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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The Murphy administration plans to push ahead with the implementation of rules that would allow a state to circumvent the federal cap for state and local taxes, despite a push to clamp down on such ef... [...]
Tue, Sep 25, 2018
Source: IRS News
Gov. Phil Murphy's administration is moving forward with a law to help New Jerseyans get around a new $10,000 limit on state and local tax deductions -- even though the IRS rejected the effort. The st... [...]
Tue, Sep 25, 2018
Source: IRS News
COLUMBUS COUNTY, NC (Press Release) — All Columbus County shelters will be combined into one shelter located at the Whiteville Recreation Center located at 155 Rec Center Drive in Whiteville. All shel... [...]
Tue, Sep 25, 2018
Source: IRS News
A panel of museum directors, curators, art scholars and dealers (the Panel) helps the Internal Revenue Service value artwork gifts. At stake are income tax deductions for charitable donors and gift an... [...]
Tue, Sep 25, 2018
Source: IRS News
The great IRS electronic filing system outage of 2018 could have been avoided, a new Treasury Inspector General report has found. The report, released Sept. 19, provides a step-by-step look at what we... [...]
Tue, Sep 25, 2018
Source: IRS News
BRIDGEPORT-Skimming cash off restaurant books and paying employees under the table resulted in a guilty plea from a partner in a restaurant group that operated a pizzeria in Old Greenwich and a bar in ... [...]
Tue, Sep 25, 2018
Source: IRS News
So you want to retire early? Good for you. But, even if you have enough total funds to comfortably support yourself, some retirement plan assets may be locked away or awkward to access. But if you nee... [...]
Tue, Sep 25, 2018
Source: IRS News
Q. I have assumed power of attorney for an elderly friend who is 88. Due to scams and/or financial mismanagement, her finances are sketchy. Social Security covers most of her living expenses, and she ... [...]
Tue, Sep 25, 2018
Source: IRS News
In a Notice and accompanying news release, IRS has provided guidance, in the form of questions and answers (Q&As), on the new Code Sec. 45S employer credit for paid family and medical leave, which was ... [...]
Mon, Sep 24, 2018
Source: IRS News
Sens. Jon Tester (D-Mont.) and Ron Wyden (D-Ore.) on Monday announced an effort to force a Senate vote on IRS guidance that reduces donor disclosure requirements for certain tax-exempt groups. The sen... [...]
Mon, Sep 24, 2018
Source: IRS News