Tax News

  • 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…

  • New Scams Identified by IRS

    The April filing deadline is long gone, but that doesn’t stop scammers from attempting to swindle American taxpayers out of their hard-earned money. In fact, the Internal Revenue Service is asking taxpayers to be on the alert to two new phishing and email scams. The scams are variations of previous tax-related schemes. One involves Social…

  • IRS Fixes Error in Schedule D Worksheet

    The Internal Revenue Service says it has corrected a calculation error in its 2018 Schedule D Tax Worksheet. The worksheet should have taxed capital gains at a lesser rate, as mandated by the new tax reform package, the Tax Cuts and Jobs Act, passed in 2017. Instead, the Schedule D Worksheet was taxing those capital…

  • Make Estimated Tax Payments So Your Business Doesn’t Owe

    The Internal Revenue Service reminds small-business owners and self-employed taxpayers alike: avoid a surprise tax bill (and possibly a penalty) by making estimated tax payments during the tax year. The reminder comes as part of National Small Business Week, which recognizes the contributions of entrepreneurs and small business owners nationwide. Income Equals Tax By law,…

  • IRS Opens Registration for Nationwide Tax Forum 2019

    The Internal Revenue Service has opened the doors to registration for this year’s Nationwide Tax Forum series. The Tax Forum is a great chance for tax professionals of every level to get Continuing Education (CE) credits, Certified Financial Planner (CFP) credits, and pick up the latest on tax law, changes to IRS forms and much…

  • Computer Glitch Blamed for NYS Tax Notice Miscue

    A computer glitch is being blamed for an erroneous tax notice sent to some New York State taxpayers. Buffalo, N.Y. TV station WKBW reports the notices say the taxpayer’s income tax refund has been adjusted to zero because they “are not entitled to a refund.”  To make matters worse, the notice scares taxpayers into thinking…

  • IRS Touts Progress Against Identity Theft

    With just days left in the TY 2018 filing season, the IRS and its Security Summit partners have announced major progress has been made in the fight against tax-related identity theft. What’s more, they say, their combined efforts have added protection for thousands of taxpayers and billions of dollars in refunds. The Security Summit, a…

  • IRS Tweaking EIN Application Process

    The Internal Revenue Service is making a few changes to the application process for Employer Identification Numbers, or EINs. Starting May 13, only those individuals with tax identification numbers will be allowed to request an EIN as the “responsible party” on the application. This means applicants claiming to be the responsible party must have either…

  • Study Says Cuts Put IRS Mission at Risk

    The Government Accountability Office says a decade of budget and staffing cuts aimed at the Internal Revenue Service have left the nation’s tax collection agency poorly positioned to handle its future mission. The GAO, at the request of members of Congress, performed an audit to assess the IRS’ enterprise-wide strategic workforce planning efforts. To carry…

  • Dirty Dozen: Frivolous Tax Arguments Mean Trouble

    The Internal Revenue Service has issued a warning to taxpayers and tax preparers not to use frivolous tax arguments as a basis for not paying taxes. Promoters of these schemes encourage taxpayers to make unreasonable and outlandish legal claims to avoid paying their taxes. The IRS reminds people that time and again, these arguments have…