Drought-stricken farmers and ranchers have more time to replace livestock Farmers and ranchers who were forced to sell livestock due to drought may get extra time to replace the livestock and defer tax on any gains from the forced sales. Here are some facts about this to help farmers understand how the deferral works and… Read More »
Information to help taxpayers understand the different tax filing statuses to file your taxes Taxpayers usually do not think about their marital status until they file their taxes. However, the marital status of a taxpayer could change during the year, so it is always a good time for a taxpayer to know the different… Read More »
IRS issues guidance on changes in Employment Law and Tax Reduction deductions for business expenses for meals, entertainment WASHINGTON – The Internal Revenue Service, IRS today issued guidelines on the deduction of business expenses for meals and entertainment, after changes in Employment Law and Tax Reduction (TCJA). The TCJA 2017, eliminated the deduction for any… Read More »
Taxpayers who haven’t checked their withholding should use the Withholding Calculator ASAP The IRS recommends taxpayers use the Withholding Calculator to do a “Paycheck Checkup” as soon as possible. This will help taxpayers check that they are having the correct amount of income tax withheld from their paychecks. Earlier this year the IRS updated the Withholding Calculator… Read More »
Tips for tax preparers on how to create a data security plan The IRS reminds tax preparers to protect taxpayer information is not only good for customers and for businesses – is also the law. The protection rule of the Federal Trade Commission (FTC, for its acronym in English) requires tax preparers believe and enact security plans.… Read More »
New credits benefit employers who provide paid family and medical leave Eligible employers who provide their employees paid family and medical leave during the tax years 2018 and 2019 may qualify for a new tax credit for business. This new credit employer for family and medical leave is part of the law tax reform approved in December… Read More »
Tax preparers should look out for these signs that a criminal stole information Tax professionals should be alert to the subtle signs of data theft. The IRS and its Security Summit partners note that there are many cases where preparers are victims of theft and don’t even know it. Cybercriminals often leave very few signs of… Read More »
Tips for tax preparers on how to create a data security plan The IRS reminds tax preparers that protecting taxpayer information isn’t just good for their clients and good for business – it’s also the law. The Federal Trade Commission’s Safeguards Rule requires that tax preparers create and enact security plans. Although the IRS and its… Read More »
Organizations across the country seeking volunteers to help taxpayers The IRS and its community partners are seeking people across the country to become volunteers certified by the IRS on their sites for free tax preparation. Volunteers can begin now to join one of these programs that offer valuable taxpayers US aid. Voluntary Assistance Program Taxpayers (VITA acronym in English): VITA… Read More »
Victims of natural disasters can visit IRS.gov for useful resources Following a natural disaster, many people have questions about how the situation might affect your taxes. People who experience a disaster, or anyone who knows someone who has suffered from a disaster, visit IRS.gov for information to answer your questions. Here we present a summary… Read More »