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Filing an income tax return after the annual April deadline usually isn’t the end of the world, but there’s a right way and a wrong way to do it. Here are some common mistakes to avoid if you’re filing taxes late. 1. Doing nothing in April If you plan to file your tax return late, …
Continue reading 6 Late-Filing Tax Mistakes You Need to Avoid
The IRS on Friday posted a draft of a form that affected taxpayers will submit with their 2019 tax returns showing how they computed their qualified business income (QBI) deduction under Sec. 199A. Taxpayers who have QBI, qualified real estate investment trust (REIT) dividends, or qualified income from a publicly traded partnership (PTP) will use …
Continue reading Taxpayers will file QBI deduction computation with IRS next year
It's time to visit your books to make sure your business is adhering to newly implemented laws and regulations. The new year is a time for resolutions and fresh starts. It also represents the beginning of a new fiscal and tax year, meaning it’s time to visit your books to make sure you and any …
Continue reading 3 Crucial Small Business Payroll and HR Updates for 2019
On Nov. 15, the IRS issued the 2019 annual inflation adjustments for many tax provisions as well as the 2019 tax rate tables for individuals and estates and trusts (Rev. Proc. 2018-57). These adjusted amounts will be used to prepare tax year 2019 returns in 2020. Many amounts are increasing for inflation in 2019. The …
Continue reading Inflation-adjusted items and tax tables for 2019 tax year are released
The IRS finalized regulations on Wednesday on the Sec. 965 transition tax, which was added to the Code by the law known as the Tax Cuts and Jobs Act, P.L. 115-97. Sec. 965 applies to the last tax year of a deferred foreign income corporation (DFIC) that begins before Jan. 1, 2018. The Subpart F …
Continue reading Final regulations govern Sec. 965 transition tax
A new sales tax rule is being enacted in over half the states in the nation. This brief guide explains the basics of economic nexus laws, provides resources to help keep your company compliant and considers how the law may benefit local businesses. Just when you thought business taxes couldn’t get more complicated, an increasing …
Continue reading New Sales Tax Rules Affect Certain Small Businesses Across the U.S.
In IR-2018-190 and Notice 2018-75, the IRS announced that employer reimbursements made in 2018 of qualified moving expenses incurred prior to 2018 in connection with a move that occurred prior to Jan. 1, 2018, may be excluded from employees' wages and gross income despite the suspension of the exclusion for tax years 2018 through 2025 …
Responding to concerns that individual taxpayers may have found it difficult to correctly estimate their 2018 tax liability because of the many changes enacted in the law known as the Tax Cuts and Jobs Act, P.L. 115-97, the IRS issued relief from the penalty for underpayment of estimated income tax to individual taxpayers who have …
Continue reading Some individual taxpayers get relief from underpayment penalty
The IRS announced that as a result of feedback from payroll and tax professionals, extensive changes it had planned to make to the 2019 Form W-4, Employee's Withholding Allowance Certificate, will be postponed until 2020. Last year, the IRS published a draft of the 2019 Form W-4 and instructions intended to better incorporate the personal …
Continue reading IRS to table changes planned for Form W-4 until 2020
On Friday, the IRS announced the opening of its Free File program, which provides free electronic filing to qualifying taxpayers, generally those who earned $66,000 or less last year. The program is opening before the regular filing season, which will begin Jan. 28, and is available only through the IRS website at irs.gov/freefile. After they …
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