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Some Taxpayers Receive Stimulus Payments IRS releases tools for others

April 16, 2020 The following information is provided courtesy of the National Association of Tax Professionals (NATP) The first batch of economic stimulus payments have been deposited in taxpayer accounts. For those who have not received their payment the IRS has released a set of  tools to address questions about stimulus payments. The Social Security […]

Here’s how much individuals will get from the Economic Impact Payments

April 14, 2020 Employed full or part time? Unemployed? A temporary or gig worker? Retired or disabled? Receive public benefits? Have no income? Most U.S. residents – under certain income levels – will receive the Economic Impact Payment if they are not claimed as a dependent of another taxpayer and have a Social Security number. […]

IRS extends more tax deadlines to cover individuals, trusts, estates corporations and others

April 9, 2020 WASHINGTON — To help taxpayers, the Department of Treasury and the Internal Revenue Service announced today that Notice 2020-23 extends additional key tax deadlines for individuals and businesses. Last month, the IRS announced that taxpayers generally have until July 15, 2020, to file and pay federal income taxes originally due on April […]

Economic impact payments: What you need to know

IR-2020-61, March 30, 2020 WASHINGTON – The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people. However, some seniors and others who typically do not file returns will need to […]

IRS automatically waives estimated tax penalty for eligible 2018 tax filers

August 14, 2019 WASHINGTON — The Internal Revenue Service is automatically waiving the estimated tax penalty for the more than 400,000 eligible taxpayers who already filed their 2018 federal income tax returns but did not claim the waiver. The IRS will apply this waiver to tax accounts of all eligible taxpayers, so there is no […]

Individuals who need passports should promptly resolve IRS tax debt

February 27, 2019 WASHINGTON ― The Internal Revenue Service today reiterated its warning that taxpayers may not be able to renew a current passport or obtain a new passport if they owe federal taxes. To avoid delays in travel plans, taxpayers need to take prompt action to resolve their tax issues. In January of last […]

South Carolina declares February 4th thru 10th Enrolled Agent week

The SCDOR to begin accepting Tax returns on Monday, January 28, 2019.

The South Carolina Department of Revenue (SCDOR) and the IRS will begin accepting Individual Income Tax returns on Monday, January 28, 2019. The SCDOR is encouraging taxpayers to file electronically. “It’s faster, more accurate, and the safest method of filing,” said SCDOR Director Hartley Powell. “Last year, 89% of South Carolinians filed electronically. We hope […]

Tax season is here

December 30 2018 Despite the ongoing government shutdown, tax season is essentially upon us.  If not resolved, the shutdown could delay the official start of tax season, as defined by the date the IRS begins accepting and processing tax returns. But even though the government may allow themselves to ignore their responsibilities, that privilege does […]

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 […]