IRS releases ‘Data Book’ for 2018 showcasing range of tax data

For those interested in stats and numbers the Internal Revenue Service has released its 2018 IRS Data Book which looks at agency's activities for the fiscal year. The 2018 IRS Data Book shows activities conducted by the IRS from Oct. 1, 2017, to Sept. 30, 2018, and includes information about [...]

By |2019-05-20T13:08:38-08:00May 21st, 2019|Finance|Comments Off on IRS releases ‘Data Book’ for 2018 showcasing range of tax data

IRS taking applications for 2020 grants for low income taxpayer clinics

The Internal Revenue Service announced its application period for Low Income Taxpayer Clinic (LITC) grants for calendar year 2020 will run through June 17, 2019. If you didn't know the LITC Program is a federal grant program administered by the Office of the Taxpayer Advocate at the IRS, led by [...]

By |2019-05-13T15:37:16-08:00May 14th, 2019|Finance|Comments Off on IRS taking applications for 2020 grants for low income taxpayer clinics

IRS offers tips for owners during ‘Small Business Week’

The Internal Revenue Service reminded small businesses that recent tax reform legislation lowered the backup withholding tax rate to 24 percent and the withholding rate that usually applies to bonuses and other supplemental wages to 22 percent. The agency also urged employers to encourage their employees to check their withholding [...]

By |2019-05-06T15:01:12-08:00May 7th, 2019|Finance|Comments Off on IRS offers tips for owners during ‘Small Business Week’

Missed tax filing deadline? File now to avoid bigger bill

While the federal income tax-filing deadline has passed for most people, there are some taxpayers who have not yet filed their tax returns. The Internal Revenue Service encourages them to file now, even if they can’t pay to avoid potential penalties and interest, according to the IRS. There are many [...]

By |2019-04-29T17:22:05-08:00April 30th, 2019|Finance|Comments Off on Missed tax filing deadline? File now to avoid bigger bill

IRS to host nationwide tax forums in 5 cities this summer

Summer is not far off and if you haven't made any plans yet the Internal Revenue Service has recently announced its schedule for its popular and informative "Nationwide Tax Forums," held in five major cities across the United States. The IRS said tax professionals may be ale to earn up [...]

By |2019-04-22T15:12:02-08:00April 23rd, 2019|Finance|Comments Off on IRS to host nationwide tax forums in 5 cities this summer

Couldn’t pay taxes on time? IRS has payments and installment agreements

As the official tax-filing deadline  (April 15) has come and gone, the Internal Revenue Service is reminding taxpayers who have yet to file their tax returns that there are a variety of options to help them. IRS tax help is available 24 hours a day on IRS.gov. Whether filing a [...]

By |2019-04-15T15:41:15-08:00April 16th, 2019|Finance|Comments Off on Couldn’t pay taxes on time? IRS has payments and installment agreements

IRS Offers Forms, Publications to Help People Pay Right Amount in 2019

The Internal Revenue Service is reminding self-employed individuals, retirees, investors and others who pay their taxes quarterly the first estimated tax payment for tax year 2019 is due Monday, April 15, 2019, for most taxpayers. A 2018 tax return and 2019 Form 1040-ES, Estimated Tax for Individuals, can help these [...]

By |2019-04-06T10:30:26-08:00April 9th, 2019|Finance|Comments Off on IRS Offers Forms, Publications to Help People Pay Right Amount in 2019

New SALT limit: IRS Explains Tax Treatment of State and Local Tax Refunds

The Internal Revenue Service clarified the tax treatment of state and local tax refunds arising from any year in which the new limit on the state and local tax (SALT) deduction is in effect. In Revenue Ruling 2019-11 (PDF), posted on IRS.gov, the IRS provided four examples illustrating how the long-standing [...]

By |2019-04-01T13:43:30-08:00April 2nd, 2019|Finance|Comments Off on New SALT limit: IRS Explains Tax Treatment of State and Local Tax Refunds

IRS Webinar: Understanding How to Do a ‘Paycheck Checkup’

If you need some help with filing your 2018 taxes the Internal Revenue Service will provide a free online, web-based information session in two languages on Thursday, March 28 to help people understand how to do a ‘Paycheck Checkup.’ Doing a Paycheck Checkup means checking tax withholding using the IRS Withholding [...]

By |2019-03-25T13:23:18-08:00March 26th, 2019|Finance|Comments Off on IRS Webinar: Understanding How to Do a ‘Paycheck Checkup’

IRS: Failure to Report Offshore Funds Still a Crime

Hiding money or assets in unreported offshore accounts is still listed on the Internal Revenue Service’s “Dirty Dozen” list of tax scams for 2019, the agency said in a news release. Compiled annually, the “Dirty Dozen” lists a variety of common scams that taxpayers may encounter anytime, including offshore schemes. [...]

By |2019-03-18T14:02:43-08:00March 19th, 2019|Finance|Comments Off on IRS: Failure to Report Offshore Funds Still a Crime