The Tax Cuts and Jobs Act (TCJA), which passed in December 2017, made fundamental changes to the U.S. tax code, and 2018 returns were the first time most taxpayers could see the practical impact of these changes. In an April 2019 Gallup poll, 43% of Americans said they were unsure how the new tax law…
A tax credit for wages paid to employees taking FMLA leave may generally be taken by employers who have a written paid family and medical leave policy that: Provides all qualifying full-time employees—employees who have been employed for a year or more and who had compensation of not more than $72,000 in the preceding year—at…
The federal income tax filing deadline for most individuals is Monday, April 15, 2019. Need more time? If you’re not able to file your federal income tax return by the due date, you can file for an extension using IRS Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.…
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…
The IRS has announced that it will begin processing 2018 federal income tax returns on January 28, 2019. The filing deadline to submit 2018 tax returns is April 15, 2019 for most taxpayers. Click here for more information.
The Internal Revenue Service has announced that the optional standard mileage rate used to calculate the costs of operating a car, van, pickup truck, or panel truck for business purposes in 2019 will be 58 cents per mile, up from 54.5 cents per mile in 2018. The 2019 rates for automobiles used for charitable, medical,…
If you pay an individual (who is not an employee) or partnership for “services” rendered and the amount paid for the year is $600 or more, you must file an information return, Form 1099-MISC, with the IRS and provide a copy to the individual. Form 1099s are required to be filed and distributed by January…
The IRS and Treasury have released proposed regulations and guidance for the Opportunity Zone program introduced as part of the 2017 Tax Act. The Opportunity Zone program offers significant tax incentives (including gain deferral and partial exclusion) to investors who make qualified investments of capital gains in Opportunity Zones — i.e., the low-income urban and…
IR-2018-203, October 16, 2018 WASHINGTON — The Internal Revenue Service today 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.…
New technologies aided a massive phone scam, but investigators turned the tables on the scheme, which allegedly caused ‘hundreds of millions of dollars’ in taxpayer losses. On Nov. 24, 2014, a woman named Diana received a menacing phone call in Hernando, Miss., a small city nestled in the northwest corner of the state. A caller…
