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

IRS: tax pros urged to report thefts immediately; create recovery plan

The Internal Revenue Service and its Security Summit partners want to remind tax professionals they should report data theft immediately to the IRS and follow an established process for helping the IRS protect their clients. If notified promptly, the IRS can help stop fraudulent tax returns from being filed in [...]

By |2019-08-18T13:53:22-08:00August 20th, 2019|Finance|Comments Off on IRS: tax pros urged to report thefts immediately; create recovery plan

IRS launches online ‘Tax Withholding Estimator’ for paycheck checkups

The Internal Revenue Service launched a new Tax Withholding Estimator, an expanded, mobile-friendly online tool for everyone to have the right amount of tax withheld during the year. The Tax Withholding Estimator replaces the Withholding Calculator, which offered workers a convenient online method for checking withholdings. The newer Tax Withholding [...]

By |2019-08-12T10:23:19-08:00August 13th, 2019|Finance|Comments Off on IRS launches online ‘Tax Withholding Estimator’ for paycheck checkups

IRS, treasury issue guidance on making or revoking bonus depreciation elections

The Internal Revenue Service recently issued a revenue procedure letting a taxpayer make a late election, or to revoke an election, under section 168(k) for certain property acquired by the taxpayer after Sept. 27, 2017, and placed in service by the taxpayer during its taxable year that includes Sept. 28, [...]

By |2019-08-05T15:39:36-08:00August 6th, 2019|Finance|Comments Off on IRS, treasury issue guidance on making or revoking bonus depreciation elections

Orlando IRS nationwide tax forum: seminars on cybersecurity, new tax law

Tax professionals who attend the IRS Nationwide Tax Forum in Orlando, Florida, will learn the latest on cybersecurity, ethics, tax law changes for 2019 and more. The forum is being held from Aug. 13-15. Enrolled agents, certified public accountants, certified financial planners, Annual Filing Season Program participants and other tax [...]

By |2019-07-29T17:28:50-08:00July 30th, 2019|Finance|Comments Off on Orlando IRS nationwide tax forum: seminars on cybersecurity, new tax law

Knowing your ‘Taxpayer Bill of Rights’

If you're a taxpayer, you should know your Taxpayer Bill of Rights. The Taxpayer Bill of Rights is a cornerstone document highlighting the 10 fundamental rights taxpayers have when working with the Internal Revenue Service. The IRS wants every taxpayer to be aware of these rights in the event they [...]

By |2019-07-22T15:46:22-08:00July 23rd, 2019|Finance|Comments Off on Knowing your ‘Taxpayer Bill of Rights’

Deadline nears for combat-injured vets to claim tax refunds of up to $3,200

The Internal Revenue Service is reminding veterans who received disability severance payments after 1991 and claimed it as income that time may be running out to claim their refund. Veterans should take action soon if they received a notice (letters 6060-A and 6060-D) and have not already filed Form 1040-X, Amended [...]

By |2019-07-15T11:22:19-08:00July 16th, 2019|Finance|Comments Off on Deadline nears for combat-injured vets to claim tax refunds of up to $3,200