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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Be Prepare for Natural Disasters.
Sep13

Be Prepare for Natural Disasters.

Because a natural disaster can strike any time, Account On Us is reminding individuals and businesses to take time now and create or update their emergency preparedness plan.   During 2018, the IRS has offered tax relief and assistance to millions of victims of natural disasters, including hurricanes, severe storms, flooding, tornados, wildfires, high winds, tropical storms, an earthquake and a volcano.   Individuals,...

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Retirees: Avoid a Surprise Tax Bill; Get Enough Tax Taken Out of Pension Payments.
Sep12

Retirees: Avoid a Surprise Tax Bill; Get Enough Tax Taken Out of Pension Payments.

With tax reform bringing major changes for the year ahead, the Internal Revenue Service today urged retirees to make sure they are paying in enough tax during the year by using the Withholding Calculator, available on IRS.gov.   This is the second in a series of four news releases aimed at helping taxpayers pay the right amount of tax and avoid an estimated tax penalty. During this series, the IRS is highlighting resources and...

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Account On Us Urges Taxpayers to Prepare for Hurricanes, Floods and Other Disasters.
Sep09

Account On Us Urges Taxpayers to Prepare for Hurricanes, Floods and Other Disasters.

For September’s National Preparedness Month, Account On Us is offering advice to taxpayers who may be affected by storms, fires, floods or other disasters.   Managed and sponsored by the Federal Emergency Management Agency (FEMA) and the Ready Campaign, National Preparedness Month encourages individuals, businesses and organizations to prepare for a variety of disaster and emergency situations.   Create Electronic Copies of...

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Avoid Penalty for Underpayment of Taxes by Check your Tax Withholding.
Sep07

Avoid Penalty for Underpayment of Taxes by Check your Tax Withholding.

The Tax Cuts and Jobs Act, enacted in December 2017, changed the way tax is calculated for most taxpayers, including those with substantial income not subject to withholding. Because of the far-reaching tax changes taking effect this year, the IRS urges all employees, including those with other sources of income, to perform a Paycheck Checkup now. Doing so now will help avoid an unexpected year-end tax bill and possibly a penalty. The...

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Taxpayers With Children, Other Dependents Should Check Their Withholding Soon.
Aug30

Taxpayers With Children, Other Dependents Should Check Their Withholding Soon.

The Internal Revenue Service urges taxpayers with children and other dependents to use the Withholding Calculator at IRS.gov to do a “paycheck checkup.” Changes made by the 2017 Tax Cuts and Jobs Act will affect 2018 returns that taxpayers will file in 2019.   The law expanded and made significant changes to the Child Tax Credit. It also suspended the deduction for personal exemptions. Parents and caregivers should do a “paycheck...

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