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… Read More
Bi-Monthly Updates on the IRS Here is what is happening in the IRS. Proposed Regulations on Opportunity Zone Tax Incentive Issued The Treasury and IRS have issued guidelines regarding Opportunity Zone incentives. Opportunity Zones were created by the Tax Cuts and Jobs Act (TCJA) of 2017 to encourage investment in distressed communities in the US… Read More
Tax Cuts and Jobs Act Changes Are Afoot The Tax Cuts and Jobs Act of 2017 (TCJA) changed the rules regarding how businesses can deduct expenses related to food and entertainment. Prior to the TCJA, business could deduct 50% of entertainment expenses if directly associated with the conducting of business. Now, 50% of non-extravagant business… Read More
IRS Updates Sep 13 Adjustments to Compliance Assurance Process (CAP) Announced The IRS has proposed changes to the Compliance Assurance Process (CAP), a pre-filing program to assist some of the largest taxpayers with compliance. Changes and reinforced rules include an October 1, 2018 opening date for applications, and taxpayers must submit a list of material… Read More
Tax Topics for Speaking Little Giant Tax Service was founded in 1994 and we continue to help local businesses and taxpayers with all their tax-related needs, including lectures and speaking on topics related to taxes. Among the many topics taught by Melynda and Danielle, these four topics show how a group could benefit from our… Read More
July IRS News It’s summer, many people are not thinking about taxes, but there are still important things happening in and around the IRS. Here are some important updates you should notice. Data Security Updates A new awareness campaign has been launched by the IRS and its Security Summit partners. The campaign is primarily aimed… Read More
Here are important IRS updates from the end of June. IRS News Updates Beat the Rush On ITIN Renewal Over 2 million ITINs (Individual Taxpayer Identification Numbers) are set to expire at the end of this year. The IRS urges those affected to submit their application for renewal to avoid delays in the processing of… Read More
The IRS just created a reminder that over 1,000,000 people who did not file their taxes in 2014 are eligible for $1.1 B in tax return funds. The last date possible to file your 2014 taxes and get a tax return is April 17. Those who are owed tax returns but do not file… Read More
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