IRS makes Form 1040-X amended tax returns available for e-filing

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From   Michael Cohn, Editor-in-chief @ Accounting Today The Internal Revenue Service is now letting taxpayers submit Form 1040-X electronically when they want to file an amended tax return through commercial tax software, in what the agency…
Tax Changes For 2019

Tax Changes For 2019

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As the end of the year approaches, now is a good time to review the various changes that impact 2019 tax returns. Some of the changes are likely to apply to your tax situation. In addition, be aware that various tax-related bills currently in…
June Estimated Tax Payments Are Just Around the Corner

June Estimated Tax Payments Are Just Around the Corner

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June 15th falls on the weekend this year, so the due date for the second installment of estimated taxes is the next business day, June 17, which is just around the corner. So, it is time to determine if your estimated tax payment should be lowered…

5 Reasons to Amend a Previously Filed Tax Return

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The most recent data from the IRS on individual tax returns indicates that of 131 million returns filed, about 5 million were expected to be amended. This comes to less than 4 percent, but that projection still affects a significant number…

SALT Deduction – Battle Lines Have Been Set and Swords Have Been Drawn

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Article Highlights: • SALT Tax Limits • State Work-arounds • Converting Tax Deductions to Charitable Contributions • IRS Regulations • Taxpayer Beware  Tax reform has limited the federal itemized deduction for state…
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Do You Need to Renew Your ITIN?

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The IRS has announced that more than 2 million Individual Taxpayer Identification Numbers (ITINs) are set to expire at the end of 2018. An ITIN is a nine-digit number issued by the IRS to individuals who are required for U.S. federal tax purposes…
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States Sue U.S. to Void $10,000 Cap on State and Local Tax Deduction

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Four states – New York, Connecticut, Maryland and New Jersey – have sued the federal government to void the tax-reform cap on the federal itemized deduction for state and local taxes, contending that limiting the deduction is unconstitutional.…
133,000 Injured Veterans Entitled to Tax Refunds

133,000 Injured Veterans Entitled to Tax Refunds

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As a result of the 2016 Combat-Injured Veterans Tax Fairness Act, more than 133,000 injured veterans may qualify for a federal tax refund. The minimum refund is estimated at $1,750, meaning the government will be paying out an estimated minimum…
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Credit for Family and Medical Leave Benefits

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Article Highlights: Written Leave Policy Variable Credit Qualifying Employee Qualifying Leave Time Limits General Business Credit The Tax Cuts and Jobs Act that was passed last year included a new tax credit for employers…
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Got a Letter from the IRS?

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Article Highlights:  Confirm the Letter Was Not Sent in Error Examine the Contents Avoid Procrastination, Which Leads to Bigger Problems Send Any Payments Consider Change-of-Address Complications Be Aware of ID Theft If…