New Employer Tax Credit for Paid Family and Medical Leave Available for 2018 and 2019.
Sep27

New Employer Tax Credit for Paid Family and Medical Leave Available for 2018 and 2019.

Today the IRS announced that eligible employers who provide paid family and medical leave to their employees may qualify for a new business credit for tax years 2018 and 2019.   In addition, eligible employers who set up qualifying paid family leave programs or amend existing programs by Dec. 31, 2018, will be eligible to claim the employer credit for paid family and medical leave, retroactive to the beginning of the employer’s...

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2018 Employer Reimbursements for Employees’ 2017 Moves are Generally Tax-Free.
Sep26

2018 Employer Reimbursements for Employees’ 2017 Moves are Generally Tax-Free.

Employer payments or reimbursements in 2018 for employees’ moving expenses incurred prior to 2018 are excluded from the employee’s wages for income and employment tax purposes, the Internal Revenue Service announced today. The 2017 Tax Cuts and Jobs Act (TCJA) suspended the exclusion from income for moving expenses reimbursed or paid by an employer for most employees starting in 2018, making these amounts taxable, except for amounts...

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Tips to Know About Gambling Winnings and Losses.
Sep24

Tips to Know About Gambling Winnings and Losses.

Taxpayers must report all gambling winnings as income. They must be able to itemize deductions to claim any gambling losses on their tax return. Taxpayers who gamble may find these tax tips helpful: Gambling income.Income from gambling includes winnings from the lottery, horseracing and casinos. It also includes cash and non-cash prizes. Taxpayers must report the fair market value of non-cash prizes like cars and trips to the IRS....

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IRS Statement on Form W-4
Sep21

IRS Statement on Form W-4

Following feedback from the payroll and tax communities, the Treasury Department and the IRS will incorporate important changes into a new version of the Form W-4, Employee’s Withholding Allowance Certificate, for 2020.  The 2019 version of the Form W-4 will be like the current 2018 version. A new draft version of the W-4 for 2019 will be available in the coming weeks.   The IRS will continue working closely with the payroll and...

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Beware of Tax Scams Related to Natural Disasters.
Sep19

Beware of Tax Scams Related to Natural Disasters.

In the wake of Hurricane Florence, the Internal Revenue Service is reminding taxpayers that criminals and scammers try to take advantage of the generosity of taxpayers who want to help victims of major disasters.   Fraudulent schemes normally start with unsolicited contact by telephone, social media, e-mail or in-person using a variety of tactics.   Some impersonate charities to get money or private information from...

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