IRS Issues Guidance on Cooperatives
The Internal Revenue Service and the Treasury Department have issued their legal guidance on certain deductions to cooperatives and their patrons.…
New Scams Identified by IRS
The April filing deadline is long gone, but that doesn’t stop scammers from attempting to swindle American taxpayers out of their hard-earned money.…
Large Businesses Often Escape Accuracy Penalty
A new audit shows large-scale businesses are largely drawing a pass if they under-report their income. The examination revealed that few accuracy-related penalties are proposed by IRS examiners in large-business examinations, and if they are, those penalties are generally not upheld on appeal.…
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Tax Bills are in the Mail
Some of your clients may have found a tax bill when they opened their mailbox this morning. That’s because the Internal Revenue Service began sending CP14 and CP501 Notices to taxpayers who still owe tax for TY 2018.…
Jim Lowe, EA Discusses the 2019 Filing Season – E28
We invited Jim Lowe, EA to the Taxing Subjects Podcast studio to discuss how his filing season went. This episode coincides with the “How Did Your Filing Season Go?” survey that we sent to more than 5,000 tax professionals around the country.…
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“How Did Your Filing Season Go?” Survey Results
This filing season was the first to feature almost all changes from to the Tax Cuts and Jobs Act—not to mention the new Form 1040 and Schedules 1 through 6. To learn whether these changes had a significant impact on tax professionals, Taxing Subjects surveyed more than 5,000 preparers.…
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IRS Revamps Form W-4
The Internal Revenue Service has unveiled a revised Form W-4, issuing a draft of the form for 2020. The changes, they say, will make accurate withholding choices easier for employees.…
Home Office Deduction Can Help Small Businesses
It’s no secret that running a successful small business isn’t easy. The Internal Revenue Service reminds small-business owners that they may qualify for a home office deduction that can help their bottom line and give them one less thing to worry about.…
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IRS Hosting QBI Webinar Tomorrow
Tax professionals interested in learning more about the Section 199A qualified business income (QBI) deduction can attend a webinar hosted by the IRS tomorrow afternoon.…
Taxes and Historic Buildings
May is National Historic Preservation Month, and plenty of organizations around the U.S. are promoting historic buildings and other important heritage sites around the country.…
