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.
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 can limit your ability to travel.
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.
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:
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 taxes.
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.
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.
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.
Taxpayers that requested a six-month extension to their filing deadline are fast approaching Tax Day. Those who applied and were granted the extension are expected to file with the Internal Revenue Service (IRS) by October 15.
The Internal Revenue Service (IRS) recently released a publication that provides tips for data security for tax professionals. The publication is the result of a recent Security Summit that focused on the issue.