Tag Archives: taxpayers
False W-2 Claims – A New Scam This Tax Season
The IRS is warning taxpayers to be aware of a new tax scam this season involving Form W-2. According to the agency, scammers are trying to convince taxpayers to use their wage information on a tax return to falsely … Continue reading
IRS Signals Taxpayers – Tells Them Wait to File
After a mere two short weeks of accepting tax returns for the 2023 tax season, the IRS is already beginning to backtrack. In California, Virginia, and other states, the Internal Revenue Service is taking back its advice of telling taxpayers … Continue reading
IRS Ramps Up Efforts on Noncompliant Crypto Taxpayers
The IRS continues its efforts of tracking down taxpayers for their unreported and unpaid taxes. This comes following a new court order allowing the IRS to summon customer records from M.Y. Safra Bank. This isn’t the first summons from the … Continue reading
IRS Accidentally Exposes Approximately 120,000 Individual Information on Their Website
The hits just keep coming for the IRS. This time in the form of accidentally revealing sensitive taxpayer information from Form 990-T, which is for the business tax returns filed by tax-exempt organizations. According to the agency, it was … Continue reading
#DSJTaxTeamTip: Form 8888 Allows Taxpayers To Fund IRA with Income Tax Refund
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- Often overlooked tax advantage allows automatic redirection of refund without delay
- Form 8888 enables over-payments to be directed to fund traditional IRAs, ROTH IRA, or SEP-IRA
- Deadline to make election extended to July 15th due to COVID-19
- SIMPLE IRA still
How to Budget for Estimated Tax Payments
May 2019
According to a March 22 Internal Revenue Service News Release, 2018 federal tax filers might be able to have any penalties for an underpayment of estimated tax removed. This could be possible if they’ve paid at least 80 … Continue reading
Winners and Losers of the Tax Bill
March 2019
In 2018 when President Trump and the Republican Congress rewrote the tax code, everyone knew there would be winners and losers. Exactly how this will play out is just starting to be seen – it closes loopholes while … Continue reading
Yay, More Take Home Pay! Wait, Possible Tax Penalties!
The new tax laws made by the Tax Cuts and Jobs Act, include significant shifts in the tax brackets of U.S. taxpayers. Due to these changes, the IRS has updated its income-tax withholding tables for 2018. While you may … Continue reading
The Trump Tax Reform Plan – What Is and What May Be
Major tax reform enactment is a rare event, with the last occurring back in 1986 under President Ronald Reagan. As a result, current discussions could pan out to be much ado about nothing; however, with the solid majorities that Trump … Continue reading
2017 Social Security Changes
A HIGHER TAX CAP AND OTHER BIG CHANGES IN STORE FOR SOCIAL SECURITY IN 2017
The Social Security Administration (“SSA”), in its annual mid-October press release, announced some important changes to America’s most important social program for 2017, not the … Continue reading