More than 2 million ITINs expire this year; Renew soon to avoid delays

With more than 2 million Individual Taxpayer Identification Numbers (ITINs) set to expire at the end of 2018, the Internal Revenue Service today urged affected taxpayers to submit their renewal applications soon to beat the rush and avoid refund delays next year. In the third year of the renewal program, the IRS has increased staffing […]

Taxpayers should know the telltale signs of a scam

Many taxpayers recently filed their taxes and may be waiting for a response from the IRS. Because of this summertime tends to be a period when thieves increase their scam attempts. They try to get people to disclose personal information like Social Security numbers, account information and passwords. To avoid becoming a victim, taxpayers should […]

IRS continues warning on impersonation scams

With tax season completed, the Internal Revenue Service today warned taxpayers to remain vigilant for phishing emails and telephone scams. Summertime tends to be a favorite period for scammers because many taxpayers have recently filed a return and may be waiting for a response from the IRS. The IRS and its Security Summit partners – the state […]

Tips to keep in mind on income taxes and selling a home

Taxpayers who sell a home may qualify to exclude from their income all or part of any gain from the sale. Below are some things taxpayers should keep in mind when selling a home: Ownership and use. To claim the exclusion, the homeowner must meet the ownership and use tests. During a five-year period ending on […]

Tips for teenage taxpayers starting a summer job

Now that school’s out, many students will be starting summer jobs…from working at a summer camp to being an office intern. The IRS reminds students that not all the money they earn may make it to their pocket. That’s because employers must withhold taxes from the employee’s paycheck. Here are a few things these workers […]

Law change affects moving, mileage and travel expenses

The Internal Revenue Service today provided information to taxpayers and employers about changes from the Tax Cuts and Jobs Act that affect: Move related vehicle expenses Un-reimbursed employee expenses Vehicle expensing Changes to the deduction for move-related vehicle expenses The Tax Cuts and Jobs Act suspends the deduction for moving expenses for tax years beginning […]

Taxpayers working multiple jobs should check withholding amount

The Internal Revenue Service urges two-income families and those who work multiple jobs to complete a “paycheck checkup” to verify they are having the right amount of tax withheld from their paychecks. The IRS Withholding Calculator can help them navigate the complexities of multiple employer tax situations and determine the correct amount of tax for each of […]

Plan ahead for vacation home rentals

During the summer, taxpayers often rent out their property. They usually think about things such as cleanup and maintenance, but owners also need to be aware of the tax implications of residential and vacation home rentals. If taxpayers receive money for the use of a house that’s also used as a taxpayer’s personal residence, it […]

Businesses can immediately expense more under the new law

A taxpayer may elect to expense the cost of any section 179 property and deduct it in the year the property is placed in service. The new law increased the maximum deduction from $500,000 to $1 million. It also increased the phase-out threshold from $2 million to $2.5 million. The new law also expands the […]

Tips for Taxpayers Who Have to Amend a Tax Return

Taxpayers who discover they made mistakes or omissions on their tax return can correct them by filing an amended tax return. Those who need to amend should remember these tips: File using paper form. Use Form 1040X, Amended U.S. Individual Income Tax Return, to correct the tax return. Taxpayers can’t file amended returns electronically. They can […]