The Treasury Department and the Internal Revenue Service issued guidance today that provides a safe harbor method for determining depreciation deductions for passenger automobiles that qualify for the 100-percent additional first year depreciation deduction and that are subject to the depreciation limitations for passenger automobiles. Under the Tax Cuts and Jobs Act (TCJA), the additional […]
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Despite the government shutdown, the Internal Revenue Service today confirmed that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled. “We are committed to ensuring that taxpayers receive their refunds notwithstanding the government shutdown. I appreciate the hard work of the employees and their commitment to the taxpayers […]
It’s a good idea to keep your returns indefinitely. But you can generally toss supporting tax records three years after the tax-filing deadline, which is the time the IRS generally has to initiate an audit. Several states have four years to initiate an audit (you can find out about the rules from your state department […]