Entries by admin-wxc

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Small Business Optimism Persists, Despite the Pandemic

Businesses and consumers alike are finding ways to adapt and stay resilient during these unprecedented times. Though recovery may take time, a new report confirms the strength of entrepreneurialism and grit of small business owners, who remain optimistic that their businesses will overcome any present and future obstacle with the right resources and preparedness. In […]

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Four Important Employer Tax Credits for 2020

As 2020 draws to a close—finally—employers may take advantage of several tax credits for employee wages. Consider these four tax-saving opportunities created by recent tax legislation. 1. Family and medical leave credit: This credit, authorized by the Tax Cuts and Jobs Act (TCJA), was initially scheduled to end after 2019. But the Taxpayer Certainty and […]

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IRS expands Identity Protection PIN Opt-In Program to taxpayers nationwide

WASHINGTON — As part of the Security Summit effort, the Internal Revenue Service announced today that starting in January the Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identities. The Summit partners, including state tax agencies, the nation’s tax industry and the IRS, marked the third day […]

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The Treasury Department and IRS issue final regulations regarding like-kind exchanges of real property

WASHINGTON – Today the Treasury Department and Internal Revenue Service issued final regulations PDF relating to section 1031 like-kind exchanges. These final regulations address the definition of real property under section 1031 and also provide a rule addressing the receipt of personal property that is incidental to real property received in a like-kind exchange. The 2017 […]

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IRS Criminal Division Identified $2.3 Billion in Tax Fraud in 2020

Key focuses of CI in fiscal year 2020 included COVID-19 related fraud, cybercrimes, with an emphasis on virtual and cryptocurrencies, traditional tax investigations, international tax enforcement, employment tax, refund fraud and tax-related identity. The Internal Revenue Service has issued the Criminal Investigation Division’s annual report, highlighting the agency’s successes and criminal enforcement actions taken in […]

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IRS Reminds Taxpayers of Special $300 Charity Deduction without Itemizing

The CARES Act includes several temporary tax changes helping charities, including the special $300 deduction designed especially for people who choose to take the standard deduction, rather than itemizing their deductions. The Internal Revenue Service says there is a new tax provision for taxpayers that will allow more people to easily deduct up to $300 […]

Get Ready for Taxes: Steps to take now to make tax filing easier in 2021

WASHINGTON – The Internal Revenue Service today encouraged taxpayers to take necessary actions this fall to help file federal tax returns timely and accurately in 2021. This is the second in a series of reminders to help taxpayers get ready for the upcoming tax filing season. A special page, updated and available on IRS.gov, outlines […]

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IRS reminds businesses to e-file payroll tax returns

WASHINGTON — The next quarterly payroll tax return due date is October 31, and the Internal Revenue Service urges business owners to use the speed and convenience of filing the returns electronically. Deposits made by Monday, November 2, however, would still be considered timely as October 31 is a Saturday. IRS Forms 940, 941, 943, 944 or […]