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IRS Micro-Captive Insurance Settlement Offer Expires; Enforcement Efforts Will Increase
The IRS has announced acceptance rates for a time-limited settlement offer made to certain taxpayers under audit who participated in abusive micro-captive insurance transactions. Nearly 80% of taxpayers who received offer letters elected to accept [...]
New Law in 2019 Requires Tax-Exempt Organizations to E-file Forms
Tax-exempt organizations will be required to electronically file information returns and related forms starting in 2020. The Taxpayer First Act, enacted July 1, affects tax-exempt organizations in tax years beginning after July 1, 2019. Exempt [...]
IRS Announces Relief for Financial Institutions Affected by Tax Law Change Raising the Age for Required Minimum Distributions
A new law enacted late in 2019 made a significant change in the minimum distribution requirements for individual retirement accounts (IRAs). The “Setting Every Community Up for Retirement Enhancement” (SECURE) Act became effective on December [...]