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Newest Member to the IG Family

2018-12-07T21:59:58+00:00December 7th, 2018|

 

 

The Internal Revenue Service has added Instagram as a new platform to their social media portfolio. This is to help all taxpayers understand and meet their tax responsibilities

Topics Included for Instagram

The IRS News account (https://www.instagram.com/irsnews) will provide taxpayers with the latest information on the tax law changes for the upcoming 2019 filing season. A […]

Standard Deduction Changes

2018-11-21T21:41:04+00:00November 21st, 2018|

The Internal Revenue Service today advised taxpayers  of the tax law changes . The  standard deduction will double next year. Therefore,discouraging taxpayers  to itemize on their return.

Upcoming Reminders

This is the sixth in a series of reminders to help taxpayers prepare for the upcoming tax filing season. The IRS has recently updated its Get Ready page with […]

Charitable Contribution Deductions

2018-11-15T21:37:03+00:00November 15th, 2018|

The U.S. Department of the Treasury issued new rules and regulations on certain state or local tax credits.  The Internal Revenue Service also provided insight into the availability of charitable contribution deductions.

 

The regulations clarify the relationship between state and local tax credits. This also includes federal tax rules for charitable contribution deductions. The proposed regulations […]

Tax Credits for Veterans

2018-11-09T21:10:31+00:00November 9th, 2018|

The Combat-Injured Veterans Tax Fairness Act of 2016This act allows veterans who received a lump sum disability severance payments more time to file a claim. This is a credit or a refund of an over payment. The law ordered the Secretary of Defense to classify disability severance […]

Beware of Charity Scams!

2018-11-19T18:31:24+00:00November 2nd, 2018|

In the wake of Hurricane Florence, the Internal Revenue Service wants taxpayers to be aware of  criminals and scammers who try to take advantage of those who want to help victims of major disasters.
Fraudulent schemes normally start with unsolicited contact by telephone, social media, e-mail or in-person using a variety of tactics.

• Some impersonate charities […]

Attention All Business Owners and Self Employed Individuals

2018-10-25T21:48:59+00:00October 25th, 2018|

Washington — October 16, 2018, The Internal Revenue Service reminded business owners that tax reform legislation passed last December affects nearly every business.
With just a few months left in the year, the IRS is highlighting important information for small businesses and self-employed individuals to help them understand and meet their tax obligations.

Qualified Business Income Deduction
Many […]

Save Your Receipts!

2018-10-19T14:33:06+00:00October 19th, 2018|

WASHINGTON — The Internal Revenue Service issued guidance on the business expense deduction for meals and entertainment following law changes in the Tax Cuts and Jobs Act (TCJA).
The 2017 TCJA eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation.

Taxpayers may continue to deduct 50 percent of the cost of […]

Deductions for Business Owners

2018-10-10T18:18:17+00:00October 10th, 2018|

WASHINGTON — The Internal Revenue Service issued proposed regulations on August 08, 2018 for a new provision allowing many owners of sole proprietorships, partnerships, trusts and S corporations to deduct 20 percent of their qualified business income.

The new deduction — referred to as the Section 199A deduction or the deduction for qualified business income […]

Hurricane Florence Tax Relief for Taxpayers

2018-10-04T15:41:53+00:00October 4th, 2018|

Victims of Hurricane Florence in South Carolina

SOUTH CAROLINA — Victims of Hurricane Florence that took place beginning on Sept. 8, 2018 in South Carolina may qualify for tax relief from the Internal Revenue Service.
The President has declared that a major disaster exists in the State of South Carolina. Following the recent disaster declaration for […]