Entries by admin-wxc

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Clarification: Payments under state or local tax credit programs

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 […]

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For people involved in the sharing economy…

For people involved in the sharing economy: Do a ‘Paycheck Checkup’ now, avoid a surprise year-end tax bill. The Internal Revenue Service urges anyone working in the sharing economy to perform a Paycheck Checkup now to avoid an unexpected tax bill when they file their return next year. Many people working in the sharing economy […]

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Taxpayers can monitor their IRS information online

Taxpayers can access their federal tax information through a secure login at IRS.gov/account. After logging in, the user can view: The amount they owe Their payment history Tax records Key information from their most recent tax return as originally filed A taxpayer can monitor their personal tax account by keeping track of payments and taxes owed. […]

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Scams Targeting Taxpayers

Crooks impersonating the IRS either by phone, email or in person cost people their time and money. The IRS urges people to stay vigilant against schemes and scams and avoid becoming a victim. Here are some important tips for taxpayers to keep in mind to avoid scams: How the IRS initiates contact The IRS initiates […]

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Form 1040 to be shorter but with more schedules

The IRS is working on a draft version of the 2018 Form 1040, U.S. Individual Income Tax Return, that reduces the size of the form to two half-pages in length and eliminates more than 50 lines, compared to the 2017 version of the form. The draft form moves many items that in the past have appeared […]

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Law change affects moving, mileage and travel expenses

The Internal Revenue Service today provided information to taxpayers and employers about changes from the Tax Cuts and Jobs Act that affect: Move related vehicle expenses Un-reimbursed employee expenses Vehicle expensing Changes to the deduction for move-related vehicle expenses The Tax Cuts and Jobs Act suspends the deduction for moving expenses for tax years beginning […]