IRS, Treasury issue final regs on reporting requirements for life insurance contracts

The Internal Revenue Service recently issued final regulations on the new information reporting requirements for certain life insurance contract transactions. New Requirments The requirement was authorized under new section 6050Y, added to the Internal Revenue Code by the Tax Cuts and Jobs Act (TCJA), the tax reform legislation enacted in [...]

By |2019-11-04T10:43:13-08:00November 5th, 2019|Finance|Comments Off on IRS, Treasury issue final regs on reporting requirements for life insurance contracts

IRS: tax professionals should renew PTINs now for 2020

If you haven't done so yet, the Internal Revenue Service is urging tax return preparers to begin the upcoming 2020 filing season now by renewing their Preparer Tax Identification Numbers now. All current PTINs are set to expire on Dec. 31, 2019. “Last year we issued more than 813,000 PTIN’s [...]

By |2019-10-27T15:17:33-08:00October 29th, 2019|Finance|Comments Off on IRS: tax professionals should renew PTINs now for 2020

IRS has important tax info for military families

During October the Internal Revenue Service wants to remind honored military families they may qualify for specific and important tax rules and benefits. October is often associated with National Work and Family Month which was established in 2003 by a Senate resolution. October was chosen to help communicate and celebrate [...]

By |2019-10-19T14:30:31-08:00October 22nd, 2019|Finance|Comments Off on IRS has important tax info for military families

IRS: tips for taxpayers who engage in virtual currency transactions

As part of a bigger effort to help taxpayers and to enforce the tax laws in a fast-moving area, the Internal Revenue Service recently issued two new pieces of guidance for taxpayers who engage in transactions involving virtual currency. Expanding on guidance from 2014, the IRS is issuing additional detailed [...]

By |2019-10-12T14:34:48-08:00October 15th, 2019|Finance|Comments Off on IRS: tips for taxpayers who engage in virtual currency transactions

Info for teachers about deducting out-of-pocket classroom expenses

Ah, crisp afternoons, cool evenings, apples, cider, and falling leaves. Now that autumn is in full swing and school is in session, many teachers are reaching into their own wallets to purchase classroom supplies. While a nice gesture for their students, making this a regular practice throughout the school year [...]

By |2019-10-06T14:37:01-08:00October 8th, 2019|Finance|Comments Off on Info for teachers about deducting out-of-pocket classroom expenses

IRS: safe harbor lets rental real estate qualify as business for qualified income deduction

Good news for landlords or those who rent out homes, apartments, condos or townhouses. The Internal Revenue Service recently issued Revenue Procedure 2019-38 that has a safe harbor allowing certain interests in rental real estate, including interests in mixed-use property, to be treated as a trade or business for purposes of [...]

By |2019-09-30T13:56:17-08:00October 1st, 2019|Finance|Comments Off on IRS: safe harbor lets rental real estate qualify as business for qualified income deduction

IRS estimator aids retirees; figures tax on Social Security benefits

Help with taxes for seniors is now easier than ever with the new Tax Withholding Estimator, launched in August on IRS.gov. It includes user-friendly features to help retirees easily figure out the right amount of tax to be removed from their pension payments. The mobile-friendly estimator replaces the Withholding Calculator. [...]

By |2019-09-14T10:39:51-08:00September 17th, 2019|Finance|Comments Off on IRS estimator aids retirees; figures tax on Social Security benefits

Are you ready: third quarter estimated tax payment due Sept. 16

With major tax reform in its second year and taxpayers seeing its full effect on 2018 returns, the Internal Revenue Service is reminding taxpayers who pay estimated tax their third-quarter payment for 2019 is due Monday, Sept. 16. The Tax Cuts and Jobs Act or TCJA enacted in December 2017, changed [...]

By |2019-09-09T16:27:48-08:00September 10th, 2019|Finance|Comments Off on Are you ready: third quarter estimated tax payment due Sept. 16

IRS offers waiver of dyed fuel penalty in Florida due to Hurricane Dorian

To minimize or prevent disruptions to the supply of fuel for diesel-powered highway vehicles because of Hurricane Dorian, the Internal Revenue Service will not impose a penalty when dyed diesel fuel is sold for use or used on the highway in Florida. This relief is effective immediately, it said in [...]

By |2019-08-31T13:46:37-08:00September 3rd, 2019|Finance|Comments Off on IRS offers waiver of dyed fuel penalty in Florida due to Hurricane Dorian

Here are 2019’s hardest-working states in the country

All work and no play -- with Americans working an average of almost 1,800 hours per year and the average worker using only 54 percent of their available vacation time, the personal-finance website WalletHub released its report on 2019’s Hardest-Working States in America. In order to determine where Americans work [...]

By |2019-08-26T15:17:32-08:00August 27th, 2019|Finance|Comments Off on Here are 2019’s hardest-working states in the country