Please be aware there are some new deadlines with the upcoming 2018 filing season:

January 31, 2019

W-2s & 1099-MISC (non-employee compensation - box 7)

These forms were always due to the recipient by January 31st each year, but now they are required to be summited to the IRS and Social Security Administration by January 31st as well. The government is mandating this in order to improve their efforts in combatting fraud.

March 15, 2019

1065 - Partnership Tax Returns

1120S - S Corporation Tax Returns

April 15, 2019

1040 - Individual Income Tax Returns

1041 - Estate & Trust Tax Returns

1120 - C Corporation Tax Returns

May 15, 2019

990 - Tax Exempt Organization Tax Returns

July 31, 2019

5500 - Employee Benefit Plan Tax Returns

Tax Alerts
Tax Briefing(s)

The IRS has corrected Notice 2019-20, which provided a waiver of penalties under Code Secs. 6722(failure to furnish correct payee statements) and 6698 (failure to file partnership return) for certain partnerships that file and furnish Schedules K-1 to Form 1065 without reporting negative tax basis capital account information. The updated Notice extends the penalty waiver to Code Secs. 6038(b)and (c) and any other section of the Code, for partnerships that fail to file and furnish Schedules K-1 or any other form or statement to Form 8865, Return of U.S. Persons With Respect to Certain Foreign Partnerships, for any penalty that arises solely as a result of failing to include negative tax basis capital account information.

The upper-tier controlled foreign corporation (CFC) partners of a domestic partnership were required to include in gross income their distributive share of income inclusions under subpart F from lower-tier CFCs, and increase earnings and profits (E&P) by the same amount. Regulations under Code Sec. 964provided preliminary steps for conforming a foreign corporation’s profit and loss statement to that of a domestic corporation. The general rules of Code Sec. 312 that governed earnings and profits computations of domestic corporations then applied.

The IRS has issued proposed regulations on the information reporting requirements under Code Secs. 101(a)(3) and 6050Y, added by the Tax Cuts and Jobs Act ( P.L. 115-97). The regulations are to apply to reportable life insurance policy sales made, and reportable death benefits paid, after December 31, 2017. Transition relief applies until these regulations are finalized.

Nina E. Olson, the National Taxpayer Advocate (NTA), has announced her decision to retire this summer from the esteemed NTA position at the IRS. Olson has served as taxpayers’ "voice" within the IRS and before Congress for the last 18 years.