Monthly Archives: February 2020

IRS increases visits to high-income taxpayers who haven’t filed tax returns

https://www.irs.gov/newsroom/irs-increases-visits-to-high-income-taxpayers-who-havent-filed-tax-returns If you have unfiled tax returns, the IRS will attempt to file the tax returns for you. When the IRS files a tax return for a taxpayer, it is called a Substitute for Return. If you need help, contact a tax attorney to guide you through the process.

IRS Qualified Business Income Deduction for Rental Real Estate

https://www.irs.gov/newsroom/irs-finalizes-safe-harbor-to-allow-rental-real-estate-to-qualify-as-a-business-for-qualified-business-income-deduction The Internal Revenue Service today issued Revenue Procedure 2019-38 (PDF) that has a safe harbor allowing certain interests in rental real estate, including interests in mixed-use property, to be treated as a trade or business for purposes of the qualified business income deduction under section 199A of the Internal Revenue Code (section 199A deduction). If you have… Read More »