Generally, if you make a withdrawal from a traditional IRA before age 59½, you owe a 10% penalty tax in addition to your regular income tax liability. But the tax code contains a long laundry list of exceptions to this rule.
With a surge of tax returns expected the two weeks following the Feb. 17 Presidents Day holiday, the Internal Revenue Service offers taxpayers several tips and various time-saving resources to get them the help they need quickly and easily.
The IRS issues nine out of 10 refunds in less than 21 days, and the fastest way to get a refund is to file electronically and choose direct deposit. The time around Presidents Day is a peak period for telephone calls to the IRS, resulting in longer ...
On February 10, 2020, President Trump unveiled his budget proposals for the 2021 fiscal year. Among other noteworthy items, including more resources being funneled to the IRS, the president is advocating an extension of individual tax provisions in the Tax Cuts and Jobs Act (TCJA) that are slated to be wiped off the books after […]
Easy to use chart shows when you can get your 2020 IRS income tax refund. File early and you will get your refund earlier. IRS refund schedule.
In the accounting profession’s annual tax marathon, you don’t want your people to hit the wall. Burned out workers will be less focused, more irritable, less healthy, more likely to exhibit negative attitudes and more prone to mistakes.
The proposed regulations are designed to accommodate the redesigned Form W-4, Employee’s Withholding Certificate, to be used starting in 2020, and the related tables and computational procedures in Publication 15-T, Federal Income Tax Withholding Methods.
Canopy, a cloud-based practice management platform for tax and accounting professionals, has released new updates that enhance the functionality of its product suite and further ease an accountant’s workload as they head into the 2019 tax year.