IRS Updates
IRS Update May 13
IRS News, May 13 IRS Recommends Emergency Preparedness Disaster can strike at anytime, and the IRS recommends updating your emergency plans annually. Documenting valuables and keeping copies (digitally if necessary) of key documents can make disaster recovery far easier. Additionally, scams and frauds proliferate after an emergency or disaster situation so be sure the charity […]
Time for a Paycheck Checkup!
Tax season for 2018 is over, and the IRS recommends that taxpayers look at last year’s taxes to determine whether you are overpaying or underpaying in your withholding. Checking your withholding yearly is highly recommended by the IRS, but people who have had significant changes in their possible tax status definitely should do a checkup. […]
Missing W-2? The IRS Tells What To Do
In this video from the IRS’s YouTube channel, you will learn what to do if you do not have a W-2 yet. The video includes: When does your employer need to get you a W-2? What do you do if your W-2 is delayed past April 15th? And more information.
Where’s Your Refund: The IRS’s Site Goes Live
If you are one of the many Americans who wait with breath abated their tax return deposit, there is some good news! The IRS’s refund tracking site, Where’s My Refund, is now live. Check it out here: https://www.irs.gov/refunds You will need your Social Security Number, filing status and exact refund amount to login and see […]
Tax Filing Start Date at IRS!
We are one week away from the start of tax filing at the IRS. Tax Filing To Begin Despite Shutdown Tax filing season will begin January 28, 2019, despite government shutdown, IRS confirms. IRS employees, furloughed during the shutdown, will be recalled. Tax returns will be processed and refunds paid in a timely manner, so […]
Tax Updates for Your New Years
IRS Updates December 31 IRS Issues NOL and Excess Business Loss Guidances The IRS is reminding taxpayers that changes in the Tax Cuts and Jobs Act (TCJA) affect excessive business loss and net operating loss deductions. An excess business loss is the amount of business deductions which exceed gross income and gains, plus $250,000 ($500,000 […]
IRS Updates November 15
IRS Makes Retirement Contribution Adjustments The IRS has announced changes to limits on retirement contributions for tax year 2019. For those taxpayers contributing to 401(k), 403(b) and some other retirement plans, the contribution limit will increase from $18,500 to $19,000 in 2019. The annual limit on IRA contributions will increase from $5,500 to $6,000. […]
Updates from the IRS September 30
IRS Proposes Regulations to Global Intangible Low-Taxed Income The Tax Cuts and Jobs Act (TCJA), passed in December 2017, made tax law changes, including adding new rules requiring the inclusion of global intangible low-taxed income generated by controlled foreign corporations (CFCs). Under these rules, taxpayers with 10 percent of the value or voting rights in […]
Updates from the IRS for August
Depreciation Regulations Proposed The IRS and Treasury Department proposed regulations on the new 100% depreciation deduction for businesses, which implement several provisions of the Tax Cuts and Jobs Act (TCJA). It is retroactive to property acquired and placed in service after September 27, 2017. Additionally, regulations were also proposed for a new provision which allows […]
Updates from the IRS, July 31
Here is what you need to know from the IRS for the last two weeks. Heavy Highway Vehicle Use Taxes Due The IRS reminds truckers that the time to file Form 2290, Heavy Highway Vehicle Use Tax Return, began July 1, 2018. This highway use tax applies to highway motor vehicles with a gross weight […]