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Alpha Tax Group attempts to help its clients to stay informed on variety of tax related topics by keeping its regular blogs on the related tax changes.

IRS issues proposed regulations on new 20 percent deduction for passthrough businesses

The Internal Revenue Service issued proposed regulations today for a new provision allowing many owners of sole proprietorships, partnerships, trusts and S corporations to deduct 20 percent of their qualified business income. The new deduction -- referred to as the Section 199A deduction or the deduction for qualified business income -- is available for tax years beginning after Dec. 31, 2017. Eligible taxpayers can claim it for the first time on the 2018 federal income tax return they file

08/08/2018
IRS and Treasury issue proposed regulations implementing Section 965

The Internal Revenue Service and the Department of the Treasury today issued proposed regulations on section 965 of the Internal Revenue Code. The proposed regulations affect United States shareholders, as defined under section 951(b) of the Code, with direct or indirect ownership in certain specified foreign corporations, as defined under section 965(e) of the Code. Read more at: https://www.irs.gov/newsroom/irs-and-treasury-issue-proposed-regulations-implementing-section-965

08/01/2018
The Internal Revenue Service and the Security Summit partners outlined critical steps for tax profes

The Internal Revenue Service and Department of the Treasury today announced their intent to issue regulations on three recent tax law changes affecting popular 529 education savings plans. Notice 2018-58, addresses a change included in the 2015 Protecting Americans From Tax Hikes (PATH) Act, and two changes included in the 2017 Tax Cuts and Jobs Act (TCJA). Taxpayers, beneficiaries, and administrators of 529 and Achieving a Better Life Experience (ABLE) programs can rely on the rules described

07/30/2018
Security Summit outlines ‘Security Six’ basic safeguards for tax professionals’ computers and email

The Internal Revenue Service and the Security Summit partners outlined critical steps for tax professionals to protect their computers and email as well as safeguarding sensitive taxpayer data. The “Security Six” protections fall into several major security categories. The Security Summit partnership urges tax professionals across the nation to avoiding overlooking these basic security details as identity thieves increasingly target practitioners in search of valuable taxpayer data. Read more

07/17/2018
IRS Working on a New Form 1040 for 2019 Tax Season

As part of a larger effort to help taxpayers, the Internal Revenue Service plans to streamline the Form 1040 into a shorter, simpler form for the 2019 tax season. The new 1040 – about half the size of the current version -- would replace the current Form 1040 as well as the Form 1040A and the Form 1040EZ. The IRS circulated a copy of the new form and will work with the tax community to finalize the streamlined Form 1040 over the summer Read more at:

06/29/2018
IRS offers penalty, filing relief to many subject to new transition tax on foreign earnings

The Internal Revenue Service (IRS) today announced that it will waive certain late-payment penalties relating to the section 965 transition tax, and provided additional information for individuals subject to the section 965 transition tax regarding the due date for relevant elections. The IRS explained the relief in three new FAQs, posted today on the agency’s tax reform page. These supplement 14 existing questions and answers that provide detailed guidance to taxpayers on reporting and paying

06/04/2018