Below is a selection of recent news, curated articles and updates for tax and accounting professionals.
Tax and Industry Articles
Be sure to check out these new tax articles curated by NSA!
FedSmith published a summary of the changes to retirement savings resulting from the SECURE Act of 2020. Read it here.
For tax pros who have clients involved in real estate development or investment do not want to miss this article about the final Qualified Opportunity Zone (QOZ) guidance from CPA Practice Advisor.
Deloitte’s January 2020 newsletter summarizes important IRS changes, guidance, and proposed regulations. Download the newsletter to read more.
Curious about the tax laws and legislations that might evolve in 2020? Forbes’ Tax Notes Talk interviews some experts to get their predictions for the coming year. Visit this page for the podcast and the transcription.
IRS Annual Revenue Procedures
On January 2, 2020, the IRS released the first issue of the Internal Revenue Bulletin for 2020. The bulletin details six of the revenue procedures for 2020, including:
- Rev. Proc. 2020-1, letter rulings and information letters
- Rev. Proc. 2020-2, technical advice
- Rev. Proc 2020-3, domestic area rulings which will not be issued
- Rev. Proc. 2020-4, determination and ruling letters for tax-exempt entities, government entities, and employee plans
- Rev. Proc. 2020-5, determination letters for exempt organizations
- Rev. Proc. 2020-7, international area rulings which will not be issued.
The bulletin can be downloaded from the IRS here.
IRS 2019 Annual Report
The IRS Annual Report for 2019 was released on January 6, 2020. The publication highlights IRS implementation of new taxes, criminal investigations, and IRS employees supporting the United States tax system over the past year.
Download the Annual Report here.