IRS Updates

Tax Updates September 18

Third Quarter Tax Payments Due The IRS reminds taxpayers that those owing estimated quarterly tax payments must pay their third quarter installment by September 16 . This generally applies to small business owners and the self-employed, including those participating in the sharing economy as well as others whose earnings aren’t subject to withholding, such as […]

Tax Updates September 1

IRS Waives Penalty Automatically More than 400,000 eligible taxpayers who were subject to a penalty for underestimated tax payments for the 2018 tax year will automatically receive the waiver, the IRS has announced . No action is required for eligible taxpayers to receive this waiver. Additionally, taxpayers who already paid the penalty will receive refunds. […]

Tax Updates July 28

Transition Tax On Untaxed Foreign Earnings The IRS has provided details on Section 965, transition tax on untaxed foreign earnings. The Tax Cuts and Jobs Act (TCJA) requires some untaxed foreign earnings and profits to be taxed as if those earnings have been repatriated to the US. Details on the income that must be recognized […]

IRS Updates Mid July

IRS Updates, July 16 Data Security and Tax Professionals The IRS and Security Summit partners have issued a checklist to help tax professionals stay ahead of scams and fraud risks. Cybercriminals continue to evolve tactics, but reported identity theft is down significantly since 2015. Tax professionals are urged to deploy the “Security Six” measures (anti-virus […]

Earning Money From Hobbies: An IRS Tip

Money-making Hobbies Hobbies can be a great source of fun and recreation, and they can also be a source of income. Whether it’s making art, arranging flowers, or baking muffins, taxpayers must report any money they make on their tax return. Business Or Hobby? The rules governing the reporting vary, depending on whether the activity […]

IRS Updates End of June

IRS Updates Guidance For Cooperatives And Patrons The IRS and Treasury have issued proposed regulations for cooperatives and their patrons on calculating the deduction for qualified business income (QBI) and the deduction for domestic production activities. The QBI deduction is up to 20 percent of the qualified business income from the business, and some patrons who […]

Tax Tip: FAFSA Filing and Taxes

  Summer is quickly flying by and the 2019-2020 school year fast approaches! Students who need to file the 2019 FAFSA will need to use their income from their or their parents 2017 Federal Tax Return. Filing FAFSA and Reporting Taxes The IRS reminds people that there are multiple ways to access the 2017 tax […]

The Paycheck Checkup

We share IRS updates that frequently remind taxpayers to do a “paycheck checkup,” but what exactly is that, and why is it important? Pay As You Go Our income tax system is a “pay as you go” system where taxes are owed as the income is being earned or received (annuities and pensions also count). […]

IRS Updates, June 14

  June 17 Deadline For Taxpayers Living Abroad Taxpayers living and working abroad have an automatic two month extension to file their tax returns, which is June 17 this year. A further extension is available (for filing, not for payment), but it has to be requested. Qualified combat zone taxpayers have at least 180 days […]

How to Find the IRS Online

Social IRS Need to connect with the IRS? There’s an app for that. IRS2Go, available in English and Spanish, and for Android and Apple, offers tax tips, IRS YouTube videos, and your refund status. You can even pay your taxes via the app. In an effort to connect with small business owners and taxpayers, the […]