IRS Expands Their Identity Protection PIN (IP PIN) Program
The IRS created the IP PIN program to help combat tax identity theft. Originally the IRS assigned an IP PIN to individuals who had been victims of identity theft or the IRS suspected they might have been. An IP PIN helps the IRS verify the taxpayer’s identity and accept their federal tax return for processing.
2019 Federal Return and the Affordable Care Act
With the exception of the individual penalty being zeroed out beginning in 2019, it is important to remember that all of the other Affordable Act provisions still apply to individuals for 2019 federal returns.
2020 PTIN Renewal is Now Underway
The IRS is reminding tax return preparers that they must renew their PTIN for 2020 as all current PTINs expire on December 31, 2019.
Taxpayer First Act
The recently enacted Taxpayer First Act contained provisions that mainly focused on altering how the IRS operates and is directed by Congress to reorganize to prioritize taxpayer service and combating cybersecurity and other threats.
2019 Changes to Form 1040, Associated Schedules and New Form 1040SR
For TY2019 the IRS has made some additional changes to the Form 1040 and associated schedules.
IRS Accepting Renewal Applications for Expiring ITINs
In this the fourth year of the Individual Taxpayer Identification Number (ITIN) renewal program, nearly 2 million taxpayers will have their ITINs expire at the end of this yea
Tax Preparer Security Awareness
Although the main part of the 2019 filing season has passed it is a good time to remind tax preparers of their obligation to protect the sensitive tax and financial data of their clients.
2019 Federal Tax Changes
Below are some of the federal provisions that will go into effect or be changing in 2019.
Is Rental Income Qualified Business Income
Rental income will be considered to be qualified business income if it meets the following criteria under the safe harbor rules contained in Revenue Procedure 2019-38.
Safe Harbor Rule for Autos that Claim Bonus Depreciation
The IRS has issued guidance (IRS Revenue Procedure 2019-13) that provides a safe harbor method for determining depreciation deductions for autos that claim 100-percent bonus depreciation for 2018 – 2022.