National Taxpayer Advocate (NAS) Nina Olson, who is scheduled to retire on July 31st, 2019, addressed Congress for the 37th and presumably last time in her role. Olson, who has held the role of NAS for 18 years, addressed Congress to review the 2019 tax season and the state of the IRS.
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Under a new provision created by the Tax Cuts and Jobs Act (TCJA), for the tax years 2018 and 2019 you may qualify for a tax credit if you set up or amend a paid-family leave program. Under Section 45S of the Internal Revenue Code, employers that voluntarily offer qualifying employees up to 12 weeks of paid family and medical leave annually under a written policy, may claim the credit.
Well…it’s over. This year’s individual tax return filing deadline has come and gone. As the dust settles and we take stock of this year’s tax season, a few trends have appeared.
On Friday, March 22, 2019, the Treasury and IRS announced they have lowered the withholding underpayment penalty threshold to 80%. This means that taxpayers who were 80% or less under-withheld on their income tax withholding or quarterly tax payments may qualify for relief.
Are 2018 Income Taxes Easier to Prepare Under the Tax Cuts and Jobs Act?
Like any good consultant, my answer is: It depends.
The sad reality is more than 50% of marriages end in divorce. The median duration of a marriage in the United States is 11 years. Divorce is a reality and there are some important things you need to know from a financial and tax perspective.
The Treasury Department and the IRS have issued guidance that provides a safe harbor for calculating depreciation deductions from passenger vehicles that qualify for the 100% additional first year depreciation deduction.
The IRS recently provided guidance to real estate investors regarding the Qualified Business Income (QBI) deduction under the Tax Cuts and Jobs Act (TCJA.) One of the weaknesses of the QBI provision of the TCJA was a lack of clarity in section 199A, which allows some taxpayers with pass-through businesses (e.g. LLCs and S-Corps,) to deduct 20% of their qualifying income.
This year’s tax season is going to be different. The new tax laws that took effect for 2018 represent the biggest changes to the tax code in over 30 years. So if you haven’t thought about preparing your taxes for 2018, you’ll want to get a jump on it.
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).