WASHINGTON — The Internal Revenue Service and Security Summit partners today warned the public of a surge of fraudulent emails impersonating the IRS and using tax transcripts as bait to…
IRS: Don’t be victim to a ‘ghost’ tax return preparer
WASHINGTON – Today, towards the end of the second full week of the 2019 tax filing season, the Internal Revenue Service warned taxpayers to avoid unethical tax return preparers, known…
IRS warns of new phone scam using Taxpayer Advocate Service numbers
WASHINGTON — The Internal Revenue Service today warned the public about a new twist on the IRS impersonation phone scam whereby criminals fake calls from the Taxpayer Advocate Service (TAS),…
How to protect your private tax data
You should protect your personal and financial data from criminals. Thieves use your data to file bogus tax returns and commit crimes while impersonating you. Follow these steps to protect…
Tax law offers 100-percent, first-year ‘bonus’ depreciation
The Tax Cuts and Jobs Act increased the bonus depreciation percentage from 50 percent to 100 percent for qualified property acquired and placed in service after September 27, 2017, and…
New rules and limitations for depreciation and expensing under the Tax Cuts and Jobs Act
Businesses can immediately expense more under the new law A taxpayer may elect to expense the cost of any section 179 property and deduct it in the year the property…
100-percent depreciation deduction for businesses
Tax reform legislation includes changes that affect a business’ bottom line. One of these changes allows businesses to write off most depreciable business assets in the year they place them…
Tax law changes business expensing
Tax Reform allows businesses to immediately expense more of the cost of certain business property. Many businesses can now write off most depreciable assets in the year they’re placed into…
An estimated tax payment could help avoid a penalty
Taxes must be paid as you earn or receive income during the year through withholding, estimated tax payments or a combination of both. A Paycheck Checkup using the IRS Withholding Calculator can help you see if you should…
Taxpayers may be eligible for a qualified business income deduction
Changes in the tax law resulted in a new deduction for certain businesses. Owners of eligible sole proprietorships, partnerships, trusts and S corporations may be able to deduct up to 20…