Tag Archives: Taxpayers

Internal Revenue Service Announces It Will Waive 2018 Estimated Tax Penalties for Many Taxpayers

The Internal Revenue Service announced today that it will waive 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 … Continue reading

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Tax Court: Section 280E Can Apply to Non-Licensed Taxpayers Engaged in Cannabis Businesses

Yesterday the Tax Court issued two decisions discussing the impact of Section 280E on cannabis businesses.  One of these cases addresses the application of Section 280E to licensed and non-licensed entities.  Both cases address the application of penalties to cannabis … Continue reading

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Nearly 90 Percent of Taxpayers Are Projected to Take the TCJA’s Expanded Standard Deduction

As the House of Representatives this week considers a bill that would make the individual reforms of the Tax Cuts and Jobs Act (TCJA) permanent, one important change to keep in mind is the increased standard deduction. The TCJA lowered … Continue reading

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IRS Provides Clarification for Business Taxpayers That Make Payments To State or Local Tax Credit Programs

We recently wrote on the new proposed regulations addressing the availability of charitable deductions when taxpayers receive or expect to receive corresponding state or local tax credits for contributions.  The proposed regulations require a taxpayer who makes a contribution to … Continue reading

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IRS Reminds Taxpayers of OVDP Ending

IRS Reminds Taxpayers of OVDP Ending and Hints at Updated Procedures Earlier this year the IRS announced that the OVDP would end on September 28th and the IRS issued a reminder to taxpayers last week of the program ending. More … Continue reading

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