Internal Revenue Service - Page 3 of 4 - Providence Business News

THE IRS is looking to eliminate the remaining loopholes related to the state and local tax deduction cap. / BLOOMBERG NEWS FILE PHOTO/DANIEL ACKER

IRS Looks for Ways to Squelch N.Y., Connecticut SALT Workarounds

Economic Activity 03/08/2019

NEW YORK - The Internal Revenue Service is considering issuing rules that could invalidate some of the last remaining strategies in New York and...

THE NUMBER of tax refunds issued so far this year fell nearly 16 percent year over year to 11.4 million. / BLOOMBERG NEWS FILE PHOTO/DANIEL ACKER

Treasury Department says fewer refunds better for U.S. taxpayers

Economic Activity 02/14/2019

NEW YORK - The U.S. Treasury Department is defending the declining numbers of tax refunds being issued so far this year, saying that taxpayers already...

OWNERS OF SO-CALLED pass-through entities such as partnerships and limited liability companies have to file their businesses’ returns by March 15 - and still don’t have the final word from the Internal Revenue Service about who, exactly, qualifies for the 20 percent deduction on business income. / BLOOMBERG NEWS FILE PHOTO/MICHAEL NAGLE

Big tax break for business owners at risk as shutdown drags...

Government 01/15/2019

NEW YORK - The longest government shutdown in United States history could cause tens of thousands of businesses to make a tough choice about whether...

THE IRS WILL issue refunds to taxpayers even if the U.S. government shutdown extends into the filing season, according to the White House Office of Management and Budget. / BLOOMBERG NEWS FILE PHOTO/MICHAEL NAGLE

IRS will pay refunds during government shutdown, official says

Government 01/07/2019

NEW YORK - The Internal Revenue Service will issue refunds to taxpayers even if the U.S. government shutdown extends into the filing season, a decision...

NONPROFITS, such as churches and colleges, will be given some leeway when calculating the cost of parking benefits and won’t face penalties this year if they were confused about how much they owed, according to guidance released by the IRS on Monday. / BLOOMBERG NEWS FILE PHOTO/ANDREW HARRER

IRS softens blow after tax law cut perks for nonprofit employees

Government 12/10/2018

NEW YORK - The Internal Revenue Service moved to soften the hit from a controversial provision in last year’s tax overhaul that imposes a tax...

ALL 25 Qualified Opportunity Zones nominated by Rhode Island to the U.S. Department of Treasury and the IRS were approved. Areas in purple were submitted to the federal program and received QOZ designation, while areas in green were eligible but not submitted. Rhode Island submitted the maximum number of designations allowed./ COURTESY R.I. COMMERCE CORP.

IRS unveils proposed rules for tax law’s big capital gains break:...

Economic Activity 10/19/2018

NEW YORK - The Internal Revenue Service unveiled proposed regulations Friday for what Treasury Secretary Steven Mnuchin says could be a $100 billion investment opportunity...

THE IRS ISSUED guidance that companies can still deduct 50 percent of meals while entertaining clients and customers. Tax professionals had been unsure as to whether the deductions were still valid after the passage of the 2017 Tax Cuts and Jobs Act. / BLOOMBERG NEWS FILE PHOTO/GERALDINE HOPE GHELLI

You can still deduct a client’s meal on a night out,...

Economic Activity 10/03/2018

NEW YORK - The Internal Revenue Service is giving businesses a tax break they thought they had lost in the tax overhaul last year...

IRS targets loopholes for $415B business owner tax break

Government 08/08/2018

NEW YORK - The Internal Revenue Service provided some long-awaited answers for business owners hoping to dodge the limits on a juicy new tax...

OPPORTUNITY ZONE: Chris Vitale, community-development coordinator for Bristol, stands on Hope Street, one of the areas recently approved by the Treasury Department as an opportunity zone, which will be marketed to developers as a place for investment. / PBN PHOTO/MICHAEL SALERNO

Treasury Department approves R.I.’s 25 census tracts for opportunity-zone program

Financial Services 06/22/2018

In mid-April, R.I. Commerce Corp. identified 25 low-income census tracts across 15 cities and towns in Rhode Island as opportunity zones, including Bristol’s tract...