Entries by admin-wxc

,

Health Insurance Open Enrollment Season: 5 Questions to Ask

Health insurance is a critical part of any financial plan. And while it’s tempting to just keep whatever coverage you had last year, doing so may come with a substantial financial downside. For many Americans, the open enrollment season, which covers both employer-based and federal health insurance, is either underway or about to begin. The […]

,

2 million ITINs set to expire in 2019; to avoid refund delays apply soon

WASHINGTON —Taxpayers with expiring Individual Taxpayer Identification Numbers (ITINs) can get their ITINs renewed more quickly and avoid refund delays next year by submitting their renewal   application soon, the Internal Revenue Service said today. An ITIN is a tax ID number used by taxpayers who don’t qualify to get a Social Security number. Any ITIN with middle […]

IRS recommends business owners e-file payroll tax returns

WASHINGTON — With the Oct. 31 quarterly payroll tax return due date just around the corner, the Internal Revenue Service today urged business owners to take advantage of the speed and IRS Forms 940, 941, 943, 944 or 945 are used to report employment tax information. The IRS recommends electronic filing, or e-filing, of these returns. E-filing saves […]

,

IRS reminds employers about the benefits of EFTPS

WASHINGTON — The Internal Revenue Service today wants small business owners who are employers to know that the Electronic Federal Tax Payment System has features that can help them in meeting their tax obligations. EFTPS can help employers whether they prepare and submit payroll taxes themselves or if they hire a payroll service provider to […]

,

Home Values in U.S. Continue Strong Growth

U.S. home value growth continues to slow, according to the July Zillow Real Estate Market Report. The rate of annual home value appreciation decreased for the seventh straight month in July. The typical U.S. home is worth $229,000, up 5.2% from a year ago – this is the smallest annual appreciation since October 2015. Last year at this […]

,

Treasury, IRS release final and proposed regulations on new 100% depreciation

WASHINGTON — The Treasury Department and the Internal Revenue Service today released final regulations (PDF) and additional proposed regulations (PDF) under section 168(k) of the Internal Revenue Code on the new 100% additional first year depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service by the business. The regulations released […]

,

IRS finalizes safe harbor for rental real estate

WASHINGTON — The Internal Revenue Service today issued Revenue Procedure 2019-38 that has a safe harbor allowing certain interests in rental real estate, including interests in mixed-use property, to be treated as a trade or business for purposes of the qualified business income deduction under section 199A of the Internal Revenue Code (section 199A deduction). If all the […]

,

Taxpayers should beware of property lien scam

With scam artists hard at work all year, taxpayers should watch for new versions of tax-related scams. One such scam involves fake property liens. It threatens taxpayers with a tax bill from a fictional government agency. Here are some details about the property lien scam that will help taxpayers recognize it: This scheme involves a […]

,

New IRS Tax Withholding Estimator helps workers with self-employment income

Freelancers, others with side jobs in the gig economy may benefit from new online tool IR-2019-149, September 4, 2019 WASHINGTON — The Internal Revenue Service said today that the new Tax Withholding Estimator tool includes a feature designed to make it easier for employees who also receive self-employment income to accurately estimate the right amount of tax […]