Tax Laws

  • New Process Lets Expats get Square with IRS

    The Internal Revenue Service says it has new procedures in place that can help certain expatriated American taxpayers come into compliance with their U.S. tax obligations and get relief for back taxes. Relief Procedures for Certain Former Citizens apply only to those individuals who have not filed U.S. tax returns as American citizens or residents,…

  • IRS to Self-Employed Taxpayers: Use the Tax Withholding Estimator

    According to the IRS, self-employed taxpayers should use the Tax Withholding Estimator when they perform their next “paycheck checkup.” IR-2019-149 is the latest press release advertising the Tax Withholding Estimator, the agency’s newest online tool: “The estimator is an expanded, mobile-friendly online tool that replaced the Withholding Calculator, which since 2001 had offered workers an…

  • No Dyed Fuel Penalty in Florida, IRS Says

    The IRS last Friday announced that it would be waiving the penalty for using red-dyed diesel in highway vehicles in Florida until September 15. The press release came while Floridians prepared for the possibility that Hurricane Dorian would make landfall. As of this afternoon, the now-Category 2 storm has yet to make landfall in the…

  • IRS Says it’s Time to Renew Expiring ITINs

    Time is running out for taxpayers who need to renew an expiring ITIN before next filing season. In June, the IRS issued a press release reminding taxpayers that failing to renew an expiring ITIN can result in refund delays and ineligibility for some tax credits. While ITINs are only used by taxpayers who can’t get…

  • Tax Tips for New Business Owners

    Owning your own business can be a very rewarding experience. The process of starting a business, however, can seem overwhelming to the uninitiated. There are so many choices to consider – from business plans to market strategies and tax responsibilities. The IRS has put together a quick list of items any new owner of a…

  • IRS Waives Estimated Tax Penalty for Eligible 2018 Filers

    For some taxpayers paying estimated taxes who have filed their 2018 tax returns there’s a little bit of bad news—and some good news. The bad news is they failed to claim the special waiver that would have spared them from the estimated tax penalty mandated when withholding and estimated tax payments fell short of their…

  • Taxpayers with Significant Tax Debt Could Lose Passports

    The Internal Revenue Service is warning taxpayers they risk losing their passports if “significant” tax debt is not paid. Those taxpayers are urged to contact the IRS immediately or have travel plans delayed later. The passport action is mandated by the Fixing America’s Surface Transportation Act (also known as the FAST Act). The IRS is…

  • Don’t Get Left Behind on Auto Expense Deductions

    If you’ve always deducted your business vehicle expenses in the past, read on. With the recent changes in the tax code, not everyone can still claim the deduction. Some taxpayers can, but some cannot. In a nutshell, only a few types of taxpayers can now qualify to deduct auto expenses from their taxes. Business Owners…

  • IRS Issues Tax Tip Explaining Educator Deduction

    Now that the tax year 2018 filing season is over, some teachers may know that the educator expenses deduction was moved to line 23 of the new Schedule 1. To help those unsure about which unreimbursed, job-related expenses qualify, the IRS this week released Tax Tip 2019-83. The press release outlines the basics of determining…

  • IRS Issues Guidance on Cooperatives

    The Internal Revenue Service and the Treasury Department have issued their legal guidance on certain deductions to cooperatives and their patrons. The guidance was made necessary by changes to the tax code by the 2017 tax reform legislation called the Tax Cuts and Jobs Act (TCJA) and the Consolidated Appropriations Act of 2018. The proposed…