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Taxpayers who still haven’t filed their 2018 tax return

Millions of ITIN’s set to expire in 2019; Renew early to prevent refund delays Nearly 2 million Individual Taxpayer Identification Numbers (ITINs) are set to expire at the end of 2019. The IRS continues to urge affected taxpayers to submit their renewal applications early to avoid refund delays next year. Renewing before the end of […]

Taxpayers who still haven’t filed their 2018 tax return

Taxpayers who still haven’t filed their 2018 tax return Some things taxpayers should know: Penalties and interest are only added on unfiled returns if the taxpayer did not pay taxes by the April deadline. Taxpayers who did not file and owe tax should file a tax return and pay as much as they are able […]

Tax Related ID Theft: What to Look For

Tax related identity theft occurs when a thief uses someone’s stolen Social Security number to file a tax return and claim a fraudulent refund. Here are some things people should know about identity theft, including warning signs and steps to take after identity theft occurs. Warning Signs: Taxpayers should be alert to tax related identity […]

Identity theft remains on “Dirty Dozen” list

Tax-related identity theft remains serious enough to earn a spot on the agency’s 2019 “Dirty Dozen” list of tax scams. We encourage taxpayers to continue to be on the lookout for identity theft schemes, including email phising attempts. Many of these schemes peak during filing season. Tax related identity theft occurs when someone uses a […]

Taxpayers can minimize the effects of data theft with these steps.

Theft of personal and financial information puts people at risk of additional problems. Thieves often use the stolen data to: Sell the information to other criminals Withdraw money from a bank account Make credit card purchases File a fraudulent tax return for a refund using a victim’s name. Victims should follow these steps to minimize […]

Underpayment of Estimated Income Tax by Individual Farmers and Fishermen

The IRS is granting an extension of the March 1st deadline for farmers and fishermen to make their estimated tax payment before being subject to estimated tax penalties– as long as they file and pay the full amount of tax reported on their 2018 return by April 15, 2019 (or by April 17, 2019, for […]

Revenue Procedure 2019-08

The Internal Revenue Service issued Revenue Procedure 2019-08 today to provide guidance on deducting expenses under Section 179(a). These rules, as amended by the Tax Cuts and Jobs Act (TCJA) in December 2017, generally apply to tax years beginning after 2017. Section 179 allows taxpayers to deduct the cost of certain property as an expense […]

Slightly Embellished Prayer (Russell Baker)

“O mighty Internal Revenue, Who turneth the labor of man to ashes, We thank thee for the multitude of thy forms, Which thou has set before us, And for the infinite confusion of thy commandments, Which multiplieth the fortunes of (enrolled agents) and accountants alike, Grant that this sacrifice not be found insufficient unto they […]

New Form 1040

Form 1040 has been redesigned for tax year 2018. The revised form consolidates Forms 1040, 1040A and 1040-EZ into one form that all individual taxpayers will use to file their 2018 federal income tax return. Renew ITIN to avoid refund delays Many Individual Taxpayer Identification Numbers (ITINs) expired on December 31, 2018. This includes any […]

IRS kicks off tax-filing season as tax agency reopens

The Internal Revenue Service successfully opened the 2019 tax-filing season! More than 150 million individual tax returns for the 2018 tax year are expected. The IRS worked to successfully implement the biggest tax law changes in 30 years. Following the government shutdown, the IRS is working to promptly resume normal operations. “Taxpayers can minimize errors […]