“Gasp!” That might be your first reaction to seeing an envelope with an eagle on the upper left corner and the dreaded words next to it: Internal Revenue Service. But fear is not an emotion that should flow through your body. Why not? Well, if you’ve accurately recorded what properly belongs on your tax return, you have nothing to fear from the IRS if they contact you about an audit.
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Most individuals begin tax planning when the due date for filing income tax return is around the corner. However, it is prudent to start your tax planning earlier as it gives you more time to make a good estimate of your income and gains.
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Use the Tax Withholding Estimator to perform a quick “paycheck checkup.” This is even more important following the recent changes to the tax law for 2018 and beyond.
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The National Taxpayer Advocate released the convoluted map to draw attention to a frustrating system By ANDREW KESHNER Got a problem with your taxes? Get ready for a long and winding road. A new “roadmap” charts the labyrinth inside the
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Tax levies put your assets at risk. To remove them, you’ll need to work with the IRS to pay your back taxes.
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Despite calls for its renewal, Congress hasn’t addressed the issue of the popular residential energy credit, which officially expired after 2017. This credit, which is generally equal to 10% of the cost of qualified energy-saving improvements made to a principal
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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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Traditionally, the Internal Revenue Service (IRS) has not issued refunds to taxpayers while the government is shut down. That appeared to be the case this time when the Department of Treasury posted its Lapsed Appropriations Contingency Plan for the IRS
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