IRS
Latest News
Pending Home Sales Rose 4.8% in June
Empowering Innovation Through Ideation & Experimentation
BDO USA Releases Its 2023 Sustainability Report
More than 1,000 IRS Employees Were Delinquent or Noncompliant on Their 2023 Income Taxes
![tax-refund1](https://www.cpapracticeadvisor.com/wp-content/uploads/sites/2/2022/07/10848/tax-refund1_10916239.png)
How to Get Ready for 2018 Income Tax Season and Get a Fast Refund
The IRS urges all taxpayers to file a complete and accurate tax return by making sure they have all the documents before they file their return, including their 2016 tax return. This includes Forms W-2 from employers, Forms 1099 from banks and other ...
![tax reform 1 5540d268d98f6](https://www.cpapracticeadvisor.com/wp-content/uploads/sites/2/2022/07/18605/taxreform_1_.5540d268d98f6.png)
Examining the GOP Tax Reform Proposal
The current graduated seven-bracket structure would be reduced to four rates of 12%, 25%, 35% and 39.6%. The previous plan was based on only three brackets with a top rate of 35% and didn’t specify income amounts. Thus, this new plans preserves the ...
New Tax Reform Plan Cuts Corporate Tax Rate, Eliminates AMT and Estate Tax, Changes Brackets
The plan would also repeal the alternative minimum tax (AMT) and the estate tax, while preserving the current status quo tax deferred treatment of 401(k) and similar accounts.
![tax form 1 56fae4472fed2](https://www.cpapracticeadvisor.com/wp-content/uploads/sites/2/2022/07/21516/tax_form_1_.56fae4472fed2-768x503.png)
Income Tax Penalties Can Add Up
The amount of the penalty is based on when you file the correct information return or furnish the correct payee statement. The penalty for not filing a correct information return is separate from the penalty for not providing the correct payee statement.
Trump Tax Plan Repeals Most Itemized Deductions, AMT, Estate Tax
The new tax plan doesn’t provide much detail on how the tax cuts will be paid for and who exactly will benefit. It also throws some important decisions back into Congress’ lap.
![post 69695 billion dollars 7bDB 1 58b8317fc5e75](https://www.cpapracticeadvisor.com/wp-content/uploads/sites/2/2022/07/24837/post_69695_billion_dollars_7bDB_1_.58b8317fc5e75.png)
$1 Billion in Tax Refunds to Expire if Not Claimed
The IRS says that more than $1 billion in federal income tax refunds from 2013 has gone unclaimed so far, and will be lost to the nearly 1 million taxpayers who failed to claim them. Taxpayers have three years to file for an income tax refund, after which
Income Tax Questions: What If You Don’t Get Your W-2 Form? What if You Lose Your W-2 Form?
It’s tax time and many Americans are waiting on their income tax refunds. But some taxpayers are still waiting to file because of lost or missing W-2 forms. If you are asking either of these questions, the IRS has answers: What if I lost my W-2 form? What if my work never sent me a […]
![tax reform1 5540d16fc2aaa](https://www.cpapracticeadvisor.com/wp-content/uploads/sites/2/2022/07/19265/16983634_abstract_word_cloud_for_tax_reform_with_related_tags_and_terms_1_.5540d16fc2aaa.png)
Major Income Tax Reform Coming this Summer, Says Treasury Secretary
On the income tax reform agenda: Tax rate cuts, fewer brackets, repeal of AMT, cap on itemized deductions, elimination of personal exemptions, Sec 179 changes, 15% corporate income tax rate, repatriation tax, repeal of estate tax.