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First a toast, then the gifts and a little something for oneself Celebrating the season with others – including entertaining at home and socializing away from home – accounts for 40 percent, or $611, of survey respondents’ holiday-related spending. That outpaces gifts, which make up 34 percent. Shoppers plan to purchase an average of […]
Publication 1281, Backup Withholding for Missing and Incorrect Name/TIN(s), posted last month on IRS.gov, has been updated to reflect a key change made by the Tax Cuts and Jobs Act (TCJA). As a result of this change, effective Jan. 1, 2018, the backup withholding tax rate dropped from 28 percent to 24 percent. The Internal […]
The Internal Revenue Service today advised taxpayers about steps they can take now to ensure smooth processing of their 2018 tax return and avoid surprises when they file next year under the new tax law. This is the first in a series of reminders to help taxpayers get ready for the upcoming tax filing season. […]
Taxpayers don’t typically think about their filing status until they file their taxes. However, a taxpayer’s status could change during the year, so it’s always a good time for a taxpayer to learn about the different filing statuses and which one they should use. It’s important a taxpayer uses the right filing status because it can […]
Small business optimism is at an all-time high in the latest quarterly Wells Fargo/Gallup Small Business Index, conducted July 11-18, 2018. The survey, which measures small business optimism, had an overall Index score of 118, 12 percentage points higher than last quarter and the highest level in the survey’s 15-year history. The current Index score was […]
The IRS recently announced that it plans to issue regulations to reduce the personal exemption amount to zero for tax years 2018 through 2025, provided the reduction will not be factored into determining if someone is a qualifying relative under Sec. 152(d)(1)(B) in Notice 2018-70. Thus, in defining a qualifying relative who meets the provisions of […]
Employer payments or reimbursements in 2018 for employees’ moving expenses incurred prior to 2018 are excluded from the employee’s wages for income and employment tax purposes, the Internal Revenue Service announced today. The 2017 Tax Cuts and Jobs Act (TCJA) suspended the exclusion from income for moving expenses reimbursed or paid by an employer for […]
Business taxpayers who make business-related payments to charities or government entities for which the taxpayers receive state or local tax credits can generally deduct the payments as business expenses, the Internal Revenue Service said today. Responding to taxpayer inquiries, the IRS clarified that this general deductibility rule is unaffected by the recent notice of proposed […]
Today the IRS announced that eligible employers who provide paid family and medical leave to their employees may qualify for a new business credit for tax years 2018 and 2019. In addition, eligible employers who set up qualifying paid family leave programs or amend existing programs by Dec. 31, 2018, will be eligible to claim […]
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