TAXATION

Final Rules Permit Truncated TINs on W-2s
 

Final Rules Permit Truncated TINs on W-2s

Posted: July 16, 2019
As part of an effort to reduce identity theft, the IRS has issued final rules permitting employers to provide truncated taxpayer identification numbers on Forms W-2 provided to employees. To give employers and others time to adapt, the rules will apply to statements required to be furnished after Dec. 31, 2020.




IRS, Treasury Issue GILTI Regs
 

IRS, Treasury Issue GILTI Regs

Posted: June 17, 2019
The Treasury Department and the IRS have issued final and proposed regulations concerning global intangible low-taxed income under section 951A, the foreign tax credit, the treatment of domestic partnerships for purposes of determining the subpart F income of a partner and the treatment of income of a controlled foreign corporation subject to a high rate of foreign tax under section 951A.

IRS Issues Final Regs on Charitable Contributions and SALT Credits
 

IRS Issues Final Regs on Charitable Contributions and SALT Credits

Posted: June 11, 2019
The U.S. Department of the Treasury and the IRS have issued final regulations that require taxpayers to reduce their charitable contribution deductions by the amount of any state or local tax credits they receive or expect to receive in return.

IRS, Treasury Unveil Proposed W-4 Design for 2020
 

IRS, Treasury Unveil Proposed W-4 Design for 2020

Posted: May 31, 2019
​The IRS has issued a draft of the 2020 Form W-4, Employee's Withholding Allowance Certificate, that will make accurate withholding easier for employees starting next year.

2020 Limits on HSA Contributions Are Issued
 

2020 Limits on HSA Contributions Are Issued

Posted: May 28, 2019
The IRS has announced the annual inflation-adjusted limits on deductions for contributions to a health savings account allowed for taxpayers with family coverage under a high-deductible health plan for calendar year 2020.


Many Paid More in Federal Taxes This Tax Season, Says NJCPA Survey
 

Many Paid More in Federal Taxes This Tax Season, Says NJCPA Survey

Posted: May 2, 2019
An average of 36 percent of NJCPA members' clients paid more in federal taxes in 2018., according to a recent survey. And nearly 60 percent of respondents said that the Tax Cuts and Jobs Act either “definitely” or “somewhat” increased the number of clients that they would advise to leave the state.

The Federal Taxation Interest Group provides an open forum to discuss and educate members on Federal taxation issues, both domestic and international. 

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