Below please find daily updates pertaining to the latest in financial, business, and tax news:
Wolters Kluwer, Inc. has projected tax brackets and other inflation-adjusted amounts for the 2020 tax year. Highlights of projected 2020 amounts, including tax brackets for both ordinary income tax and capital gains tax, can be found at the following link. See Wolters Kluwer’s Projections for Inflation-Adjusted Tax Brackets and Other Amounts Tax Cuts and Jobs […] The post Wolters Kluwer P...Wed, Sep 11, 2019
Self-directed IRAs open up investment opportunities, but carry risks. A wrong move can result in current taxation of IRA income, immediate taxation of all assets in the IRA, and a variety of penalties. Although the stakes are high, a self-directed IRA might be just the thing for the IRA owner with the time, energy and […] The post Self-Directed IRAs: Risks and Opportunities appeared firs...Tue, Sep 10, 2019
The House of Representatives voted to repeal the Affordable Care Act’s (ACA) so-called “Cadillac” excise tax on high-cost employer insurance plans. Unless the Senate takes up the repeal and passes it, the tax is set to kick in 2022. The Cadillac tax is not just a tax to raise revenue. The tax will limit the […] The post ACA “Cadillac” Tax Repeal appeared first on Tax & Accou...Mon, Sep 09, 2019
Congress returns from its summer recess on Monday, September 9 and it may address several pieces of outstanding tax legislation over the next month. The federal government must pass budget appropriations soon and many are hoping that a few tax bills can hitch a ride. Otherwise, the tax bills may not be addressed until the […] The post Congress Returns to Work on Including Possible Tax Leg...Wed, Sep 04, 2019
The IRS is sending letters this summer to more than 10,000 taxpayers who may have failed to properly report their virtual currency transactions. Taxpayers should take these letters “very seriously,” warns IRS Commissioner Chuck Rettig. Types of IRS Virtual Currency Letters The IRS letters come in three versions. Each version: explains why the IRS is […] The post IRS Letters Warn Taxpayers...Tue, Aug 27, 2019
The Taxpayer First Act legislation and its implications Enacted on July 1, 2019, the Taxpayer First Act is considered the most significant tax legislation focused on Internal Revenue Service (IRS) reform since the IRS Restructuring and Reform Act of 1998. The Act addresses a number of issues that have arisen in the last thirty years […] The post Wolters Kluwer Tax & Accounting Explor...Fri, Aug 23, 2019
The IRS released a new draft of Form 1040, U.S. Individual Income Tax Return, for the 2019 tax year that reduces the schedules in the 2018 version. The IRS also released a draft a new Form 1040-SR, U.S. Tax Return for Seniors, for taxpayers who are at least 65 years old. The new Form 1040 […] The post IRS Releases Draft 2019 Form 1040 with Fewer Schedules and New Form 1040-SR appeared fir...Wed, Aug 21, 2019
The SECURE Act as passed by the House of Representatives would replace the 5-year distribution rule for inherited IRAs with a 10-year rule. It would also eliminate “stretch IRAs.” If passed by the Senate, the changes would kick in for plan participants or IRA owners who die after 2019. Limited exceptions would apply for narrow […] The post SECURE Act Would Eliminate Stretch IRAs appeared ...Mon, Aug 19, 2019
The IRS has revised its controversial draft of the 2020 Form W-4, Employee’s Withholding Allowance Certificate. When first released, the form faced controversy over: complexity; and privacy considerations. Old Form W-4 Relied on Withholding Allowances Until now, employees adjusted the amount of withholding from their paychecks by simply increasing or reducing the number of withholding [&...Fri, Aug 16, 2019
Form 1099-NEC, Nonemployee Compensation, is expected to return in 2020 after a 38-year absence. Taxpayers will use the form to report certain payments currently reported on Form 1099-MISC, Miscellaneous Income. The IRS expects Form 1099-NEC to resolve some timing issues involved in submitting Form 1099-MISC. Reporting Nonemployee Compensation Taxpayers generally must use Form 1099-MISC to [...
Ready to file your federal tax return? Stop by one of these events first and get tips to avoid delays! Want to avoid delays this filing season, including refund delays? Find out how by visiting us at one of the locations below during the week of January 13 – 17. If you prepare your own tax returns, whether it’s through software or on paper, come visit us before you file that fed...Thu, Nov 21, 2019
Subscribe to the NTA’s Blog and receive updates on the latest blog posts from Acting National Taxpayer Advocate Bridget T. Roberts. Additional blogs can be found at www.taxpayeradvocate.irs.gov/blog. On July 1, 2019, the Taxpayer First Act (TFA) was signed into law. The TFA makes the most significant changes to IRS administrative procedures since the IRS Restructuring and Reform Act of ...Thu, Oct 31, 2019
If you prepare or help prepare federal tax returns for compensation, you must have a valid Preparer Tax Identification Number (PTIN) from the IRS. It only takes 15 minutes to renew your Preparer Tax Identification Number or PTIN. Find out how to renew in just a few easy steps. The IRS PTIN system also allows you to update your account information, view your continuing education credits, and mor...Thu, Sep 19, 2019
Subscribe to the NTA’s Blog and receive updates on the latest blog posts from Acting National Taxpayer Advocate Bridget T. Roberts. Additional blogs can be found at www.taxpayeradvocate.irs.gov/blog. Each December, the National Taxpayer Advocate identifies the Most Serious Problems facing taxpayers and makes recommendations for addressing them in the Annual Report to Congress (ARC). Eac...
Every year, the Taxpayer Advocate Service (TAS) helps thousands of people with tax problems. This story is only one of many examples of how TAS helps resolve taxpayer’s tax issues. All personal details are removed to protect the taxpayer’s privacy. The mission of TAS is to help taxpayers resolve problems with the IRS and recommend changes to prevent the problems. When constituents c...
The Internal Revenue Service is urging taxpayers to resolve their significant tax debts, $50,000 or more, to avoid putting their passports in jeopardy. If you owe $50,000 or more and haven’t made payment arrangements, please contact the IRS now to avoid travel delays later. Why is the State Department allowed to limit or revoke my passport due to unpaid taxes? In December 2015, Congress p...Tue, Sep 03, 2019
Subscribe to the NTA’s Blog and receive updates on the latest blog posts from Acting National Taxpayer Advocate Bridget T. Roberts. Additional blogs can be found at www.taxpayeradvocate.irs.gov/blog. In my first blog as the Acting National Taxpayer Advocate, I’d like to address a topic that has been in the news a good deal over the past year—“passport certification.&rd...Tue, Aug 20, 2019
The Internal Revenue Service recently launched the new Tax Withholding Estimator, an expanded, mobile-friendly online tool designed to make it easier to have the right amount of tax withheld during the year. The new Estimator features include: plain language to improve comprehension; ability to move back and forth through the steps and correct previous entries and skip questions that don&rsquo...Thu, Aug 15, 2019
Every year, the Taxpayer Advocate Service (TAS) helps thousands of people with tax problems. This story is only one of many examples of how TAS helps resolve taxpayer’s tax issues. All personal details are removed to protect the taxpayer’s privacy. TAS received a congressional inquiry where a taxpayer, living in a rural area, was unable to secure a tax account transcript. Without th...Thu, Aug 08, 2019
Democrats delayed an impeachment vote by a U.S. House Committee just before midnight, incensing Republicans and setting up a Friday showdown over President Donald Trump's future. ...Thu, Dec 12, 2019
An environmental group launched legal action on Thursday seeking to ban commercial use of "super-toxic" rat poisons in California, citing data showing the products pose a grave threat to a dozen endangered species and other wildlife. ...Thu, Dec 12, 2019
A lawyer for one of the women who brought lawsuits accusing Harvey Weinstein of sexual misconduct said Thursday that a proposed $25 million settlement for most of the Hollywood producer's alleged victims was unfair and designed to pressure her into accepting it. ...Thu, Dec 12, 2019
The National Association for College Admission Counseling, a trade association of admissions counselors, has agreed to drop rules against colleges trying to poach each other's students and prospective students, the Justice Department said on Wednesday. ...Thu, Dec 12, 2019
Federal authorities on Thursday charged 10 former National Football League players with allegedly defrauding a healthcare program of more than $3.4 million by filing false claims for hyperbaric oxygen chambers and other expensive medical equipment. ...Thu, Dec 12, 2019
Boston Marathon bomber Dzhokhar Tsarnaev's lawyer on Thursday asked a federal appeals court to overturn his death sentence, saying prospective jurors were not thoroughly questioned, violating a 51-year-old standard for weeding out bias. ...Thu, Dec 12, 2019
Democratic presidential candidate Michael Bloomberg's doctor has proclaimed him "a 77-year-old man in outstanding health," according to a letter released by his campaign on Thursday. ...Thu, Dec 12, 2019
- The U.S. House of Representatives on Thursday approved legislation aimed at driving down the prices that seniors pay for prescription drugs, but the bill's future is clouded by President Donald Trump's threat of a veto and lack of support in the Senate. ...Thu, Dec 12, 2019
A fatal gun rampage at a kosher grocery store in northern New Jersey this week is now being treated as an act of domestic terrorism and the FBI will oversee the investigation, federal and state law enforcement officials said on Thursday. ...Thu, Dec 12, 2019
The state of Washington on Thursday proposed bans on the sale of "assault weapons" and high capacity magazines, part of a package of gun laws meant to address a rising wave of U.S. mass shootings. ...
Impeachment explained ...Wed, Dec 04, 2019
The 25 best TV shows ...Thu, Dec 05, 2019
We want your thoughts ...Tue, Dec 10, 2019
Full list of bowl games ...
Ending grueling day of proceedings, Judiciary Chairman Jerry Nadler called a recess until 10 a.m. Friday. ...Fri, Dec 13, 2019
While results were still rolling in, the Conservatives had claimed 326 seats and appeared headed to the party's best election performance since 1987. ...Thu, Dec 12, 2019
David Anderson, was arrested at least five times since 2003, the year he was discharged from the Army, records show. ...Fri, Dec 13, 2019
The league announced in a statement that former commissioner David Stern underwent emergency surgery after suffering a sudden brain hemorrhage. ...Fri, Dec 13, 2019
Taylor Swift got an early birthday gift at Billboard's annual Women In Music Event: the first-ever Woman of the Decade Award. ...Fri, Dec 13, 2019
During an interview on Fox News, McConnell said "There will be no difference between the president's position and our position as to how to handle this." ...