IRS Updates
Tax Updates June 8
Guidance Issued re: Retirement, Annuity Withholding The IRS and Treasury have issued a proposed regulation impacting federal income tax withholding rules for periodic retirement and annuity payments made after December 31, 2020. Prior to the Tax Cuts and Jobs Act (TCJA), if there was no W-4 in effect for periodic payments, the withholding was determined […]
Tax Updates April 30
SSI And VA Recipients To Receive Automatic Payments The IRS and Treasury, in partnership with the Social Security Administration and Department of Veterans Affairs have announced that recipients of Supplemental Security Income and VA benefits will automatically receive Economic Impact Payments. Most recipients need to take no action to receive payment, however, for those who […]
Tax Updates April 13
The IRS is Not Accepting Paper Applications Little Giant Tax Services are are here to help you with your tax filing throughout the next few months of stay at home orders. At this time, the IRS is not accepting physical returns. If you want to have one of our staff help you e-file your return, […]
Tax Updates from the IRS
Withholding Rules Updates Proposed The IRS and Treasury have proposed regulations updating payroll withholding rules to reflect changes in the Tax Cuts and Jobs Act (TCJA) and related legislation. These updates accommodate the redesigned Form W-4, and the adjusted tables and computations for tax withholding. The regulations also address other withholding issues, such as how […]
Tax Updates Mid February 2020
New Form 1040-SR Option For Seniors The Bipartisan Budget Act of 2018 required the IRS to create a new filing option for seniors. 1040-SR features larger print and a standard deduction chart, and is available to taxpayers age 65 or older who prefer a form with increased readability. The form may be used to file […]
Tax Updates Late January 2020
Avoid Ghosts The IRS warns taxpayers to avoid unethical “ghost” tax return preparers. The 2020 filing season is underway and fraudulent predators are taking every advantage. A ghost preparer is someone who prepares a tax return for someone, but does not sign it. They print it out and tell the taxpayer to sign and mail […]
Tax Update December 30
Make A Quarterly Payment Taxpayers who haven’t paid enough in taxes this year can make a quarterly estimated tax payment now, directly to the IRS. The deadline for making a payment for the fourth quarter of 2019 is 15 January, 2020. This may apply to you if your employer didn’t withhold enough from payroll taxes, […]
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. […]