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IRS Updates 13 December

National Tax Security Awareness Week The IRS and Security Summit partners marked National Tax Security Awareness Week earlier this month with a series of tips and reminders for consumers, taxpayers, businesses, and professionals. Advice focused on protecting your personal and financial information while online shopping, guarding against email and phishing scams, creating strong passwords, tips […]

Recent IRS Gift Card Scams

The IRS has warned about a recent gift card scams, one of the many scams that people need to be aware of. IRS GIft Card Scams These scams follow many of the traits of a typical phone scam: someone calls you from a source that you wouldn’t question. They tell you that something bad has […]

IRS Tax Updates December 2

IRS Updates Deductible Guidelines The IRS has issued guidance on some of the changes brought about by the Tax Cuts and Jobs Act (TCJA) regarding certain deductible expenses. The rules for using the optional standard mileage rates in deducting costs of operating an automobile for business, charitable, medical or moving expense purposes have been updated. […]

IRS Updates December 2

The IRS Announces Inflation Adjustments For tax year 2019 (filed in 2020) several adjustments have been made to dollar amounts. The standard deduction amount, the Alternative Minimum Tax exemption, the Earned Income Credit, foreign earned income exclusion, estate exemption amount, and adoption credit amount have all increased, and tax rates have been established for income […]