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WASHINGTON — The Internal Revenue Service has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly. “Taxpayers should take these letters very seriously by reviewing their tax filings and when appropriate, amend past […]
Washington— Delivering on the promise to simplify taxes for the American people, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) today announced that Americans will be able to fill out their individual income tax returns on a single postcard-size form for the 2019 tax season. The 2018 IRS Form 1040 will replace the […]
Five out of six small business owners consider their accountant as “a trusted advisor they can turn to for a wide range of business advice.” Thirty-one percent say their accountant is the advisor they trust the most, followed by family and friends (22%), lawyers (16%), and financial planners (9%). However, only 61% said they are […]
The IRS is highlighting tax reform changes that impact depreciation and expensing for nearly every business. In some cases, these changes allow small business owners and the self-employed to write off the cost of machinery, equipment and other property more quickly. Here is some key information to keep in mind. 100 percent, first-year ‘bonus’ depreciation […]
WASHINGTON — The Internal Revenue Service urges taxpayers who work multiple jobs or who may be adding summer employment to complete a Paycheck Checkup. Doing so will help them check if they are having the right amount of tax withheld from their paychecks. Checking and adjusting tax withholding as early as possible in 2019 is the […]
WASHINGTON — During Small Business Week, the Internal Revenue Service reminds small business owners and self-employed individuals to take deductions and credits that will help their bottom line. Reviewing options and eligibility now can help business owners better estimate their tax situation and plan ahead. Here are just a few key deductions and credits that can […]
WASHINGTON — During National Small Business Week, the Internal Revenue Service wants small business taxpayers and the self-employed to know that, starting May 13, an important change will affect the way it issues employer identification numbers, or EINs. With identity theft on the rise in the business community, the agency also offered business taxpayers tips […]
The Internal Revenue Service released today a six-year plan to modernize the agency’s Information Technology systems and improve a variety of taxpayer services critical to the nation’s tax system. The plan outlines a bold strategy to enable business transformation focused on improving services for taxpayers and the tax community while protecting taxpayer data. “Modernized systems are the […]
In the last few years, it has been common for companies to treat, what would otherwise be employees, as contractors. The reason, is simple. As an employee of a company, the employer has to withhold 7.65% in FICA from their employees. In addition, the company on it’s own dime, must match the FICA withheld, and submit these taxes […]
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