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WASHINGTON — The Internal Revenue Service released Notice 1036, which updates the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted last month. This is the first in a series of steps that IRS will take to help...
Tax season is here, once again! I anticipate that this season will be different than tax years of the recent past due to the Tax Cuts and Jobs Act (“TCJA”). While a lot has changed, there are a few things about tax season that never change – mistakes. Every year...
The IRS has unveiled the new, redesigned Form W-4 for the tax year 2020. This new form eliminates many of the complex tables used in previous versions and includes many enhancements from the earlier draft version.The Treasury and IRS heeded calls from several...
The IRS has announced it will be automatically waiving penalties for over 400,000 taxpayers. The waived penalties apply to those who have already filed their 2018 taxes, but did not file a waiver seeking forgiveness for the under-payment penalty. In March 2019, the...
Recently, proposed regulations were issued to provide some clarity concerning the new Section 199A deduction. As part of the Tax Cuts and Jobs Act, which became effective as of the beginning of this year, this new deduction generally provides a 20 percent...
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