WASHINGTON — The Internal Revenue Service announced today that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.
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The American Institute of CPAs and the National Conference of CPA Practitioners are separately asking the Internal Revenue Service to refrain from imposing underpayment and under withholding penalties on taxpayers in response to some extensive changes in the Tax Cuts and Jobs Act.
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TOPICS IN THIS ISSUE: Individuals Who Need to Reconstruct Records After a Disaster IRS Warns About Tax Scams Related To Hurricanes, Wildfires & Vegas Shooting Tax Refund Fraudsters Already Had Much Of That Equifax Stolen Data Taxpayers Who Are Victims
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Taxpayer asks: What’s the difference in injured and innocent spouse? Years ago I separated and the IRS withheld my tax refund because of unpaid tax from my now Ex. Do I have any way to get that back? Ask the
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Domestic abuse often includes control over finances. An important part of managing finances is understanding one’s tax rights. Taxpayers have the right to expect the IRS to consider facts and circumstances that might affect the individual’s taxes.
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You probably didn’t think to run a credit check on your spouse before you got married. After all, love reigns supreme, right?
Read more →TOPICS IN THIS ISSUE: Top 5 Tips On How To Handle Back Taxes California Extends Offer In Compromise Program For Five Years IRS TAX TIP: Learn about Tax Benefits for Education I Owe Joint Taxes with My Spouse: What Do
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Taxpayers who are victims of a disaster might need to reconstruct records to prove their loss. Doing this may be essential for tax purposes, getting federal assistance, or insurance reimbursement. IRS Tax Tip 2017-54, October 4, 2017 Here are 12
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California’s Governor Brown has signed a bill (AB 525) which extends the life-span of the Board of Equalization’s (BOE) Offer in Compromise program for an additional 5 years. Offer in Compromise is a state program that allows small businesses to
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The unmarked vehicles arrived in the morning. More than 20 armed agents poured out. Hours later, Mii’s Bridal & Tuxedo was out of business after serving customers for decades. Its entire inventory of wedding gowns and dresses as well as
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Dealing with the IRS can be overwhelming, making life feel like it’s falling apart. Uncertainty about the future may be mounting as you try desperately to find a way to pay a debt that you have little or no funds
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If a joint tax return is filed by a married couple, and the taxes are not paid or the IRS comes in and audits – asserting that additional taxes are due – a spouse may be entitled to be excused
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CPAs, Enrolled Agents and attorneys are part of a privileged group that can represent taxpayers at all levels before the IRS, yet many choose not to extend their practice when collections issues arise. For those that do, there are some
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The FBI is looking into suspicious federal returns filed using Turbo Tax software, as a number of states work to contain a wave of criminal filings. The scams are delaying refunds around the country. CBS News business analyst Jill Schlesinger
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Couples who elect to file a joint tax return enjoy many advantages. But when you do file jointly, know that both spouses are “jointly and severally liable” for the taxes owed. This means if one spouse is a tax cheat,
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