With the government shutdown over and the IRS reopened, what can be expected? Currently, the IRS has an estimated five million unanswered inquires that took place during the shutdown. Additionally, it is estimated that they have already received several million tax returns since the filing season started on January 28.
As part of the Tax Cuts and Jobs Act signed into law in December 2017, the new law grants a tax credit for 2018 and 2019 for employers that voluntarily offer paid family and medical leave.
Division of assets, possible child support, alimony, child custody, emotions - divorce can be a complicated, stressful and painful process. For 2018, now add taxes and timing into the mix.
The Tax Cuts and Jobs Act greatly simplified the "kiddie tax". The original kiddie tax required children under the age of 18, or under age 24 if they are a full time student, to pay taxes on their unearned income (interest, dividends, capital gains, rents, etc.) over $2,100 at their parents' highest tax rate. It also required a separate form and some complicated computations, as well as requiring parents to share their tax information with their children.
Required minimum distributions (RMDs) are mandated withdrawals from qualified retirement plans and IRAs after you have reached the age of 70½. Miss one or don't take enough out of your account and a 50 percent penalty applies. While the IRS requires these distributions, that doesn't mean you can't plan to use it to your benefit.
If you have any foreign assets that have not been reported to the Internal Revenue Service (IRS), it is imperative that you take action now!
Sometimes a transaction does not result in the desired outcome. When it comes to IRA contributions and conversions though, tax laws were enacted to allow a do-over. This is the foundation for a "recharacterization." When a person converts a traditional IRA to a Roth IRA, the amount converted becomes immediately taxable to the account holder.
On September 15, the IRS announced that it is extending tax filing and payment deadlines for taxpayers and businesses in North Carolina counties that were affected by Hurricane Florence and have been designated to qualify for FEMA. Currently, this only applies to parts of North Carolina, but taxpayers in other states will automatically receive these same filing and payment benefits as those states are added to the disaster area.
On Aug. 23, 2018, the Internal Revenue Service issued proposed regulations governing the availability of charitable contribution deductions when a taxpayer expects to receive a corresponding state or local tax credit.
The Internal Revenue Service is encouraging taxpayers to use its Withholding Calculator to perform a "paycheck checkup". While they recommend reviewing your withholding amounts annually, changes from the Tax Cuts and Jobs Act of 2017 have made this a vital step for taxpayers. Taxpayers that do not verify that they are withholding the appropriate amount of tax from their paychecks risk an unexpected tax bill or penalty during tax time.
Wednesday February 27 2019 | 4:30PM—6:30PM | Durfee Innovation Society |
2470 Collingwood St. | Detroit, MI 48206