Mark A. Luscombe

Principal Analyst @ Wolters Kluwer Tax & Accounting

[Mark A. Luscombe @MarkALuscombe]

IRS delays implementation of lower Form 1099-K reporting threshold.

[Mark A. Luscombe @MarkALuscombe]

Congress passes Inflation Reduction Act with House vote of 220 to 207. Now goes to President Biden for his expected signature.

[Mark A. Luscombe @MarkALuscombe]

IRS extends tax filing and payment deadline to May 17, 2021.

[Mark A. Luscombe @MarkALuscombe]

Today, August 31, is the deadline for returning 2020 required minimum distributions.

[Mark A. Luscombe @MarkALuscombe]

May 13th is deadline for registering with the IRS to get economic stimulus payments by direct deposit. After that, the IRS will start processing checks.

[Mark A. Luscombe @MarkALuscombe]

Treasury intends to move tax filing deadline from April 15 to July 15, 2020.

[Mark A. Luscombe @MarkALuscombe]

IRS makes a further adjustment in the failure to pay estimated tax penalty for 2018 tax returns, lowering the prepayment threshold to 80 percent of the total tax liability, down from an original 90 percent requirement and also down from a previous adjustment to 85 percent.

[Mark A. Luscombe @MarkALuscombe]

https://t.co/cs7tDfiW3g

[Mark A. Luscombe @MarkALuscombe]

IRS Continues To Urge Taxpayers To Doublecheck Their Withholding As Tax Pros Express Concern Over Dra... via @forbes https://t.co/wTvb7uYqpd

[Mark A. Luscombe @MarkALuscombe]

Tax-Law Changes You May Have Missed -- Journal Report https://t.co/YKTSBKXr3f

[Mark A. Luscombe @MarkALuscombe]

IRS still undecided as to how far to extend trade or business status under the 20 percent qualified business income deduction to real estate rental activity. We may have to wait for final regulations for the answer.

[Mark A. Luscombe @MarkALuscombe]

Proposed regulations on 20% deduction for pass-through entities promulgated this week. Can be relied upon until final regulations issued. Some helpful definitions of trade or business, qualified business income, and specified service business. Also aggregation, anti-abuse rules

[Mark A. Luscombe @MarkALuscombe]

What Kids And Their Parents Should Know About Summer Jobs And Taxes via @forbes https://t.co/2yigokeRKR

[Mark A. Luscombe @MarkALuscombe]

Supreme Court in Wayfair overturns Quill in 5 to 4 decision. States now free to collect sales tax from online sellers.

[Mark A. Luscombe @MarkALuscombe]

IRS permits family contribution limit of $6,900 to health savings accounts for 2018, as originally set prior to Tax Cuts and Jobs Act, rather than lower $6,850 limit called for under the Tax Cuts and Jobs Act.

[Mark A. Luscombe @MarkALuscombe]

IRS extends tax filing deadline to today, April 18, due to technical difficulties with the IRS website yesterday.

[Mark A. Luscombe @MarkALuscombe]

Guidance has come from IRS on handling individual expired provisions extended through 2017 on 2017 tax returns. IRS is still working on many of the business expired provisions. Also, state income tax complications due to retroactive extensions not being enacted until February 9

[Mark A. Luscombe @MarkALuscombe]

President Trump signed the tax reform act today, making Decembere 22, 2017, the enactment date. The title will have to change due to budget reconciliation rules, but it is currently still being referred to as the Tax Cuts and Jobs Act.

[Mark A. Luscombe @MarkALuscombe]

Senate passes tax reform legislation by a vote of 51 to 49. Legislation now likely moves to House/Senate conference to resolve differences between the two bills.

[Mark A. Luscombe @MarkALuscombe]

House passes Tax Cuts and Jobs Act bill on 227 to 205 vote.