WASHINGTON – The Treasury Department and the Internal Revenue Service announced on March 30, 2020 that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who...
The Taxpayer Bill of Rights protects all taxpayers working with the IRS. In fact, they lay out the framework to make sure the IRS fairly and impartially carries out tax administration. These rights are explained on IRS.gov and in Publication 1, Your Rights As A Taxpayer. They...
The Internal Revenue Service successfully opened the 2020 tax filing season last Monday, January 27th. as the agency begins accepting and processing federal tax returns for tax year 2019. The deadline to file a 2019 tax return and pay any tax owed is Wednesday, April 15,...
WASHINGTON — The Internal Revenue Service reminded employers and other businesses that wage statements and independent contractor forms still have a January 31 filing deadline. Before the Protecting Americans from Tax Hikes (PATH) Act, employers generally had a longer period of time to file these forms....
WASHINGTON – With the tax filing season quickly approaching, the Internal Revenue Service recommends taxpayers take time now to determine if they are eligible for important tax credits. This is the second in a series of reminders to help taxpayers Get Ready for the upcoming tax...
The Internal Revenue Service issued the 2020 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2020, the standard mileage rates for the use of a car (also vans, pickups...
WASHINGTON – As tax filing season approaches, the Internal Revenue Service cautions taxpayers not to rely on receiving their refund by a certain date, especially when making major purchases or paying bills. Some tax returns may require additional review and those refunds may take longer. Many...
WASHINGTON — The Internal Revenue Service recently announced that employees in 401(k) plans will be able to contribute up to $19,500 next year. The IRS announced this and other changes in Notice 2019-59 (PDF), posted today on IRS.gov. This guidance provides cost‑of‑living adjustments affecting dollar limitations for...
WASHINGTON – The Internal Revenue Service urges taxpayers to act now to avoid a tax-time surprise and ensure smooth processing of their 2019 federal tax return. This is the first in a series of reminders to help taxpayers get ready for the upcoming tax filing season. ...
A small business owner often wears many different hats. They might have to wear their boss hat one day, and the employee hat the next. When tax season comes around, it might be their tax hat. They may think of doing their taxes as just another...