Making large gifts now won’t effect estates after 2025

Posted on Dec 19, 2019

The Treasury Department and the Internal Revenue Service today issued final regulations confirming that individuals taking advantage of the increased gift and estate tax exclusion amounts in effect from 2018 to 2025 will not be adversely impacted after 2025 when the exclusion amount is scheduled to drop to pre-2018 levels.

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Get ready for taxes: Important things to know about refunds

Posted on Dec 09, 2019

As tax filing season approaches, the Internal Revenue Service cautions taxpayers not to rely on receiving their refund by a certain date, especially when making major purchases or paying bills. Some tax returns may require additional review and those refunds may take longer.

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Tax withholding: How to get it right

Posted on Dec 02, 2019

An employer generally withholds income tax from their employee’s paycheck and pays it to the IRS on their behalf. Wages paid, along with any amounts withheld, are reflected on the Form W-2, Wage and Tax Statement, the employee receives at the end of the year.

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Get Ready for Taxes: Important things to know about tax credits

Posted on Nov 25, 2019

WASHINGTON – With the tax filing season quickly approaching, the Internal Revenue Service recommends taxpayers take time now to determine if they are eligible for important tax credits.

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401(k) contribution limit increases to $19,500 for 2020; catch-up limit rises to $6,500

Posted on Nov 18, 2019

WASHINGTON — The Internal Revenue Service today announced that employees in 401(k) plans will be able to contribute up to $19,500 next year.

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Basics of estimated taxes for individuals

Posted on Nov 07, 2019

The U.S. tax system operates on a pay-as-you-go basis. This means that taxpayers need to pay most of their tax during the year, as the income is earned or received.

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What are the benefits of filing and paying my taxes on time?

Posted on Oct 21, 2019

The Internal Revenue Service reminds taxpayers about the importance of timely filing and paying their taxes, and that there are several options available to help people having trouble paying.

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Celebrating National Work and Family Month

Posted on Oct 17, 2019

WASHINGTON – The Internal Revenue Service is participating in National Work and Family Month by issuing a series of informative tips on work-life balance throughout the month of October.

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Understand how to report foreign bank and financial accounts

Posted on Oct 10, 2019

In a global economy, many people in the United States have foreign financial accounts. The law requires U.S. persons with foreign financial accounts to report their accounts to the U.S. Treasury Department, even if the accounts don’t generate any taxable income. They need to report by April 15 of the following calendar year.

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Understanding the latest Tax Gap estimates and overall taxpayer compliance

Posted on Oct 07, 2019

The Internal Revenue Service periodically estimates the tax gap to gauge historical overall compliance of all types of taxpayers with their federal tax obligations. The estimates take into account federal taxes due as well as refundable and non-refundable tax credits.

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