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4 Things You Should and Should NOT Do If You’ve Received an Audit Notice from the IRS

Posted by Zinner & Co. Tax Team on Mar 5, 2019 7:38:00 AM

You check your mail and you see the return address, IRS. Your first thought? Well, that can’t be good. You open up the letter and you read that you’re being audited. Look on the bright side – less than 1% of returns get audited each year, you’re just one of the lucky ones! All jocularity aside, there’s nothing to panic about.

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Topics: audits, income tax, IRS

If You Owe, You Won’t be Allowed to Go

Posted by Zinner & Co. Tax Team on Mar 4, 2019 12:05:00 PM

The IRS recently issued a warning to taxpayers who are seriously delinquent on their tax debt - you may be unable to attain a new passport or renew your existing one.

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Topics: income tax, IRS

The IRS Plays Catch-Up

Posted by Zinner & Co. Tax Team on Feb 13, 2019 7:30:00 AM

First, a joke about catch up…

“Three tomatoes are walking down the street…papa tomato, mama tomato and baby tomato. Baby tomato starts lagging behind and papa tomato gets really angry, goes back and squishes him and yells… CATCH UP!!!!”

That joke isn’t going to get a lot of laughs at the IRS (alright, I admit it won’t get laughs anywhere else either) as they try to get caught up after the longest government shutdown in U.S. history. The shutdown, which lasted 35 days and affected the majority of the IRS’s workforce, has had a profound impact on an agency that had already been running very lean.

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Topics: income tax, IRS, Shutdown

New Partnership Rules are in Effect

Posted by Zinner & Co. Tax Team on Jan 30, 2019 7:07:00 AM

Effective January 1, 2018, new rules took effect for partnership taxpayers. These "Partnership Audit Rules" affect how taxes (as well as penalties and interest) are assessed when a partnership has been audited by IRS.

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Topics: partnerships, IRS

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: withholding, tax, income tax, IRS, 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: income tax, IRS, Shutdown

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: Taxes - Corporate & Business, Taxes - Individual, taxes, IRS, 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: business travel expense, deductions, IRS, Tax Cuts and Jobs Act of 2017

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, IRS, SALT

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: security, cybersecurity, IRS

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