The Internal Revenue Service is offering a free webinar. They’ll be focusing on the importance of filing a return on time, even if the tax due cannot be paid.
Though primarily designed for tax professionals, many people who prepare their own returns may find this webinar helpful. The webinar, “Filing is the Thing to Do, […]
WASHINGTON — Hiding money or assets in unreported offshore accounts remains on the Internal Revenue Service’s “Dirty Dozen” list of tax scams for 2019.
Compiled annually, the “Dirty Dozen” lists a variety of common scams that taxpayers may encounter anytime, including offshore schemes. Many of these peak during filing season as people prepare their tax returns […]
In order to combat identity theft and fraud, the IRS may require additional information as part of the Taxpayer Protection Program. Failure to provide this information may result in the IRS flipping the taxpayer’s disbursement to an IRS-mailed check.
In these situations we do not receive your client’s refund, so we can’t collect your fees, […]
The Internal Revenue Service is warning taxpayers to avoid unethical tax return preparers, known as ghost preparers.
By law, anyone who is paid to prepare or assist in preparing federal tax returns must have a valid 2019 Preparer Tax Identification Number, or PTIN. Paid preparers must sign the return and include their PTIN.
But ‘ghost’ preparers do […]
IR-2019-07, January 28, 2019
WASHINGTON ― The Internal Revenue Service successfully opened the 2019 tax-filing season today as the agency started accepting and processing federal tax returns for tax year 2018. Despite the major tax law changes made by the Tax Cuts and Jobs Act, the IRS was able to open this year’s tax-filing season one […]
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 Deductions
Many […]
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 […]
WASHINGTON — The Internal Revenue Service issued proposed regulations on August 08, 2018 for a new provision allowing deductions for many business 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 […]
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 individual […]