In a blow to several high-tax states, a federal judge has upheld a key provision of the Tax Cuts and Jobs Act (TCJA), the State and Local Tax (SALT) deduction cap.
Under the TCJA, congress placed a cap on the amount taxpayers could claim on their Schedule A for state and local taxes.
Topics: Taxes - Individual, taxes, IRS, Tax Cuts and Jobs Act of 2017, SALT
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.
Topics: income tax, IRS
The IRS announced that the Modernized e-File (MeF) will be unavailable for brief periods during July and August during scheduled system upgrades. The outages will occur as follows:
Topics: electronic filing, IRS
Ask the Expert: I recently moved. I set up mail forwarding with the U.S. Postal Service, is there anything else I need to do?
Setting up mail forwarding is a great start, but there are a couple more steps you should take:
Topics: Taxes - Corporate & Business, Taxes - Individual, IRS, SALT
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.
Topics: IRS, Tax Cuts and Jobs Act of 2017
Health Savings Accounts (HSAs) are a type of medical savings account that allows eligible individuals to make deductible contributions and withdraw tax-free disbursements for the payment of eligible medical expenses. Each year the IRS evaluates the limitation amounts on HSA deductions based for inflation.
Topics: HSA, IRS, health care
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.
Topics: deductions, taxes, income tax, IRS, Tax Cuts and Jobs Act of 2017
The IRS recently announced a 6 year plan to update and modernize its information technology systems and infrastructure. The move will bring much needed resources to an agency beleaguered by nearly a decade of consecutive budget cuts.
Topics: IRS
As the responsible party on employer identification number (EIN) applications, effective May 13, 2019, the IRS will only accept EIN applications from individual taxpayers who have either a Social Security number or individual taxpayer identification number.
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.
Topics: tax services, taxes, income tax, IRS, Tax Cuts and Jobs Act of 2017
