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Retirement Plan Distribution Exception

2019 – 03/07 The rules governing retirement plan distributions are strict, but there may be an exception. Generally, participants in qualified retirement plans must begin taking distributions from their plans by April 1 of the year after they turn 70-1/2, or face steep penalties. But this doesn’t apply to those who continue working for the…

Partnerships that file Schedules K-1

2019 – 03/08 In new guidance, the IRS has provided penalty relief to certain partnerships that fail to report negative tax basis capital accounts. Notice 2019-20 provides a waiver of penalties under sections 6722 and 6698 to partnerships that file Schedules K-1 but fail to report information about partners’ negative tax basis capital accounts for…

Tax Reform: What’s New for Your Business

2019 – 03/11 Attention business owners: The IRS has a new publication to help you learn about recent tax-law changes that may have an impact on your bottom line. Publication 5318, “Tax Reform: What’s New for Your Business,” is an overview of many of the Tax Cuts and Jobs Act changes. It includes information on…

Twist on tax-related scams

2019 – 03/12 Here’s a twist on tax-related scams, from the IRS’s annual “Dirty Dozen” list of common tax scams. The IRS explains that some taxpayers engage in schemes that involve falsifying income. The idea is to maximize a refundable credit, such as the Earned Income Tax Credit, by inflating their income falsely. Taxpayers caught…

Why Is My Refund Smaller?

2019-03/04 There’s a difference between the size of your refund and how much tax you owe. If your refund is lower or higher this year, it doesn’t necessarily mean that your taxes increased or decreased. A refund is the result of overpaying your taxes through withholding during the year. Many people benefited from the Tax…

Can a Delinquent Taxpayer Have a Passport Revoked or Denied?

2019-02/28 The IRS has issued guidance regarding the revocation or denial of passports to delinquent taxpayers. In an information release, the IRS reminded taxpayers that they may not be able to renew a current passport, or obtain a new passport, if they’re “seriously delinquent” in paying federal taxes. A taxpayer is considered to have a…

IRS Tax Reform Resource

2019-02/27 Do you want more information about the changes brought by tax reform? Major tax law changes have affected every taxpayer. That’s why the IRS has developed an online publication and other resources to help you understand how the changes affect you. Key changes to be aware of include lower tax rates; a much higher…

Are your employees ignoring their 401(k)s?

2019 – 02/27 For many businesses, offering employees a 401(k) plan is no longer an option — it’s a competitive necessity. But employees often grow so accustomed to having a 401(k) that they don’t pay much attention to it. It’s in your best interest as a business owner to buck this trend. Keeping your employees…

Before you call the IRS have this information

2019 – 02/19 If you call the IRS, be prepared to identify yourself. Tax-related identity theft is on the rise. That’s why the IRS says its call center professionals take great care to ensure they discuss personal information only with taxpayers (or authorized representatives). Before calling the IRS, have this information ready: your Social Security…

Steps to ensure your data remains private

2019 – 02/22 Criminals continue to steal large amounts of information from taxpayers. Thieves use the data to file bogus tax returns and commit crimes while impersonating victims. The IRS lists several steps to take to ensure your data remains private, beginning with enhancing computer security. Use updated software, a firewall, virus and malware protection…

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