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…
IRS has begun sending letters to virtual currency owners
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…
‘Paycheck Checkup’ for workers with multiple jobs
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…
IRS highlights credits and deductions for businesses
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…
For those who missed the tax-filing deadline…
While the federal income tax-filing deadline has passed for most people, there are some taxpayers who have not yet filed their tax returns. The Internal Revenue Service encourages them to file now, even if they can’t pay to avoid…
IRS revises EIN application process; seeks to enhance security
WASHINGTON — As part of its ongoing security review, the Internal Revenue Service announced today that starting May 13 only individuals with tax identification numbers may request an Employer Identification Number (EIN) as the “responsible…
1031 Exchanges May Help Real Estate Investors
1031 Exchanges May Help Real Estate Investors Transition to a Less Active Role.
For many real estate investors, there comes a point in their lives where they no longer want to be bothered with the headaches that come with actively managing…
IRS concludes “Dirty Dozen” list of tax scams
IRS concludes "Dirty Dozen" list of tax scams for 2019: Agency encourages taxpayers to remain vigilant year-round.
WASHINGTON — The Internal Revenue Service today wrapped up issuing its annual "Dirty Dozen" list of tax scams. The IRS reminds…
IRS expands relief from underpayment penalty
The IRS announced on Friday that it is amending Notice 2019-11 to lower the amount of tax that an individual must have paid in 2018 to avoid the underpayment of estimated income tax penalty to 80% (Notice 2019-25). The change was made after…