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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 […]
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 […]
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 […]
Single or married? Kids or no kids? These are just a couple of questions that will help someone determine their tax filing status. Taxpayers usually only think about their filing status when filing their returns. However, this is something to think about all year, especially if it changes. This tip is one in a series about tax […]
WASHINGTON — The Internal Revenue Service today added care for a range of chronic conditions to the list of preventive care benefits that may be provided by a high deductible health plan (HDHP). Notice 2019-45, posted today on IRS.gov, lists the new types of medical care that may be treated as preventive care for this purpose. Individuals covered […]
Small businesses in the U.S. are largely positive about the prospects for the future of their respective firms with regard to revenues, profitability, and employment. That’s according to the new Insight Summary Report from Mercator Advisory Group. The report, Payment Cards and B2B Payments: Riding a Wave of Positivity, is the first of three from Mercator’s […]
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 […]
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