The Internal Revenue Service announced the tax year 2020 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. The tax law change covered in the revenue procedure was added by the Taxpayer First Act of 2019, which increased the failure to file penalty to $330 for [...]
November 15, 2019 is the cut off date for e-filing 2016, 2017 and 2018 tax returns. This deadline is so the IRS can update their systems to get ready for the 2019 tax return filings. This does not mean you cannot file the return, it simply means that you cannot e-file the returns until the [...]
National Veterans Small Business Week is the perfect time for veterans who are business owners to check out the IRS’s online resources. Here are a few of the webpages that can help small businesses understand their tax responsibilities. Self-Employed Individuals Tax Center This a great resource for sole proprietors and others who are in business [...]
The Internal Revenue Service today urged taxpayers to act now to avoid a tax-time surprise and ensure smooth processing of their 2019 federal tax return. This is the first in a series of reminders to help taxpayers get ready for the upcoming tax filing season. To that end, a special page, newly updated and available [...]
After a natural disaster, taxpayers may need records to help them prove their disaster-related losses. This may be for tax purposes, getting federal assistance or insurance reimbursement. In many cases, these records may have been destroyed in the disaster. However, not all hope is lost as people can often reconstruct records or get copies of [...]
Agency focuses on cybersecurity awareness during National Work and Family Month The Internal Revenue Service today urged families and teens to stay vigilant in protecting personal information while connected to the internet. Although the IRS is making huge strides in fighting identity theft and thwarting fraudulent tax returns, help is needed. During National Work and [...]
Taxpayers who donate to a charity may be able to claim a deduction on their tax return. These deductions basically reduce the amount of their taxable income. Taxpayers can only deduct charitable contributions if they itemize deductions. Here are some resources for people making donations: Tax Exempt Organization Search Taxpayers must give to qualified organizations [...]
The Internal Revenue Service is participating in National Work and Family Month by issuing a series of informative tips on work-life balance throughout the month of October. The agency plans a series of news releases, fact sheets and tax tips. Topics covered include family-owned businesses, family tax credits, military tax benefits and scams and security [...]
Taxpayers who claim at least one child as their dependent on their tax return may be eligible to benefit from the child tax credit. It’s important for people who might qualify for this credit to review the eligibility rules to make sure they still qualify. Taxpayers who haven’t qualified in the past should also check [...]
As part of a wider effort to assist taxpayers and to enforce the tax laws in a rapidly changing area, the Internal Revenue Service today 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 guidance to help taxpayers [...]