Safe harbor on carbon capture credits.
Feb22

Safe harbor on carbon capture credits.

The Internal Revenue Service today issued guidance to help businesses understand how legislation passed in 2018 may benefit those claiming carbon capture credits. Today’s guidance addresses the definition of “beginning of construction” and provides a safe harbor for partnership allocations of the credit. After the enactment of the Bipartisan Budget Agreement in February 2018, the IRS issued Notice 2019-32...

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Guidance to farmers on uniform capitalization rules.
Feb22

Guidance to farmers on uniform capitalization rules.

The Treasury Department and Internal Revenue Service today issued Revenue Procedure 2020-13 (PDF) providing procedures for farmers who have elected out of certain capitalization rules and want to apply the small business taxpayer exemption in the same taxable year. The Tax Cuts and Jobs Act (TCJA) added a provision exempting small business taxpayers from the capitalization rules under section 263A. A taxpayer, other than a tax...

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Many farmers, fishermen face March 2 tax deadline.
Feb22

Many farmers, fishermen face March 2 tax deadline.

The Internal Revenue Service reminds farmers and fishermen who chose to forgo making quarterly estimated tax payments that they must file their 2019 Form 1040 along with a payment for all taxes owed by Monday, March 2, 2020. This special rule normally applies to taxpayers whose farming or fishing income was at least two-thirds of their total gross income in either the current or the preceding tax year. Farmers and fishermen can avoid...

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Various payment options for taxpayers who owe but can’t pay in full.
Feb19

Various payment options for taxpayers who owe but can’t pay in full.

As the 2020 tax filing season gets into full swing, the Internal Revenue Service reminds taxpayers who owe of the many easy payment options.   The IRS anticipates that most taxpayers will be affected by major tax law changes. While most will get a tax refund, others may find that they owe taxes, many of whom may qualify for a waiver of the estimated tax penalty that normally applies. See Form 2210, Underpayment of Estimated Tax...

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Avoid the rush over Presidents Day online tools, resources can help you.
Feb17

Avoid the rush over Presidents Day online tools, resources can help you.

With a new tax law in effect and a surge of tax returns expected during the Presidents Day weekend, the Internal Revenue Service is offering taxpayers several tips and various time-saving resources to get them the help they need quickly and easily.   The IRS receives more phone calls on the day after Presidents Day than on any other day of the year. Ahead of the Presidents Day weekend, the IRS is reminding taxpayers to “Avoid the...

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