IRS confirms tax filing season to begin January 28

Despite the government shutdown, the Internal Revenue Service today confirmed that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled. “We are committed to ensuring that taxpayers receive their refunds notwithstanding the government shutdown. I appreciate the hard work of the employees and their commitment to the taxpayers during this period,” said IRS Commissioner Chuck Rettig.  Congress directed the payment of all tax refunds…

What’s new with the child tax credit after tax reform

Many people claim the child tax credit to help offset the cost of raising children. Tax reform legislation enacted last year made changes to that credit. Here are some important things for taxpayers to know about the changes to the credit. Credit amount. The new law increases the child tax credit from $1,000 to $2,000. Eligibility for the credit has not changed. As in past years, the credit applies if all of…

Taxpayers can now instantly get tax info on Instagram

Taxpayers can now get tax tips and helpful news from the IRS on Instagram. The agency just debuted it’s official Instagram account, IRSNews, which users can access at www.instagram.com/irsnews or on their smartphone using the Instagram app. Last year’s tax reform law brought many tax law changes that will affect virtually every taxpayer. The IRS Instagram account will share taxpayer-friendly information to help people better understand these changes.  The IRS will use…

Get Ready for Taxes

Get 2018 tax documents ready for upcoming filing season The IRS reminds taxpayers to keep a copy of their past tax returns and supporting documents for at least three years. Certain key information from their prior year return may be required to file in 2019. This is the fifth in a series of reminders to help taxpayers Get Ready for the upcoming tax filing season. The IRS has recently updated…

Taxpayers who have an ITIN set to expire should renew it ASAP

Taxpayers with expiring Individual Taxpayer Identification Numbers should submit their renewal applications as soon as possible. Failing to renew them by the end of this year will cause refund and processing delays in 2019. ITINs are used by people who have tax filing requirements under U.S. law but are not eligible for a Social Security number. The IRS mailed more than 1.3 million letters to taxpayer households that includes someone…

Not too early: Here are steps taxpayers can take now to get ready to file their taxes in 2019

The IRS reminds taxpayers there are steps they can take now to make sure their tax filing experience goes smoothly next year. Taking these steps will also help them avoid surprises when they file next year. To help get people the information they need, the IRS just updated a special page on IRS.gov with steps to take now for the 2019 tax filing season. Check withholding – do a Paycheck Checkup soonSince…

Changed accounting methods for small businesses

The Tax Cuts and Jobs Act — better known simply as tax reform — allows more small business taxpayers to use the cash method of accounting. The new law defines a small business taxpayer as a taxpayer who has average annual gross receipts of $25 million or less for the three prior tax years and is not a tax shelter. Here’s how tax reform changed the rules for small business taxpayers. The…