Maybe you shouldn’t be pacing the floor at night! Are these misconceptions keeping you up? 1. Alimony is no longer deductible for anyone. Many folks believe that after the Tax Cuts and Jobs Act (TCJA) of 2017 that alimony received can no longer be included in income, and alimony paid is no longer deductible from...
The IRS recently announced it wouldn’t penalize taxpayers whose tax withholding and estimated tax payments fell short last year because of changes in the withholding tables under Tax Reform. The relief is designed to help taxpayers who weren’t able to properly adjust their withholding and estimated tax payments to reflect an array of changes brought...
The good news is the IRS has released the long awaited “postcard” size Form 1040. The bad news is, it has six related tax schedules. Still you have to appreciate the attempt to simplify the tax preparation process. The six related schedules may or may not need to be filed along with the Form 1040,...
DOES MILEAGE MATTER ANY MORE UNDER TAX REFORM? The Internal Revenue Service has issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. The IRS attempts to make it easier for the average person to file business-use deductions for auto travel,...
Do your travel plans involve visits to places that require a valid passport? If so you had better not be in arrears with the IRS! The IRS has stepped up its game to collect back taxes. Under the FAST Act, the IRS is required to provide a list of people who owe back taxes to...
