Tax Day signifies a payment due date for more than just individual’s income tax returns. The Internal Revenue Service (IRS) also expects payment of the first quarterly tax payment for 2019 on April 15. What are quarterly tax payments? The IRS often requires quarterly tax payments for taxpayers who do not […]
Category: IRS
The Internal Revenue Service (IRS) recently expanded the penalty relief for taxpayers who owe taxes for the 2018 tax year. In the past, the agency would charge a penalty on taxpayers who failed to pay at least 90 percent of their tax obligation during the tax year. Employers generally take […]
Recent data shows that only 16 percent of United States taxpayers adjusted their withholdings after the new tax law passed. Without a change to one’s withholding status, taxpayers could find themselves facing an unexpected tax bill this tax season. Two options for taxpayers struggling with their tax bill: Installment plan […]
The Internal Revenue Service (IRS) has a number of tools it can use to demand tax payment from taxpayers. Those who fail to make their payments can face additional fees and have the government take the money directly from their paycheck through levies. Another tool available to the IRS: they […]
We live in a world where global investments are common. Flights can get us from country to country in a matter of hours. This ability to travel has resulted in the ability to become global citizens — putting large quantities of time and money in different countries. United States citizens that choose […]
Taxpayers have a short time to take advantage of tax savings before the end of 2018. Before ringing in the New Year, consider the following: Have you reviewed your tax deductions? As noted in previous posts, the Tax Cuts and Jobs Act led to a serious overhaul of the tax system. One […]
This time of year, Black Friday and Cyber Monday are in serious competition for retail shoppers. In the past, Cyber Monday has had one distinct advantage over Black Friday: a lower tax bill. Cyber Monday shoppers could often take advantage of a final bill that did not include state sales […]
The Internal Revenue Service (IRS) has released another publication calling taxpayers to review their withholding status. The tip is a good one for taxpayers throughout the country. A failure to properly adjust one’s withholding status can result in a big tax surprise when filing one’s 2018 tax returns. Why the […]
The Internal Revenue Service (IRS) recently reminded tax preparation professionals to renew their Preparer Tax Identification Numbers (PTINs) for 2019. The IRS states current PTINs expire on December 31, 2018. How do I renew my PTIN? Tax preparation professionals that currently hold a PTIN or are looking to apply for a […]
The Tax Cuts and Jobs Act (TCJA) passed at the end of 2017 resulted in significant tax reform that will begin with the 2018 tax year. These changes will impact most small businesses in many different ways. One impact: fringe benefits. The Internal Revenue Service (IRS) recently outlined three specific changes […]