Tax Scams and Consumer Alerts.
Thousands of people have lost millions of dollars and their personal information to tax scams. Scammers use the regular mail, telephone, or email to set up individuals, businesses, payroll and tax professionals. The IRS doesn’t initiate contact with taxpayers by email, text messages or social media channels to request personal or financial information. Recognize the telltale signs of a scam. Account On Us offers many...
Treasury, IRS issue final regulations, other guidance on new qualified business income deduction; Safe harbor enables many rental real estate owners to claim deduction
Today the Treasury Department and the Internal Revenue Service issued final regulations and three related pieces of guidance, implementing the new qualified business income (QBI) deduction (section 199A deduction). The new QBI deduction, created by the 2017 Tax Cuts and Jobs Act (TCJA) allows many owners of sole proprietorships, partnerships, S corporations, trusts, or estates to deduct up to 20 percent of their qualified...
IRS waives penalty for many whose tax withholding and estimated tax payments fell short in 2018
The Internal Revenue Service announced today that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is generally waiving the penalty for any taxpayer who paid at least 85 percent of their total tax liability during the year through federal income tax withholding, quarterly estimated tax...
Account On Us can Help While Most IRS Operations are Closed.
Due to the lapse in appropriations, most IRS operations are closed during the shutdown. An IRS-wide furlough began on December 22, 2018, that affects many operations. During this period, the IRS reminds taxpayers that the underlying tax laws remain in effect, and all taxpayers should continue to meet their tax obligations as normal. Individuals and businesses should keep filing their tax returns and making payments and deposits with...
Key Information for Taxpayers on the 2018 Filing Season.
The IRS has announced that the 2019 filing season will begin on Jan. 28, 2019, for individual taxpayers. The IRS began accepting business tax returns (non-1040 series) on Jan. 8. Taxpayers should keep several things in mind during this challenging period: File electronically. The IRS will accept paper and electronic tax returns, but taxpayers are urged to file electronically to speed processing and refunds. Tax refunds. Refunds will...
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