The 2017 Tax Cuts and Jobs Act (TCJA), legislation passed in December 2017, made major changes to the way the U.S. taxes foreign activities. Significant new provisions include a dividends-received deduction for dividends from foreign subsidiaries and ...
In general, gift and estate taxes are calculated, using a unified rate schedule, on taxable transfers of money, property and other assets. Any tax due is determined after applying a credit – formerly known as the unified credit – based on an ...
The TCJA doubles the standard deduction amount for all filing statuses. The standard deduction is a dollar amount that reduces the amount of income on which a taxpayer is taxed and varies according to their filing status. Because of this, many ...
The IRS can more efficiently verify income that individuals report on their tax returns because of the Jan. 31 deadline; this helps prevent fraud. File these forms correctly and timely to avoid penalties. IRS e-file is the quickest, most accurate and ...
The Internal Revenue Service has issued proposed regulations for a provision of the Tax Cuts and Jobs Act, which limits the business interest expense deduction for certain taxpayers. Small businesses whose gross receipts are $25 million or less ...
The IRS generally recommends keeping copies of tax returns and supporting documents at least three years. Employment tax records should be kept at least four years after the date that the tax becomes due or paid, whichever is later.
Friday, Feb. 1, 2019 (maybe) -- But more likely, Friday, Feb. 8 or 15... Probably in February, because of the changes to the tax laws this year, and because those with certain tax credits have to wait longer to protect against fraud.
Once you file and the IRS accepts your return, it usually takes about 7-10 days to get your income tax refund if you use direct deposit and you e-filed your return. However, it may take up to 21 days. This chart shows when to expect your refund.