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Month: October 2019

Form W-4 for 2020

The IRS has issued a second version of the draft of Form W-4, Employee’s Withholding Certificate, for the 2020 tax year.  The form contains significant changes from the current format of the form. Practitioners should be ready to address these withholding changes with clients when they prepare 2019 tax returns.  The final version of the 2020 form is expected to be issued in late 2019. We wil...

Final Real Estate Safe Harbor for 199A

The IRS recently issued Revenue Procedure 2019-38, which contains final rules for the real estate safe harbor rules for the qualified business income deduction under §199A.  The final rules are effective for tax years beginning after December 31, 2017; however, for the 2018 tax year, taxpayers are permitted to continue to rely on the interim safe harbor rules that were set forth in Notice 2019...

Section 179 Reminders

For practitioners who are doing last-minute returns for 2018 and for those who are doing tax projections for the 2019 tax year, it is important to keep in mind certain significant changes that have recently been made to the §179 deduction. For property placed in service after December 31, 2017, the dollar limit is $1,000,000 for 2018, and $1,020,000 for 2019, while the phaseout threshold for th...