The Internal Revenue Service recently issued the 2019 optional standard mileage rates to be used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. As of January 1, 2019, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) are:
The holiday season often prompts people to give money or property to charity. If you plan to give and want to claim a tax deduction, there are a few tips you should know before you give. As individuals and businesses are deciding where to make their donations, the IRS reminds taxpayers to research charities before making donations. Did you know the IRS has a tool that allows users to search for charities? Below we’ve highlighted four fast acts about the IRS Tax Exempt Organization Search tool:
Taxpayers who are victims of a disaster might need to reconstruct records to prove their loss. Doing this may be essential for tax purposes, getting federal assistance, or insurance reimbursement.
With the start of hurricane season our firms encourage individuals and businesses to safeguard their records against natural disasters by taking a few simple steps.
If you received Letter 4883C, it is not fraud. It is a legitimate request, from the IRS, asking you to verify your identity. The letter will contain instructions to call the toll-free IRS Identity Verification telephone number at 800-830-5084. Before you call, gather the following items:
The “Where’s My Refund?” tool is available on irs.gov and through the IRS mobile app, IRS2GO. Updated daily, “Where’s My Refund?” has the most up-to-date information about the status of your refund. The tool displays when your return is received, approved and sent. After the IRS approves the refund, an actual refund date is provided.
The Internal Revenue Service warns taxpayers of a new twist on an old scam in which criminals’ steal client data from tax professionals, file fraudulent tax returns and deposit the erroneous refund into the taxpayers’ real bank account. They will … Continued
Taxpayers might be eligible for a tax refund and don’t even know it. The IRS reminds taxpayers that they might qualify for a tax credit that can result in money in their pocket. Taxpayers need to file a 2017 tax return to claim these credits. Below are four tax credits that can mean a refund for eligible taxpayers:
The Internal Revenue Service, state tax agencies and the tax industry urges all employers to educate their payroll personnel about a Form W-2 phishing scam that made victims of hundreds of organizations and thousands of employees last year.
The IRS recently announced the 2018 cost-of-living adjustments for various retirement plan dollar limits. The indexed amounts, and other commonly used limits, are listed below: 2018 2017 2016 IRAs IRA Contribution Limit $5,500 $5,500 $5,500 IRA Catch-Up Contributions 1,000 1,000 … Continued