Tax Forms

New I.R.S. Contribution Limits – Changes for 2020

The I.R.S. just increased the annual contribution limits on IRAs, 401(k)s, and other widely used retirement plan accounts for 2020. Here’s a quick look at the changes. *Next year, you can put up to $6,000 in any type of IRA. The limit is $7,000 if you will be 50 or older at any time in 2020.1,2 [...]

IRS Issues Guidance on Virtual Currency, Second Draft of Form 1040 Schedule 1

Earlier this week, as part of a wider effort to assist taxpayers and to enforce the tax laws in a rapidly changing area, the Internal Revenue Service issued two new pieces of guidance for taxpayers who engage in transactions involving virtual currency. The new guidance includes Revenue Ruling 2019-24 and frequently asked questions(FAQs). It supplements [...]

IRS: Choose tax preparers carefully Tax return preparer fraud makes IRS’ 2019 ‘Dirty Dozen’ list of tax scams

WASHINGTON — The Internal Revenue Service today included tax return preparer fraud on its "Dirty Dozen" list of common tax scams for 2019 and offered tips to help taxpayers avoid unscrupulous tax preparers. With the Tax Cuts and Jobs Act, the most sweeping tax reform legislation in more than 30 years now in effect, some [...]

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. The IRS is generally waiving the penalty for any taxpayer who paid at least 85 percent of [...]

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 [...]

How 1099 Workers Can Prepare for Tax Season

The little things independent contractors should do before April. Do you freelance or run a business on the side? You have a complicated tax situation, all stemming from one fact – when you earn a paycheck, taxes are not immediately taken out of it.  Many freelancers are caught off-guard when tax season arrives. They are [...]