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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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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Treasury, IRS Issue Proposed Regulations On Charitable Contributions And State And Local Tax Credits.
Aug29

Treasury, IRS Issue Proposed Regulations On Charitable Contributions And State And Local Tax Credits.

Today the U.S. Department of the Treasury and the Internal Revenue Service issued proposed regulations providing rules on the availability of charitable contribution deductions when the taxpayer receives or expects to receive a corresponding state or local tax credit.   The proposed regulations issued today are designed to clarify the relationship between state and local tax credits and the federal tax rules for charitable...

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Key tax change affects taxpayers with dependents; We urge workers to check withholding.
Aug26

Key tax change affects taxpayers with dependents; We urge workers to check withholding.

The Internal Revenue Service urges taxpayers who support dependents who can’t be claimed for the Child Tax Credit to do a paycheck checkup soon. The IRS Withholding Calculator can help these taxpayers make sure they have the right amount of tax taken out of their pay. The Tax Cuts and Jobs Act, enacted in December 2017, added a new tax credit – Credit for Other Dependents. It is a non-refundable credit of up to $500 per qualifying...

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Tax Tips to Know About Gambling Winnings and Losses.
Aug08

Tax 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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Guidance on Small Business Accounting Method Changes Under Tax Cuts and Jobs Act.
Aug05

Guidance on Small Business Accounting Method Changes Under Tax Cuts and Jobs Act.

The Internal Revenue Service issued guidance today on new tax law changes that allow small business taxpayers with average annual gross earnings of $25 million or less in the prior three-year period to use the cash method of accounting.   The Revenue Procedure outlines the process that eligible small business taxpayers may obtain automatic consent to change accounting methods that are now permitted under the Tax Cuts and Jobs...

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