Posted: August 14, 2019
The IRS is automatically waiving the estimated tax penalty for the more than 400,000 eligible taxpayers who already filed their 2018 federal income tax returns but did not claim the waiver.
Posted: June 11, 2019
The U.S. Department of the Treasury and the IRS have issued final regulations that require taxpayers to reduce their charitable contribution deductions by the amount of any state or local tax credits they receive or expect to receive in return.
Posted: May 31, 2019
The IRS has issued a draft of the 2020 Form W-4, Employee's Withholding Allowance Certificate, that will make accurate withholding easier for employees starting next year.
Posted: May 10, 2019
The IRS reminds small businesses that recent tax reform legislation lowered the backup withholding tax rate to 24 percent and the withholding rate that usually applies to bonuses and other supplemental wages to 22 percent. The agency also urges employers to encourage their employees to check their withholding using the IRS Withholding Calculator.
Posted: March 29, 2019
The IRS has clarified the tax treatment of state and local tax refunds arising from any year in which the new limit on the state and local tax (SALT) deduction is in effect.
Posted: March 22, 2019
Preparers of these so-called fiduciary returns should review changes - including new opportunities for tax savings - enacted by the law known as the Tax Cuts and Jobs Act.