The Internal Revenue Service issued final regulations on the business expense deduction for meals and entertainment following changes made by the Tax Cuts and Jobs Act (TCJA). The 2017 TCJA generally eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation. However, taxpayers may still deduct business expenses related to [...]
The Internal Revenue Service reminds business owners and self-employed individuals of three employer credits available to them during COVID-19. During Small Business Week, the IRS wants to ensure all eligible people know about the relief these credits provide. The Employee Retention Credit is designed to encourage businesses to keep employees on their payroll. The refundable [...]
Federal benefit recipients who don’t normally have a filing requirement but do have qualifying children must register by Wednesday, Sept. 30 to receive a $500 catch-up payment per child. Other non-filers have until Thursday, Oct. 15 to register for their Economic Impact Payment. Anyone using the Non-Filers tool can speed up the arrival of their [...]
During Small Business Week, the Internal Revenue Service reminds business owners and self-employed individuals of the employer credits available to them during COVID-19. These credits were specially created to help small business owners during this unprecedented time. During Small Business Week, the IRS wants to ensure all eligible people know about the relief these credits [...]
Understanding the tax responsibilities that come with starting a business venture can save taxpayers money and help set them up for success. IRS.gov has the resources and answers to help people through the process of starting a new business. Here are six tips for new business owners. Choose a business structure. The form of business [...]
The Internal Revenue Service today reminds taxpayers who filed an extension that the Oct. 15 due date to file 2019 tax returns is approaching. Taxpayers should complete their tax returns and file on or before the Oct. 15 deadline. Convenient electronic filing options, including IRS Free File, are still available. Taxpayers and tax professionals should [...]
Due to the Coronavirus pandemic, millions of Americans received or are currently receiving unemployment compensation, many of them for the first time. It’s important for these individuals to know that unemployment compensation is taxable. People can have taxes withheld from this compensation now to help avoid owing taxes on this income when they file their [...]
The IRS will correct common errors during processing. However, there are certain situations in which a taxpayer may need to file an amended return to make a correction. Taxpayers can now file some amended electronically. Here are some tips for anyone who discovered they made a mistake or forgot to include something on their tax [...]
October 15 is almost here. That’s the last day to file for most people who requested an extension for their 2019 tax return. These taxpayers can file any time before Thursday, Oct. 15 if they have all their required tax documents. They can also pay part or all of their taxes anytime on IRS.gov. Here [...]
In mid-August interest payments were sent to nearly 14 million individual taxpayers. People who got these payments filed their 2019 federal income tax returns by the July 15 deadline and were owed refunds. These interest payments averaged about $18. The IRS issued most of the payments separately from tax refunds. Most taxpayers who received their [...]