Funding for many government agencies expired at midnight on Friday, which triggered a partial shutdown of the federal government. The IRS is affected by the shutdown because it is not already funded through September 2019. The IRS, having dealt with workforce and budget cuts since 2010, is already stretched thin with implementing the December 2017 tax reform law in time for the…
What are tax preparation options? There are multiple tax preparation options you can choose from. Once you’ve gathered all the tax documents needed, you can now decide if you want to file your taxes by hand, use a tax software, or hire a tax professional to do it for you. Each of these options has…
The IRS faces a particularly challenging rollout to the 2019 filing season, best summarized in four words: more work, fewer employees. President Donald Trump signed the latest tax reform law in December 2017, but the majority of those changes will take effect in the upcoming filing season. However, the IRS still doesn’t have all the…
Yes, the ACA’s individual mandate penalty is still in effect, and will continue to be in effect in 2018. If you’re uninsured in 2018 and not eligible for an exemption, you’ll owe a penalty when you file your taxes in early 2019. But after that, the penalty will not be assessed. Nearly eight years after…
Integrity & Verification Operation (IVO) department provides leadership and direction to employees responsible for fraud detection and prevention, revenue protection, and account correction. Integrity and Verification Operation (IVO) is the department designated to screen individual master file returns in the Electronic Fraud Detection System (EFDS) for possible identity theft and false income and withholding. Individual…
When you’re doing your income taxes, you will require a number of forms and probably the most significant one is the W2 form. Every business that you were employed at in the course of the previous year is liable for supplying you with a W-2, which must be sent by January 31 of the current year. You…
Taxpayers generally want to avoid filing errors because they lead to tax problems and inconveniences. There are times when a taxpayer might experience tax filing mistakes due to complicated and sometimes confusing forms, calculations, and filing procedures. These errors can cause a delay in refunds or even tax penalties on their tax bill. Read on to…
Are you wondering who can qualify as a dependent on your tax return? This is your guide to assessing whether one of your family members may be able to be classified as a qualifying dependent when you file your taxes. Dependent Tax Credits, Deductions and Exemptions are Available to You! Anyone with a family needs…
The Treasury Department and the Internal Revenue Service have announced a redesign of the 1040 individual income tax return form that is being touted as one that will fit on a single postcard. The new, postcard-size Form 1040 is designed to simplify and expedite filing tax returns, providing much-needed relief to hardworking taxpayers. The redesigned…
Everybody knows the old saying about death and taxes, yet a surprising number of people fail to file an income tax return. If you’re one of those people and you think you’ll be able to slide by, you need to reconsider your position. Even if you’re unable to pay your taxes, you need to file…
