IRS Tax News Recap: Changes, changes, and more changes

By Chuck | October 25, 2019
Posted in: Tax News

September and October have been busy months for tax news! As Halloween approaches, don’t be spooked by these tax industry updates. We’ve got the tax news recap to get you up to speed.

Monthly-Tax-News

IRS provides guidance on virtual currency

The IRS just released additional guidance to help taxpayers understand their obligations when reporting virtual currency. The new guidance includes Revenue Ruling 2019-24 and frequently asked questions (FAQs). The new ruling addresses the tax treatment of a cryptocurrency hard fork. Retirees: Have you tried out the new Tax Withholding Estimator? This new tool includes user-friendly features designed to help retirees quickly and easily figure the right amount of tax to be taken out of their pension payments.

This USCIS policy alert has people confused

A policy alert issued by the USCIS addressed requirements for residence, making clear that there is a distinction between residence and physical presence But for tax purposes, residence and physical presence can mean something very different. Kelly Phillips Erb has the scoop.

2020 Tax Rates are here

The 2020 tax rates are here! Tax brackets, personal gains, personal excption amount and more are compiled in this Forbes article here.

Final ruling on overtime pay

The U.S. Department of Labor announced a final rule for overtime pay that it said would make 1.3 million American workers eligible for extra pay under the Fair Labor Standards Act. In the final rule that was announced, the Labor Department is raising the “standard salary level” from the currently enforced level of $455 to $684 per week (equivalent to $35,568 per year for a full-year worker), as well as raising the total annual compensation level for “highly compensated employees” from the currently-enforced level of $100,000 to $107,432 per year. Details here.

IRS changes you may have missed

The IRS has announce changes to how it views genetic-testing kits with regards to medical care and has also expanded the definition of preventive care under high-deductible health plans. Details here.

Per diem rates announced

The IRS released new per diem rates for employees who may have travelled for work this year. Details here.

New sales tax rules

Did you see a rise in online taxes this month? You may have been affected by new sales tax rules, and there’s a chance that everyone in the US may be feeling them soon. Details here.

Social Security Scam

The Internal Revenue Service is cautioning taxpayers and tax professionals to beware of a new twist on an old scam in which fraudsters call up victims and threaten to cancel their Social Security number if they don’t pay their taxes. Get the details here.

PTIN Season

It’s PTIN renewal and application season. They may still be free this year, but will that change in 2020? Here’s a quick look at the history of the PTIN debate.

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