WASHINGTON – Victims of this week’s tornadoes and severe storms in parts of Tennessee, including Nashville, will have until July 15, 2020, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. The IRS is offering this relief to any area designated by the Federal Emergency Management… Read More
WASHINGTON – As part of a larger effort to ensure compliance and fairness, the Internal Revenue Service today announced that it will step up efforts to visit high-income taxpayers who in prior years have failed to timely file one or more of their tax returns. Following the recent and ongoing hiring of additional enforcement personnel,… Read More
Follow the link to learn more: https://www.irs.gov/newsroom/tax-scams-consumer-alerts… Read More
The Work Opportunity Tax Credit (WOTC) is a Federal tax credit available to employers for hiring individuals from certain targeted groups who have consistently faced significant barriers to employment. WOTC joins other workforce programs that incentivise workplace diversity and facilitate access to good jobs for American workers. The Protecting Americans from Tax Hikes Act of 2015 (the… Read More
If you owe taxes: The IRS instructs taxpayers to make payments to the “United States Treasury.” The IRS provides specific guidelines on how you can make a tax payment at irs.gov/payments. Here is what the IRS will do: If an IRS representative visits you, he or she will always provide two forms of official credentials called… Read More
IR-2020-02, January 6, 2020 WASHINGTON ― The Internal Revenue Service confirmed that the nation’s tax season will start for individual tax return filers on Monday, January 27, 2020, when the tax agency will begin accepting and processing 2019 tax year returns. The deadline to file 2019 tax returns and pay any tax owed is Wednesday,… Read More
IRS issues standard mileage rates for 2020 IR-2019-215, December 31, 2019 WASHINGTON — The Internal Revenue Service today issued the 2020 optional standard mileage rates (PDF) used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2020, the standard mileage rates for the use of a… Read More
Consider converting your traditional IRA to a Roth IRA Although there are income limits for contributing to a Roth IRA, anyone can convert all or a portion of their assets in a traditional IRA (or other eligible retirement plan) to a Roth IRA. Why might doing so make sense? Unlike with a traditional IRA, qualified distributions… Read More
Issue Number: Tax Tip 2019-157 Good recordkeeping is just good business Recordkeeping is an important part of running a small business. In fact, keeping good records helps business owners make sure their business stays successful. Here are some things small business owners should remember about recordkeeping: Good records will help business owners: Monitor the progress of their… Read More
Issue Number: Tax Tip 2019-155 Veterans who own small businesses can follow the IRS on their smart phones Veterans who are small business owners likely have lots of questions about their business taxes. National Veterans Small Business Week is as good a time as any other to connect with the IRS over social media. These business… Read More