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 […]
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Employer payments or reimbursements in 2018 for employees’ moving expenses incurred prior to 2018 are excluded from the employee’s wages for income and employment tax purposes, the Internal Revenue Service announced today. The 2017 Tax Cuts and Jobs Act (TCJA) suspended the exclusion from income for moving expenses reimbursed or paid by an employer for […]
To alleviate the burden on tax-exempt organizations and the IRS, the Service announced, with the issuance of Rev. Proc. 2018-38, that it will no longer require most tax-exempt organizations to report the names and addresses of substantial donors. The change does not apply to purely public charities exempt under Sec. 501(c)(3) because they are required […]