Tag: taxes

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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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 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

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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.

According to Continue reading »

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

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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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