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New 100-percent depreciation deduction for business taxpayers

October 13, 2018 Tax reform legislation passed in December 2017 includes changes that affect businesses. One of these changes allows businesses to write off most depreciable business assets in the year they place them in service. Here are some facts about this deduction to help businesses better understand how to claim it: The 100-percent depreciation […]

Tax Relief for North and South Carolina Victims of Hurricane Florence

Posted September 30, 2018 SC-2018-01, Sept. 24, 2018 SOUTH CAROLINA — Victims of Hurricane Florence that took place beginning on Sept. 8, 2018 in South Carolina may qualify for tax relief from the Internal Revenue Service. The President has declared that a major disaster exists in the States of North & South Carolina. Following the […]

IRS provides tax relief for victims of Hurricane Florence

September 15, 2018 WASHINGTON — Hurricane Florence victims in parts of North Carolina and elsewhere have until Jan. 31, 2019, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today. The IRS is offering this relief to any area designated by the Federal Emergency Management Agency […]

Taxpayers should know the telltale signs of a scam

June 5, 2018 Many taxpayers recently filed their taxes and may be waiting for a response from the IRS. Because of this summertime tends to be a period when thieves increase their scam attempts. They try to get people to disclose personal information like Social Security numbers, account information and passwords. To avoid becoming a […]

IRS now billing those who filed but didn’t pay; Many payment options available

May 29, 2018 IRS YouTube Videos: Easy Ways to Pay My IRS Taxes – English | Spanish | ASL WASHINGTON — The Internal Revenue Service today advised those now receiving tax bills because they filed on time but didn’t pay in full that there are many easy options for paying what they owe to the […]

The Right to Retain Representation: Taxpayer Bill of Rights #9

April 19, 2018 The right to retain representation when dealing with the IRS is one of ten rights in the Taxpayer Bill of Rights. Taxpayers who interact with the IRS should be aware of their rights. The right to representation means: Taxpayers have the right to retain an authorized representative of their choice to represent […]

What Taxpayers Should do When They Need More Time to Pay

April 16, 2018 All taxpayers should file their taxes on time, even if they can’t pay what they owe. This saves them from a potential failure-to-file penalty. While taxes are due by the original due date of the return, some taxpayers are unable to pay them by the deadline. Here are some tips for those […]

Tax filing season begins January 29, 2018

R-2018-01, Jan. 04, 2018 WASHINGTON ― The Internal Revenue Service announced today that the nation’s tax season will begin Monday, Jan. 29, 2018 and reminded taxpayers claiming certain tax credits that refunds won’t be available before late February. The IRS will begin accepting tax returns on Jan. 29, with nearly 155 million individual tax returns […]

Retirement Plans Can Make Loans, Hardship Distributions to Victims of Hurricane Harvey

August 30, 2017 WASHINGTON —The Internal Revenue Service today announced that 401(k)s and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Harvey and members of their families. This is similar to relief provided last year to Louisiana flood victims and victims of Hurricane Matthew. Participants in 401(k) plans, employees […]

Beware of Fake Charity Scams Relating to Hurricane Harvey

August 30, 2017 WASHINGTON ― The Internal Revenue Service has issued a warning about possible fake charity scams emerging due to Hurricane Harvey and encouraged taxpayers to seek out recognized charitable groups for their donations. While there has been an enormous wave of support across the country for the victims of Hurricane Harvey, people should […]