The Tax Cuts and Jobs Act, enacted in December 2017, changed the way tax is calculated for most taxpayers including retirees. Among other reforms, the new law changed the tax rates and brackets, increased the standard deduction, removed personal ...
If you don’t pay your taxes, the IRS may revoke your passport. And you might not even know until you get to the airport.
Cybercriminals often leave few signs of their burglary until the fraudulent tax returns are filed and clients are harmed. This is one more reason tax professionals should use strong security protections to prevent data theft from occurring.
Rules and deadlines for filing 1099 forms are constantly revised and it’s important for tax professionals to stay on top of the changes. Here are two changes coming for the upcoming tax filing season involving 1099-MISC and 1099-K.
Although the IRS and its Security Summit partners are making progress against tax-related identity theft, cybercriminals continue to evolve, and data thefts at tax professionals’ offices are on the rise. Thieves use stolen data from tax practitioners ...
Tax reporting and compliance has proven difficult to keep up with in recent years, and these changes just throw more fuel onto the fire. For CPAs focused on tax, these new changes will usher in even more complexity into their day to day jobs.
New proposed regulations just issued by the IRS throw a roadblock into efforts by governments in several “blue” states to sidestep new tax law limits for state and local tax (SALT) deductions ((Prop. Reg. REG-112176-18, 8/23/18). However, the proposed ...
Taxpayers often donate money or property to charity, but the tax results are mixed. Following are several recent developments. Tax lift for giving more. Do you want to help out charities even more in 2018? A little-noticed change in the Tax Cuts and Jobs Act (TCJA) provides an incentive. Previously, the deduction for contributions to […]