Tag: irs

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?

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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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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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Withholding Changes Could Lead To Issues With Taxes

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Our expertise in taxes can help you navigate issues with withholding.

Many Americans may face trouble with taxes because they’ve failed to take into account new withholding rules.

According to CNBC:

The IRS has been warning filers all year to ensure they’re withholding enough tax from their pay in order to avoid a surprise tax bill in 2019.

Turns out, few people seem to be listening.

At least that’s…

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IRS Boosts Limits For Retirement Accounts

IRS
The IRS has increased contribution limits for retirement accounts.

The IRS announced last week it had increased contribution limits for retirement accounts for 2019.

According to Money Magazine:

The cap on annual contributions to a traditional and Roth IRA, which hadn’t changed since 2013, will rise to $6,000 from $5,500. The catch-up contribution to these accounts for those ages 50…

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Tax Audits Fall Victim To Budget Cuts

tax audits
The IRS has cut back on tax audits.

The IRS has pulled back on tax audits following years of budget cuts at the agency.

The agency’s enforcement division was slashed as a result of 2011 budget cuts, according to a joint investigation by Pro Publica and the New York Times. According to the report:

Bringing cases against people who evade taxes on legal income is central…

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IRS Expected To Allow Continued Meal Tax Deductions

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Deductions for business meals may continue.

A pending IRS ruling may ease concerns about deductions for business meals.

According to the Wall Street Journal, the IRS is expected to release guidance that deductions for 50 percent of the cost of taking clients out for business meals. There had been concern about the deductions going away as a result of the massive tax overhaul passed…

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IRS Use Of Private Tax Collectors Underperforms

IRS
An effort to have private collectors help the IRS has turned in an underwhelming performance.

A program that requires the IRS to use private companies to make tax collection attempts has not performed as advocates hoped, according to a report by the Treasury Inspector General For Tax Administration.

This latest report is the third time in three months an independent review has found the IRS

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