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Education

November 2019

One of the latest audit triggers with the IRS is taxpayers who got subsidies for buying health insurance on an exchange.  The IRS computers are flagging taxpayers that don’t file returns after getting the subsidy or file a tax return that doesn’t correctly report...

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October 2019

October 15Th, is the deadline to file your tax return if you filed an extension.  If you fall in this category the IRS is urging you to do a "Paycheck Checkup" now.  This will help you to make sure the correct amount is being withheld from your paychecks...

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September 2019

If you deal in virtual currency IRS Revenue Agents are using the information the courts ordered Coinbase to turn over to the IRS to find U S customers who bought and sold bitcoins to make sure they pay their taxes.  They’re mailing letters to people they believe...

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August 2019

There have been some big bipartisan tax changes passed by congress and signed by the President recently. The Taxpayer First Act includes mandates for improved customer service, Identity protection, easing of enforcement, modernization of the IRS, cybersecurity and...

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July 2019

Members of the National Guard or military reserves, Thank You for your service.  You may be able to write off the cost of travel to drills or meetings.  If you travel more than 100 miles from home and are away from home overnight, then you qualify.  You...

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June 2019

Lawmakers agree that they need to find a way to help individuals increase their retirement savings.  There are several bills in Congress now but the lawmakers are having trouble agreeing on the ideas. One of the ideas is to offer part time workers the ability to...

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May 2019

The 20% qualified business income(QBI) deduction, for those individuals who qualify, is claimed on line 9 of the 1040 for 2018.  There isn’t a form for 2018 but starting in 2019 there will be a new form to fill out when you file your tax return to claim the 20%...

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April 2019

The due date for filing individual tax returns is April 15.  The IRS recommends that taxpayers file an extension if they need one.  Mistakes can happen when people are hurrying to file a tax return by the due date.  If you’re not ready, you can get a...

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March 2019

Taxpayers are filing their returns and are being shocked with a smaller refund or even a tax bill to pay.  The IRS is not surprised.  When they issued the new tax tables last year they didn’t factor in the loss of exemptions or loss of some itemized...

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February 2019

There are many new forms due to the tax law changes.  Don’t be fooled by the 1040, it may look simpler, but most of the line items from the old form were just moved to 6 new numbered schedules.  You will need to know which schedules are required to do your...

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January 2019

January news The IRS will be begin accepting returns on January 28th and will issue refunds even if the federal government is still in partial shutdown. The IRS will bring back some of its workers as needed to process returns and send out refunds. The IRS has...

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December 2018

December News Data mining software is being used to help the IRS find people who are cheating on their tax returns. The technology examines taxpayer information and looks for suspicious activity, which can lead to audits. The IRS is having problems with its video...

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November 2018

November News The 2018 tax laws have made it easier for the IRS to apply the accuracy-related penalty for substantial understatement of tax when the 20% business tax is involved. The threshold is now the larger of $5,000 in extra tax or 5%. If you buy a heavy SUV used...

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October 2018

October News People who have large cash deals can receive unwanted attention from the IRS. This includes cash deposits to banks and purchases from car dealers and other types of businesses. These transactions are reported to the IRS on Form 8300 and are a source of...

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September 2018

September News Don’t forget that the deadline for individuals who have filed and extension is October 15. The deadline is only for taxpayers who owe money. If you know that you won’t owe, there is no penalty for filing later. However, if you wait more than 3 years,...

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August 2018

August News The new 2018 limit on state and local taxes is $10,000. Four states are suing the United States government claiming the $10,000 limit is unconstitutional, on the bases that it interferes with the states rights to make their own taxes. Self-employed...

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July 2018

July News The child tax credit doubles to $2,000 for each dependent child under age 17. The amount of the refundable credit is $1,400. In other words, if you don’t owe taxes, you will receive a refund of $1,400. The new tax law created a $500 credit for each dependent...

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June 2018

June: 2018 Consumer Alerts on Tax Scams Note that the IRS: WILL NEVER: Threaten to immediately bring in local police or other law-enforcement groups to have you arrested for not paying.        Call to demand immediate payment using a specific payment method such as a...

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May 2018

May: 2018 The IRS encourages taxpayers who typically itemized their deductions on Schedule A of the Form 1040 to use the Withholding Calculator this year to perform a “paycheck checkup.” The IRS encourages everyone to use it as soon as possible. Waiting could have a...

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April: 2018

April: 2018     The tax filing deadline for individuals, partnerships and S corporations is April 17 this year.Use Form 4868 for individuals and Form 7004 for partnerships and S corporations. Extensions can be filed electronically or can be mailed in. When mailing...

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