Taxpayers may be eligible for a qualified business income deduction

The Week of May 5, 2019 is Small Business Week! Changes in the tax law resulted in a new deduction for certain businesses. Owners of eligible sole proprietorships, partnerships, trusts and S corporations may be able to deduct up to 20 percent of the following: Qualified business income from a domestic sole proprietorship, partnership, S […]

Changes to depreciation limits on luxury automobiles

The Week of May 5, 2019 is Small Business Week! The Tax Cuts and Jobs Act changed depreciation limits for passenger vehicles placed in service after Dec. 31, 2017. If the taxpayer doesn’t claim bonus depreciation, the greatest allowable depreciation deduction is: $10,000 for the first year $16,000 for the second year $9,600 for the third year […]

New 100-percent depreciation deduction for businesses

Tax reform legislation includes changes that affect a business’ bottom line. One of these changes allows businesses to write off most depreciable business assets in the year they place them in service. Here are some facts about this deduction: The 100-percent depreciation deduction generally applies to depreciable business assets and certain other property. Machinery, equipment, […]

An estimated tax payment in 2018 could help avoid a penalty in 2019

The Week of May 5, 2019 is Small Business Week! Taxes must be paid as you earn or receive income during the year, either through withholding, estimated tax payments or a combination of both. A Paycheck Checkup using the IRS Withholding Calculator can help you see if you need to make an additional payment to avoid an unexpected tax bill or […]

How to protect your private tax data

The Week of May 5, 2019 is Small Business Week! You should protect your personal and financial data from criminals. Thieves use your data to file bogus tax returns and commit crimes while impersonating you. Follow these steps to protect yourself and your data. Keep a secure computer. Don’t leave personal information; lying around. Give […]

IRS NEWS FOR TAX PROFESSIONALS April 2019 ►UPCOMING WEBINARS Filing is the thing to do, even if you have a balance due Date: Thursday April 4, 2019 Free, 60 minutes, 1 continuing education credit Register here: Check Webinars for Tax Practitioners for upcoming webinars. ►HOT OFF THE PRESS IRS expands penalty waiver for those […]

IRS Large Business and International to hire hundreds in March 2019

In service of the IRS’ strategic goal to cultivate a well-equipped, diverse, flexible and engaged workforce, LB&I is seeking qualified candidates for a hiring wave in March 2019. Nearly 300 positions will be open from March 11 through March 22. These openings include positions for the following job titles: revenue agent, computer audit specialist, tax […]

The Dirty Dozen represents the worst of the worst tax scams

Compiled annually, the “Dirty Dozen” lists a variety of common scams that taxpayers may encounter anytime but many of these schemes peak during filing season as people prepare their returns or hire someone to help with their taxes. Don’t fall prey. For a detailed description of each scam, please refer to the list below: IRS […]

IRS waives estimated tax penalty for farmers, fishermen

02 | 24 | 19 IRS waives estimated tax penalty for farmers, fishermen who file returns and pay tax by April 15 IR-2019-28 WASHINGTON — The Internal Revenue Service will waive the estimated tax penalty for any qualifying farmer or fisherman who files his or her 2018 federal income tax return and pays any tax […]

Relief from Penalty for Underpayment of Estimates by Individual Farmer

Part III – Administrative, Procedural, and Miscellaneous Relief from Addition to Tax for Underpayment of Estimated Income Tax by Individual Farmers and Fishermen Notice 2019-17 SECTION 1. PURPOSE This notice provides a waiver of the addition to tax under section 6654 of the Internal Revenue Code (Code) for underpayment of estimated income tax by qualifying […]