Home

Tax Alerts

Tax Briefing(s)

2019 Tax Year in Review Consolidated Appropriations Act, 2020 2019 Year-End Tax Planning 2019 Post-Filing Season Update

IRS to Increase Visits to High-Income Nonfilers
The IRS has announced that it will step up efforts to visit high-income taxpayers who in prior years have failed to timely file one or more of their tax returns. With the recent and ongoing hiring of ...

Proposed Regs Reflect Changes to Entertainment and Meal Deductions
Proposed regulations reflect the significant changes that the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97) made to the Code Sec. 274 deduction for travel and entertainment expenses. For ...

Reporting Relief for 2020 IRA Required Minimum Distributions
The IRS has provided guidance to financial institutions on reporting required minimum distributions (RMDs) for 2020. The concern is that financial institutions might mistakenly treat IRA owners who tu...

Final Regs Reflect Updated Due Dates for Income Tax and Information Returns
The IRS has issued final regulations that update the due dates and extensions of time to file certain income tax returns and information returns to reflect legislative changes. The regulations replace...

IRS Launches New “Identity Theft Central” Online Resource
The IRS has announced the launch of the "Identity Theft Central," a resource designed to improve online access to information on identity theft and data security protection for taxpayers, ta...

Professionals, Taxpayers Urged to Use Multi-Factor Authentication
The IRS has urged tax professionals and taxpayers to use the multi-factor authentication feature offered on tax preparation software products for preventing data thefts. Multi-factor authentication re...

2020 Foreign Housing Expense Limitations Released
The IRS has provided the adjustments to the limitation on foreign housing expenses for specific locations for tax year 2020. Generally, a qualified individual whose entire tax year is within the appli...

2020 Standard Mileage Rates Released
The IRS has released the optional standard mileage rates for 2020. Most taxpayers may use these rates to compute deductible costs of operating vehicles for business, medical, and charitable purposes.2...

Closed School Student Loan Relief Extended
The IRS has established a safe harbor that extends relief to certain taxpayers who took out federal or private student loans to finance attendance at certain nonprofit or for-profit schools. Under the...

Interim Guidance on 2020 Withholding from Retirement and Annuity Distributions
The IRS has issued interim guidance for the 2020 calendar year on income tax withholding from periodic payments for pensions, annuities, and certain other deferred income under Code Sec. 3405(a)....

IRS Launches Assistant to Help Small Businesses Withhold Tax
The IRS has launched a new online assistant designed to help employers, especially small businesses, easily determine the right amount of federal income tax to withhold from their workers’ pay. ...

IRS Launches Gig Economy Tax Center
The IRS has announced the launch of the new Gig Economy Tax Center on its website, to help individuals in this growing area meet their tax obligations through more streamlined information. I...

IRS Provides Procedures to Claim Fuel Credits
The IRS has provided a process for eligible taxpayers to make a one-time claim for the credits and payments allowed under Code Secs. 6426(c), 6426(d) and 6427(e) for biodiesel...

IRS to Return Sequestered Funds Affected by OMB Determination
The IRS will return sequestered funds to businesses that were affected by a recent Office of Management and Budget (OMB) determination regarding the Balanced Budget and Emergency Deficit Control Act o...

IRS to Consider Repatriation Double Taxation Relief
The IRS has announced that it has become aware of limited circumstances in which it may be appropriate to provide relief from double taxation resulting from the application of the repatriation tax und...

IRS Updates Rules on Using Per Diem Rates to Substantiate Expenses Incurred Away from Home
The IRS has updated Rev. Proc. 2011-47 to reflect changes made by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97).The guidance provides the rules for determining the amount of an employee's ordinary a...

Electronic Filing Now Required for Requesting Unused Low-Income Housing Credit Carryover
The IRS has released guidance to qualified states regarding how to request an allocation of unused housing credit carryover under Code Sec. 42(h)(3)(D)(iii). The new guidance requires allocation reque...

IRS Extends Certain Deadlines, Penalty Relief for Health Coverage Forms
Health insurance providers (including employers and health insurance companies) now have until March 2, 2020, to furnish to individuals Form 1095-B, Health Coverage, and Form 1095-C, Employer-Provided...

Interim Amendments for Hardship Distributions Clarified and Deadline Extended
The IRS has clarified which amendments are integral to a plan provision that fails to satisfy the qualification requirements by reason of a change made by the final hardship distribution regulations. ...

2019 Required Amendments List for Employee Plans
The IRS has issued its 2019 Required Amendments List (2019 RA List) for individually designed employee retirement plans. Beginning with the 2019 list, all RA Lists will apply to both Code Sec. 401(a) ...

Date Extended for Applying Foreign Branch Rules
A one-year extension has been granted for applying the Code Sec. 987 final regulations, and certain related final and temporary regulations covering foreign branch transactions of U.S. corporations. T...

Guidance Updated for Making Adequate Disclosure
The IRS has updated its guidance that identifies circumstances under which a disclosure on a taxpayer’s income tax return with respect to an item or position is "adequate" for reducing the under...

IRS Releases 2020 Inflation-Adjusted Tax Tables, Other Amounts
The IRS has released the annual inflation adjustments for 2020 for over 60 tax provisions, including the income tax rate tables. The IRS issues these cost-of-living adjustments (COLAs) each year to re...

2020 Inflation Adjustments for Pension Plans, Retirement Accounts
The IRS has released the 2020 cost-of-living adjustments (COLAs) for pension plan dollar limitations, and other retirement-related provisions.Highlights of 2020 ChangesThe contribution limit for emplo...

IRS Updates Guidance on Computing Deductions for Operating a Vehicle
The IRS has released guidance that updates Rev. Proc. 2010-51, I.R.B. 2010-51, 883 to reflect changes made to Code Secs. 67 and 217 by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97). Rev. Proc. 2010-...

Accounting Method Change Procedures Updated
The IRS has released guidance listing the specific changes in accounting method to which the automatic change procedures in Rev. Proc. 2015-13, I.R.B. 2015-5, 419, apply. This guidance updates and sup...

Proposed Updated RMD Tables Issued
The IRS has proposed updated life expectancy and distribution period tables under the required minimum distribution (RMD) rules. The proposed tables reflect the general increase in life expectancy, an...

Joint Directive on Work Opportunity Tax Credit Issued
The IRS Large Business and International Division (LB&I) and Small Business/Self-Employed Division (SBSE) have issued a joint directive to provide instructions to LB&I and SBSE examiners on th...

New LB&I Campaign on Deferred Foreign Income
The IRS Large Business and International (LB&I) has added a new active campaign to the IRS website called "IRC 965." The campaign’s goal is to promote compliance with Code Sec. 965, Treatmen...

IRS Highlights Steps For Smooth Processing of Taxpayers' 2019 Federal Tax Returns
The IRS urged taxpayers to act now to ensure the smooth processing of their 2019 federal tax return. This reminder, first in a series, was aimed to help taxpayers get ready for the upcoming tax filing...

TX - Franchise Tax Refund Properly Denied for Sufficient Evidence
A corporate income taxpayer's claims for a refund of franchise tax was properly denied as the taxpayer failed to present evidence for the hearing to show that the franchise tax was unlawfully or erron...

Committed to Helping You Achieve the Highest Return on Your Investment

Welcome and thank you for visiting the website of Bowman Business & Tax Services. In addition to providing you with a profile of our firm and the services we provide, this Website has been designed to become a helpful resource tool to you, our valued clients and visitors. Our dedication to superior client service has brought us to the Internet as we endeavor to continue to provide the highest quality professional service and guidance.

As you browse through our Website, you will see that we have highlighted background information on our firm and the services we provide. We have also included useful resources such as informative articles (in our Newsletter section) and interactive financial calculators (in our Financial Tools section). In addition, we have taken the time to gather many links to external Websites that we think would be of interest to our clients and visitors (in our Internet Links section).

Please feel free to contact us with any questions or comments you may have - we'd love to hear from you. We pride ourselves on being proactive and responsive to our clients' inquiries and suggestions.

Need help resolving tax problems? Contact Tax Defense Network @ 979-353-1544. They are the premier company for helping with IRS and State tax issue.

We now have secure portals to safely send and receive your information. If you need a portal account, please call or email our office. A portal will be created for you and an invite issued. Respond to the invitation to set up your login.

To access your secure portal, click here.