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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 […]

Teachers should know about deducting out-of-pocket classroom expenses

IRS Tax Tip 2019-137, October 2, 2019 Now that fall is here and school has started, many teachers are dipping into their own pockets to buy classroom supplies. Doing this throughout the year can add up fast. Fortunately, eligible educators may be able to defray qualified expenses they paid in 2019 when they file their […]

How the credit for other dependents can benefit taxpayers

IRS Tax Tip 2019-138, October 3, 2019 Taxpayers with dependents may qualify to claim a few different tax credits. One of these is the child tax credit. The child tax credit benefits people whose dependent meets a series of tests. If the dependent doesn’t meet those qualifications, the taxpayer may be able to claim the credit […]

What tax professionals should know about creating a data security plan

IRS Tax Tip 2019-119, August 29, 2019 Tax pros must create a written security plan to protect their clients’ data. In fact, the law requires them to make this plan. Creating a data security plan is one part of the new Taxes-Security-Together Checklist. The IRS and its Security Summit partners created this checklist. It helps […]

IRS Launches New Tax Withholding Calculator

Checking your withholding just got easier. The IRS launched a new IRS Tax Withholding Estimator. As part of a continuing effort to improve quality services for taxpayers, the IRS upgraded this tool, which replaces the Withholding Calculator, and gave it a facelift. More than just a name change The Tax Withholding Estimator offers taxpayers a more user-friendly, step-by-step […]