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…

Treasury, IRS Announce Development of Postcard-Size Form 1040 for 2019

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…
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86% of SMBs View Accountants as Trusted Business Advisors

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…

IRS Highlights Expanded Depreciation and Expensing Rules

The IRS is highlighting tax reform changes that impact depreciation and expensing for nearly every business. In some cases, these changes allow small business owners and the self-employed to write off the cost of machinery, equipment and other…
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‘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…
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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…
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New requirement for seeking a tax ID number

WASHINGTON — During National Small Business Week, the Internal Revenue Service wants small business taxpayers and the self-employed to know that, starting May 13, an important change will affect the way it issues employer identification numbers,…
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IRS announces multi-year plan

The Internal Revenue Service released today a six-year plan to modernize the agency’s Information Technology systems and improve a variety of taxpayer services critical to the nation’s tax system. The plan outlines a bold strategy to…
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Employee or Contractor? Have Uber and Lyft Finally Crossed The Line?

In the last few years, it has been common for companies to treat, what would otherwise be employees, as contractors.  The reason, is simple.  As an employee of a company, the employer has to withhold 7.65% in FICA from their employees.  In…