IRS Faces Perfect Storm With Shutdown Aftermath, Tax Law Implementation

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The IRS faces a challenging tax season.

As tax season approaches, the government shutdown, combined with implementation of Republican tax changes, the IRS faces an overwhelming challenge.

Officials have called many IRS workers back to their jobs for tax season. But many were not being paid. At the same time, the agency is trying to implement sweeping tax law changes.

According to the Washington Post:

Trainings for IRS employees…

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Tax Season Is Around The Corner

Tax season
Tax season is almost here.

Tax season will kick off toward the end of January regardless of the government shutdown, the IRS says.

The agency announced that tax season will begin Jan. 29.

“We are committed to ensuring that taxpayers receive their refunds notwithstanding the government shutdown. I appreciate the hard work of the employees and their commitment to the taxpayers during this period,” said IRS…

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Will Government Shutdown Slow Tax Refunds?

tax refunds
Tax refunds could be delayed by the federal government shutdown.

The federal government’s partial shutdown could delay tax refunds.

According to CNBC, the IRS hasn’t said how long the shutdown would have to be before it affects the agency’s ability to process tax refunds. But, according to the network, the shutdown’s effect could be magnified by changes to the tax code passed in 2017:

In 2018, it nearly doubled…

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Understaffed IRS Eyes Social Media To Catch Tax Cheats

IRS
Cuts at the IRS could delay tax returns. By Joshua Doubek (Own work) [CC BY-SA 3.0 (https://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons
The IRS, following years of budget cuts that have eroded its ability to police wealthy tax cheats, is turning to the Internet for help

The agency recently acknowledged it will monitor social media to go after tax dodgers. According to Quartz:

“Businesses and individuals increasingly use…

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Follow These Accounting Tips For A Happy New Year

accounting
Accounting is part of business success.

Keeping your accounting house in order is a great holiday gift for any small business person.

And these accounting tips can help you do just that.

Keep personal, business finances separate

Keeping your business and personal finances separate will make accounting a much simpler task, even when all your income comes from the business.

“Doing this will save you a great deal of time and energy…

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IRS Announces Increase In Mileage Rates

IRS
The IRS has released new mileage rates for 2019.

The IRS has announced new mileage rates for 2019, amounting to an increase in the rates for small businesses.

The new rates are:

 

  • 58 cents per mile for each business mile, up 3.5 cents from 54.5 cents for 2018;
  • 20 cents per mile to cover moving or medical purposes, up 2 cents from 18 cents for 2018;
  • 14 cents per…
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There’s Still Time To Save On Taxes With These Holiday Tips

Taxes
‘Tis the season to save on taxes.

‘Tis the season to put your last-minute strategies in place to save on taxes.

And there are a few things you can do in the waning weeks of the year to reduce the amount you pay in taxes. Here are some tips.

Get your charitable ducks in a row

You have until December 31 to make charitable deductions that will save you money…

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GOP Committee Chair Floats Changes To Taxes

Taxes
An important Congressman has plans to change taxes.

The top tax person in the House of Representatives wants to revamp taxes, just a year after a major rewrite made its way through Congress.

Kevin Brady, the Republican Chairman of the House Ways and Means Committee, unveiled his proposal last week. Prospects for the proposal, though, aren’t clear. Brady won’t be the top person in the House when it comes…

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IRS Gift Tax Rules Benefit Wealthy

IRS
New IRS rules benefit wealthy individuals who want to pass on their treasure.

The IRS has released proposed rules that will benefit wealthy individuals who wish to pass on their money.

The proposed IRS rules clarify gift and inheritance tax benefits passed as part of last year’s overhaul of the tax code by the Republican-controlled Congress and signed by President Donald Trump.

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Wilton Manors Accountants Have Your Needs Covered

Wilton Manors accountants
The Wilton Manors accountants of Sterling Accounting can help with multiple issues.

Whether you’re looking for top notch tax preparation or business bookkeeping, the Wilton Manors accountants of Sterling Accounting can help.

As the Wilton Manors accountants point out on Sterling’s website: “We serve every client with a depth of resources and the highest level of expertise offering personal attention and access that…

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