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  • August 31, 2019 2:34 PM | Anonymous member (Administrator)

    The IRS recently issued a private letter ruling that part of the cost of genetic testing may be tax deductible as a qualified medical expense if part of the service includes a medical analysis of the results of the genetic test and results in a report that is presented to the taxpayer's health care providers.

    A private letter ruling is issued in response to a request from an individual taxpayer for IRS guidance regarding a tax issue.  It may not be cited as a precedent by others taxpayers, but is viewed by tax professionals as a good indicator of the IRS thinking on a particular issue.

    Find more details in this article from accounting web.

  • August 30, 2019 3:53 PM | Anonymous member (Administrator)

    The Internal Revenue Service is automatically waiving the estimated tax penalty for some taxpayers who have already filed their 2018 tax returns and did not claim a penalty waiver.

    The IRS earlier this year lowered the usual penalty threshold of payment of 90% of the tax owed on the return, to 80%, to help taxpayers who, under the new tax laws, came up short of required estimated tax payments for 2018.

    If you filed your tax return before mid-August and paid an underpayment penalty, you may qualify for a penalty waiver.  Over the next few weeks, the IRS will be mailing out notices granting this relief to affected taxpayer.  Taxpayers who qualify for relief under the lower 80% threshold will receive refunds of the penalty and any interest paid when they filed their return.

    For details, see the IRS news release.

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