Guidance on Tax Treatment of Uncashed Retirement Distribution Checks The IRS has ruled that an individual who receives a retirement distribution check from a qualified plan is taxed in the year of receipt even if the check is not cashed. In addition, the employer&rsquo...
IRS Launches New “Tax Withholding Estimator” The IRS has launched the "Tax Withholding Estimator," an expanded, mobile-friendly online tool designed to make it easier to have the right amount of tax withheld during the year. It replace...
Estimated Tax Penalty Automatically Waived for Some Taxpayers The IRS announced that it will automatically waive the estimated tax penalty for more than 400,000 eligible taxpayers who have already filed their 2018 federal tax returns but did not claim the waiver...
IRS Advises Tax Debt Holders on Passport Revocations The IRS has urged taxpayers to resolve their significant tax debts and avoid putting their passports in jeopardy by contacting the IRS to avoid delays in their travel plans.Under the Fixing America&rs...
Rates Used in Computing Special Use Value Issued A listing of the average annual effective interest rates on new loans under the Farm Credit System has been issued by the IRS. The rates are used in computing the special use value of farm real proper...
Draft 2019 Form 1040 and Form 1040-SR Released The IRS has recently released an updated draft 2019 Form 1040, U.S. Individual Income Tax Return, with fewer schedules than the 2018 form. The draft of the widely-used return is the second major overh...
IRS Unveils Updated Draft 2020 Form W-4 The IRS has released an updated, newly named draft Form W-4 for 2020. Once finalized, the revised form is expected to become effective on January 1, 2020.Evolution of the W-4Following enactment of the...
IL - Illinois working day withholding rules adopted Illinois adopted new rules for withholding personal income tax from employees. This includes a threshold based on the number of working days that employees spend in Illinois.Current Withholding RulesE...
