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IRS waives penalty for many whose tax payments fell short in 2018

IRS waives penalty for many whose tax withholding and estimated tax payments fell short in 2018 WASHINGTON — The Internal Revenue Service announced today that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. […]

IRS confirms tax filing season to begin January 28

WASHINGTON ― 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 […]

Here’s how taxpayers can avoid getting caught by a phishing scam

Don’t take the bait: Data thieves don’t take a break during the holidays. In fact, the IRS warns taxpayers that the agency is seeing a large increase in bogus email schemes that seek to steal money or tax data. The most common way for cyber-criminals to steal money, bank account information, passwords, credit cards and […]

Tax reform law makes changes to employee achievement award rules

The IRS reminds employers that last year’s Tax Cuts and Jobs Act made changes to several programs that can affect an employer’s bottom line and its employees’ deductions. This includes employee achievement awards. Here are some facts about these changes: Under previous law: Employers could deduct the cost of certain employee achievement awards. Deductible awards […]