WASHINGTON — The Internal Revenue Service announced in Notice 2019-11, issued on January 16, 2019 that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is generally waiving the penalty for any…
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IRS Employees Called Back for Tax Season Without Pay
On January 8, 2019 we posted IRS Confirms Tax Filing Season to Begin January 28, where we discussed that despite the government shutdown, the Internal Revenue Service confirmed on January 7, 2019 in IR-2019-01 that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled. The Treasury Department has now released a revised…
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New GILTI and FDII International Tax Forms for 2018
International taxpayers will have to spend additional time on tax compliance with new forms for GILTI and FDII in 2018. The IRS recently issued Form 8992, U.S. Shareholder Calculation of Global Intangible Low-Taxed Income (GILTI) for U.S. shareholders to compute their GILTI inclusion. IRC Sec. 951A requires U.S. shareholders of CFCs (controlled foreign corporations)…
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IRS Issues Updated New Form 5471 – What's New?
On January 2, 2019 the IRS updated its webpage entitled Instructions for Form 5471 (12/2018) where it lays out the numerous changes caused by the TCJA of 2017, which have now been incorporated into the updated form. On December 22, 2017, Congress enacted the "Tax Cuts and Jobs Act," P.L. 115-97 (the "Act"). Act section 14101 enacted…
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