IRS News

New Federal Withholding Tables

The 2018 federal withholding tables, which were issued later than usual due to enactment of the Tax Cuts and Jobs Act (the Act), must be used beginning Thursday, Feb. 15, 2018. That is also the deadline for changing the optional flat rate for withholding on supplemental wage payments of $1 million or less (bonuses, commissions,

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Beware of Fake Calls to Return IRS Refund Money to a Collection Agency

The Internal Revenue Service today warned taxpayers of a quickly growing scam involving erroneous tax refunds being deposited into their bank accounts. Following up on a Security Summit alert issued Feb. 2, the IRS issued this additional warning about the new scheme. In addition, the number of potential taxpayer victims jumped from a few hundred

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How to avoid a surprise tax burden for 2016

As you come to the end of 2016, ask yourself a few simple questions in regard to your tax position. What will I do if my return is prepared and there is a large balance due that I am not prepared to pay? What can I do now to estimate what my tax liability may

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WASHINGTON - The government shutdown is hampering the Internal Revenue Service's ability to prepare for the first filing season under the new Republican tax law, complicating the work of the agency ta... [...]
Tue, Jan 22, 2019
Source: IRS News
The Internal Revenue Service (IRS) is building a $99-million supercomputer that will give the agency the “unprecedented ability to track the lives and transactions of tens of millions of American citi... [...]
Tue, Jan 22, 2019
Source: IRS News
The IRS announced last Wednesday it will waive the penalty for taxpayers who didn't withhold enough tax in 2018 but still paid at least 85% of their tax liability—a change from the 90% taxpayers ... [...]
Tue, Jan 22, 2019
Source: IRS News
Under new Section 4960 ("Section 4960") of the Internal Revenue Code of 1986, as amended ("IRC") that was adopted as part of the Tax Cuts and Jobs Act of 2017 (Tax Act), an excise tax under IRC Sectio... [...]
Tue, Jan 22, 2019
Source: IRS News
Madison County Finance Director to retire amid controversy related to an IRS fine The retirement is just two weeks after the county commission and Mayor's office became aware of a $208,520 fine by the ... [...]
Tue, Jan 22, 2019
Source: IRS News
The IRS will begin accepting tax returns in less than a week, despite the longest-running government shutdown in US history. Last week, about 46,000 IRS employees — just over half of its total ... [...]
Tue, Jan 22, 2019
Source: IRS News
Business owners — and their accountants — can rest a bit easier: The IRS has given them the long-anticipated final word on how they can claim one of the biggest perks in the 2017 Republican tax overha... [...]
Tue, Jan 22, 2019
Source: IRS News
Taxpayers are once again on the hook for their government's malfeasance. A federal judge recently found in favor of dozens of conservative groups which brought a class-action lawsuit against the IRS f... [...]
Mon, Jan 21, 2019
Source: IRS News
Great news for traders: Section 199A final regs confirm QBI includes Section 475 ordinary income and loss. On Jan. 18, 2019, the IRS issued final 199A regs for the 2017 Tax Cuts and Jobs Act (TCJA) 20 ... [...]
Mon, Jan 21, 2019
Source: IRS News
Great news for traders: Section 199A final regs confirm QBI includes Section 475 ordinary income and loss. On Jan. 18, 2019, the IRS issued final 199A regs for the 2017 Tax Cuts and Jobs Act (TCJA) 20 ... [...]
Mon, Jan 21, 2019
Source: IRS News