As part of Small Business Week, the Internal Revenue Service today reminds small business owners and self-employed people that they can avoid a surprise tax bill and possibly a penalty by making estimated tax payments during the year.
The Internal Revenue Service today clarified the tax treatment of state and local tax refunds arising from any year in which the new limit on the state and local tax (SALT) deduction is in effect.
Major tax reform that affects both individuals and businesses was enacted in December 2017. It’s commonly referred to as the Tax Cuts and Jobs Act, TCJA or tax reform. The IRS estimates that we will need to create or revise more than 400 taxpayer forms, instructions and publications for the filing season starting in 2019. It’s more than double the number of forms we would create or revise in a typical year. The IRS collaborates with the tax professional community, industry, and tax software partners each year as we implement changes to the tax law, including the Tax Cuts and Jobs Act, to ensure that our shared customer – you, the taxpayer - has information about how the law applies to your particular situation and you are prepared to file.
The following IRS News Release as well as a related IRS Tax Tip on choosing a tax preparer support the concern the IRS has about unethical tax return preparers who adversely impact taxpayers and unfortunately tarnish the reputation of the tax profession. We support the ethical credentialed, registered and Annual Filing Season Program (AFSP) record of completion preparers and practitioners who assist taxpayers with their filing and paying tax compliance.
The IRS announced on Monday evening that it is prepared to start processing 2018 tax returns on Jan. 28 and that it will pay tax refunds despite the partial shutdown of the federal government. The agency has been operating under a contingency plan that has furloughed 88% of the IRS’s workforce. It says it will recall “a significant portion” of its furloughed staff for tax season. The agency also says it will issue an updated contingency plan in the next few days.
Tax reform legislation passed in December 2017 affects almost every taxpayer. The IRS is working closely with partners in the tax return preparation and tax software industries to prepare for tax reform affecting tax year 2018. This ongoing collaboration ensures that taxpayers can continue to rely on the IRS, tax professionals and tax software programs when it’s time to file their returns.
Tax Tip 2018-192
December 12, 2018
For businesses that have employees, there are changes to fringe benefits that can affect a business’s bottom line and their employee’s tax liabilities. One of these changes is to qualified moving expenses.
Tax Reform Brings Changes to Real Estate Rehabilitation Tax Credit
Tax Reform Tax Tip 2018-161
October 17, 2018
The rehabilitation tax credit offers an incentive for owners to renovate and restore old or historic buildings. Tax reform legislation passed in December 2017 changed when the credit is claimed and provides a transition rule:
IRS: Several Tax Law Changes May Affect Bottom Line of Many Business Owners
WASHINGTON — The Internal Revenue Service today reminded business owners that tax reform legislation passed last December affects nearly every business.
With just a few months left in the year, the IRS is highlighting important information for small businesses and self-employed individuals to help them understand and meet their tax obligations.
Here are several changes that could affect the bottom line of many small businesses:
local, county, regional, state, national and internal news.
North County San Diego communities: Oceanside, Camp Pendleton, Carlsbad, Vista, San Marcos, Escondido, Ramona, Bonsall, Fallbrook and Encinitas.