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IRS Archives

Inflation-based tax changes for FY 2020 announced

The IRS has announced inflation adjustments in dozens of areas, some prompted by the Taxpayer First Act of 2019. Taxpayers should use the new amounts when planning for their 2020 taxes. For example, starting in 2020, the penalty for failing to file a return goes up to $330.

IRS: Tax law change meant about 2.7 million fewer 2018 refunds

The Tax Cuts and Jobs Act was signed into law in December 2017. One of the more notable things the law changed was the increase to the standard deduction, which made it unnecessary for most people to itemize their deductions. It also increased the child tax credit and lowered some tax rates.

IRS provides guidance on reporting cryptocurrency income

Many investors in Bitcoin and other virtual currencies have been confused about how those investments are taxed. As we've noted before on this blog, cryptocurrency gains are taxed like capital gains. That means that you'll need to keep detailed records on what you paid and what you got when you sold the virtual currency. You will be taxed based on the difference.

Received a lawsuit award or settlement? You could owe taxes

If you've won or settled a lawsuit this year, you need to be aware that some kinds of awards and settlements are taxable. Moreover, you will be taxed on the entire award or settlement, even though 30% or 40% may have gone to your lawyer. The Tax Cuts & Jobs Act increased the tax rate on qualifying awards and settlements.

The rules for claiming disaster losses changed with tax reform

If you're a Minnesota snowbird, you may have been watching Hurricane Dorian with special attention. Was your second home or vacation property damaged? Or, you may have a farm or agricultural property that was damaged in the spring flooding. Either way, you might have a casualty loss deduction to claim on your federal tax return.

Got an unsolicited email claiming to be from the IRS? It's not.

The IRS doesn't send unsolicited emails at all, and it certainly doesn't email taxpayers about the status of their refunds. That's the first thing you need to know if you receive an email that looks like it came from the IRS.

Burned by failing to withhold enough? IRS announces new estimator

The 2017 Tax Cuts and Jobs Act changed a number of things, eliminating many traditional tax exemptions and raising the standard deduction so that itemizing was much less common. As a result, the IRS recommended that people reconsider their 2018 tax withholdings and offered an online calculator to help.

Need to pay estimated taxes? A couple of tips

The middle of July is a good time to talk about paying your quarterly estimated taxes because the need to file is not imminent. Estimated taxes are required for many people who own small businesses or are self-employed, including those working as independent contractors for an established company. They also may be required for people who receive income from interest, dividends, capital gains, prizes and awards.

Is your ITIN set to expire?

The Internal Revenue Service (IRS) recently announced “millions” of Individual Taxpayer Identification Numbers (ITINs) will expire in 2019.

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