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IRS Opens 2019 Tax Filing Season – January 27, 2020

IR-2020-02, January 6, 2020 WASHINGTON ― The Internal Revenue Service confirmed that the nation’s tax season will start for individual tax return filers on Monday, January 27, 2020, when the tax agency will begin accepting and processing 2019 tax year returns. The deadline to file 2019 tax returns and pay any tax owed is Wednesday, […]

Here’s what tax preparers need to know about a data security plan

Tax Tip 2019-174, December 11, 2019 With the tax filing season just weeks away, tax professionals who have a data security plan should review it for updates. Those who don’t have a plan should create one and use the information below to get started. Having a written data security plan isn’t just a good idea, […]

Get ready for taxes: What to know about the amount of a tax refund

IRS Tax Tip 2019-173, December 10, 2019 After filing their tax return, a taxpayer will know whether they are receiving a refund. Sometimes, however, a taxpayer’s refund will be for a different amount than they expect. Read more by clicking here

Systemic Advocacy Management System (SAMS)

Know of a tax problem that affects more than one taxpayer? You can help the Taxpayer Advocate Service tackle the “big-picture” problems in the IRS or the tax law by reporting them to us. These systemic issues: Always affect multiple taxpayers; Don’t apply to just one taxpayer (but if you personally have an unresolved IRS […]

Virtual currency: IRS issues additional guidance (October 9, 2019)

IR-2019-167, October 9, 2019 WASHINGTON — As part of a wider effort to assist taxpayers and to enforce the tax laws in a rapidly changing area, the Internal Revenue Service today issued two new pieces of guidance for taxpayers who engage in transactions involving virtual currency. Read more by clicking here.

Taxpayers who donate to charity should check out these resources

IRS Tax Tip 2019-142, October 10, 2019 Taxpayers who donate to a charity may be able to claim a deduction on their tax return. These deductions basically reduce the amount of their taxable income. Taxpayers can only deduct charitable contributions if they itemize deductions. Check out IRS resources by clicking here.

2 million ITINs set to expire in 2019 (October 10, 2019)

2 million ITINs set to expire in 2019; to avoid refund delays apply soon  IR-2019-168, October 10, 2019 WASHINGTON —Taxpayers with expiring Individual Taxpayer Identification Numbers (ITINs) can get their ITINs renewed more quickly and avoid refund delays next year by submitting their renewal   application soon, the Internal Revenue Service said today. An ITIN is a tax […]

IRS Announces New Per Diem Rates – Oct 2019

IRS Announces New Per Diem Rates For Taxpayers Who Travel For Business The new per-diem numbers are now out, effective October 1, 2019. These numbers are to be used for per-diem allowances paid to any employee on or after October 1, 2019, for travel away from home. The new rates include those for the transportation industry; the rate […]

The child tax credit benefits eligible parents

IRS Tax Tip 2019-141, October 9, 2019 Taxpayers who claim at least one child as their dependent on their tax return may be eligible to benefit from the child tax credit. It’s important for people who might qualify for this credit to review the eligibility rules to make sure they still qualify. Taxpayers who haven’t qualified in the […]

IRS Releases draft 2019 Forms 1065, 1120-S and K-1

IR-2019-160, September 30, 2019 WASHINGTON – On September 30, 2019,  the IRS issued a draft of the tax year 2019 Form 1065, U.S. Return of Partnership Income (PDF), and its Schedule K-1, Partner’s Share of Income, Deductions, Credits, etc (PDF). The changes to the form and schedule aim to improve the quality of the information reported by partnerships both […]