The Taxpayer First Act, enacted July 1, requires tax exempt organizations to electronically file information returns and related forms. The new law affects tax exempt organizations in tax years beginning after July 1, 2019.

The following IRS forms are included in the ma...

The Internal Revenue Service has issued guidance for business travelers, updated to include changes resulting from the Tax Cuts and Jobs Act (TCJA).

Revenue Procedure 2019-48, posted on IRS.gov, updates the rules for using per diem rates to substantiate the amount of or...

Taxpayers Can Find Answers to Questions About Private Collection Agencies on IRS.gov

Taxpayers who are contacted by a private collection agency on behalf of the IRS might have questions about the program. These taxpayers can visit IRS.gov to find answers to questions th...

If you have a high deductible health care plan and already contribute to an HAS, or would like to start, IRS has released an expanded list of preventive care costs that are eligible to be paid through an HSA.

First, what is a high deductible health plan (HDHP)? 

The defi...

One of the major provisions of the Tax Cuts and Jobs Act was the creation of a new deduction (Code Section 199A) for business owners operating as a sole proprietor, as a shareholder in an S Corporation or a partner in a partnership venture. This new deduction also exte...

You should probably take one very important estate planning action as soon as you finish reading this.

Check the beneficiary designations for your:

• bank accounts,

• brokerage firm accounts,

• tax-favored retirement accounts,

• company benefit plans,

• lif...

The Taxpayer First Act of 2019 (TFA) was signed into law on July 1, 2019. The focus of the bill is to enact changes in the IRS’s organizational structure which includes customer service, enforcement procedures, management of information technology, and improving intera...

The new Tax Withholding Estimator, launched last month on IRS.gov, includes user-friendly features designed to help retirees quickly and easily figure the right amount of tax to be taken out of their pension payments.

The mobile-friendly estimator replaces the Withholdi...

IRS Interest Rates Drop

If you are participating in an installment plan with IRS to pay taxes owed with your 2018 tax return, the interest rate for underpayments beginning July 1, 2019 is 5%, down from 6%.

Storm Scams

With hurricane season in full swing, and September be...

IRS Automatically Waives Estimated Tax Penalty For Eligible 2018 Tax Filers

The Internal Revenue Service is automatically waiving the estimated tax penalty for the more than 400,000 eligible taxpayers who already filed their 2018 federal income tax returns but did not c...