PATH Act Federal Tax Refund Delays

ABOUT PATH Act (Protecting Americans from Tax Hikes) prohibits the IRS from releasing tax refunds prior to February 15 for taxpayers claiming EITC and/or ACTC refundable tax credits. The law may create tax refund delays up to six weeks or more. TAXPAYERS IMPACTED Taxpayers claiming any of the following credits before February 15 may be…

For private corporations and their employees, IRS provides initial guidance on new tax benefit for stock options and restricted stock units

The Internal Revenue Service today issued Notice 2018-97 offering guidance on a recent tax law change that allows qualified employees of privately-held corporations to defer paying income tax, for up to five years, on the value of qualified stock options and restricted stock units (RSUs) granted to them by their employers. The tax law change was included…

IRS issues proposed regulations on new business interest expense deduction limit

The Internal Revenue Service issued proposed regulations today for a provision of the Tax Cuts and Jobs Act, which limits the business interest expense deduction for certain taxpayers. Certain small businesses whose gross receipts are $25 million or less and certain trades or businesses are not subject to the limits under this provision. For tax years beginning…