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IRS Announces it Will Waive Tax Penalties for Under-Withholding and Underpayment for Some

Posted by Zinner & Co. Tax Team on Jan 17, 2019 11:46:44 AM

The IRS announced this week in IRS Notice 2019-11 that it would not penalize taxpayers whose tax withholding and estimated tax payments fell short last year due to failing to change their withholding under the Tax Cuts and Jobs Act (TCJA).

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Topics: IRS, income tax, tax, withholding, Tax Cuts and Jobs Act of 2017

How the Government Shutdown Will Affect Your Tax Return and Refund…the Saga Continues

Posted by Zinner & Co. Tax Team on Jan 16, 2019 11:17:39 AM

Previously, we shared how the Whitehouse stated there would be no disruption to tax filing or the issuance of refunds.

On Tuesday, the IRS shared some details of its revamped contingency plan for operations during the government shutdown.

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Topics: Shutdown, income tax, IRS

What Will the Government Shutdown Mean to Your Tax Return?

Posted by Zinner & Co. Tax Team on Jan 8, 2019 1:20:22 PM

Unless you’ve been hiding under a rock, you’ve probably heard about the battle between the President and Congress over funding for a southern border wall. The government “shutdown” created by the impasse has created a lot of uncertainty about many government-provided services.

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Topics: IRS, taxes, Taxes - Individual, Taxes - Corporate & Business, Shutdown

IRS Increases Mileage Rates for 2019

Posted by Zinner & Co. Tax Team on Dec 20, 2018 12:17:57 PM

The IRS has announced the 2019 standard mileage rates used for calculating deductible costs for operating an automobile for business, charitable, medical or moving purposes. 

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Topics: IRS, deductions, Tax Cuts and Jobs Act of 2017, business travel expense

IRS Issues Guidance on Tax Withholding

Posted by Zinner & Co. Tax Team on Dec 5, 2018 9:00:00 AM

 

The IRS recently issued guidance on tax withholding for the coming year. The redesign of the W-4 has been tabled until 2020 after the proposed form met with heavy criticism from groups like the American Society of CPAs. The W-4 for 2019 will be essentially the same as the 2018 with the exception of changes to the “withholding allowance” terminology used in the Tax Cuts and Jobs Act (TCJA.)

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Topics: withholding, taxes, SALT, IRS

The IRS Issues New Warning about New Phishing Scam

Posted by Zinner & Co. Tax Team on Nov 28, 2018 8:20:08 AM

The Internal Revenue Service issued a warning about a fairly sophisticated new phishing scam. Phishing, a technique where a malefactor impersonates someone (in this case the IRS,) in an effort to steal sensitive information such as user names, passwords and account numbers.

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Topics: IRS, cybersecurity, security

IRS Announces New Limits for Qualified Retirement and Pension Plans

Posted by Zinner & Co. Tax Team on Nov 8, 2018 7:05:00 AM

The IRS has recently issued new limits on qualifying pensions and retirement related accounts (see IRS Notice 2018-83.) The new amounts, which are a cost-of-living adjustment, become effective January 1, 2019.

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Topics: IRS

ALERT: Be Wary of States Circumventing the $10,000 SALT deduction limitation

Posted by Zinner & Co. Tax Team on Sep 20, 2018 10:19:00 AM

Current Law:

The Tax Cuts and Jobs Act of 2017 limits individual taxpayer's state and local tax (SALT), itemized deduction to $10,000 (including real estate taxes). The previous law allowed an unlimited deduction. This change may be detrimental to many individual taxpayers who relied heavily on these deductions in the past.

State Work-Arounds:

Some states have considered "work-arounds" to combat this limitation. Select states (California, Connecticut, Illinois, New York and New Jersey, thus far) have created state

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Topics: Tax Cuts and Jobs Act of 2017, deductions, tax avoidance, taxes, IRS, Taxes - Planning, Rules and Returns, Taxes - Individual

Relief for taxpayers affected by reduction of maximum deductible health savings account contributions

Posted by Zinner & Co. Tax Team on May 22, 2018 12:57:49 PM

Taxpayers who have healthcare coverage under a High Deductible Health Plan (HDHP) may qualify for tax relief from the Internal Revenue Service.

HDHPs, health insurance plans with lower premiums and higher deductibles than a traditional health plan, are a requirement for having a health savings account.

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Topics: IRS, health care

IRS To End Offshore Voluntary Disclosure Program

Posted by Zinner & Co. Tax Team on Mar 14, 2018 3:59:05 PM

The IRS announced today that it was going to end the Offshore Voluntary Disclosure Program (OVDP) by September 28, 2018.  The Service is giving taxpayers just over six months’ notice of the program closure to allow any taxpayers who wish to do so the opportunity to take advantage of the program before then.

The current program has been in place since 2014 and is, actually, a modified version of the one that was originally launched in 2012.  The programs have afforded taxpayers to voluntarily resolve past non-compliance issues related to unreported foreign financial assets, as well as failures to file foreign information returns. 

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Topics: IRS, foreign assets

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