 by President Trump, added 52 temporary provisions to the tax code that will expire between this year and 2027. Nearly half of these expiring tax provisions will lapse at the end of 2025, many of which are of most interest to […]

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NAHB Seeks Safe Harbor for Quarterly Filers

Filed in Economics by on June 8, 2018 0 Comments
NAHB Seeks Safe Harbor for Quarterly Filers

NAHB has called on the Internal Revenue Service to provide a safe harbor for anxious home builders and other small business that pay estimated quarterly taxes but don’t yet know how recent tax reform legislation will be implemented – and thus may underpay.

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