The Internal Revenue Service (IRS) is up and running after the recent government shutdown. Although another government shutdown may be in the future, a recent publication by CNBC notes the temporary closure of the office is not likely to result in a decreased audit risk. This is because the agency has implemented various technological advances to review returns and flag discrepancies.
Getting ready to file your 2018 tax returns with the Internal Revenue Service (IRS)? If so, you have likely noticed the process is a bit different this year. 2017 marked some big changes — most notable in the tax world the passage of the Tax Cuts and Jobs Act (TCJA). This new law was the biggest reform to the United States Tax Code in decades.
As 2018 comes to a close, business owners are likely gathering paperwork and reviewing documents in preparation to navigate the first set of tax filings under the new laws passed with the Tax Cuts and Jobs Act (TCJA). Although changes are complex, three specific things to keep in mind that impact a large number of businesses include:
Cyber Monday is a day to get great deals on online transactions. Although the deals are still good, the overall savings may not be as high as expected for residents in Minnesota. Minnesotans may notice a new addition to their bill: sales tax.
The Internal Revenue Code is a large, confusing beast. Employers are subject to a number of requirements when it comes to paying taxes on behalf of their employees. One specific question recently posed in court: are employers required to take “affirmative action” to both account for and pay withheld taxes to the government?
If you owe the Internal Revenue Service (IRS) money, you are not alone. An estimated 8.26 million federal income tax accounts went into delinquent collections in 2017. A common reason for unexpected tax bills: 1099-MISC statements from the IRS.
Natural disasters can happen anywhere in the country. The Southeast may currently dominate newsfeeds as it prepares for a hurricane, but Minnesotans are also dealing with natural disasters as many find themselves the victims of floods.
The Internal Revenue Service (IRS) is encouraging taxpayers to review their withholding status and make changes if necessary. Without action, the agency estimates 10 million United States taxpayers could face an unexpected tax penalty on their 2018 returns.
The Tax Cuts and Jobs Act (TCJA) was touted as tax reform that would shorten tax forms and increase tax savings for most Americans. Whether or not these promises will hold true is not yet known, but here is what we know so far:
The 2017 Tax Cuts and Jobs Act (TCJA) resulted in massive tax reform. The changes impact many areas of tax law, including how we save for college. The new tax law has directly impacted 529 education savings plans.