Business Owners can Claim a Qualified Business Income Deduction

The following article was published by the IRS. Eligible taxpayers may now deduct up to 20 percent of certain business income from domestic businesses operated as sole proprietorships or through partnerships, S corporations, trusts, and estates. The deduction may also be claimed on certain dividends. Eligible taxpayers can claim the deduction for the first time …

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For Private Corporations and Their Employees, IRS Provides Initial Guidance on New Tax Benefit for Stock Options and Restricted Stock Units

The following article was published by the IRS. The Internal Revenue Service has offered guidance on a recent tax law change that allows qualified employees of privately-held corporations to defer paying income tax, for up to five years, on the value of qualified stock options and restricted stock units (RSUs) granted to them by their …

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IRS Warns of “Tax Transcript” Email Scam; Dangers to Business Networks

The following article was published by the IRS. The Internal Revenue Service and Security Summit partners are warning the public of a surge of fraudulent emails impersonating the IRS and using tax transcripts as bait to entice users to open documents containing malware. The scam is especially problematic for businesses whose employees might open the …

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Safekeeping Tax Records Helps for Future Filing, Amended Returns, Audits

The following article was published by the IRS. With the tax filing season upon us, the Internal Revenue Service wants taxpayers to understand how long to keep tax returns and other documents. The IRS generally recommends keeping copies of tax returns and supporting documents at least three years. Employment tax records should be kept at …

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Here’s What Taxpayers Should Consider When Determining if They Need to File

The following article was published by the IRS. As people prepare to file their taxes, there are things to consider. They will want to determine if they need to file and the best way to do so. For tax year 2018, all individual taxpayers will file using the new Form 1040. Forms 1040A and 1040EZ …

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IRS Issues Standard Mileage Rates for 2019

The following article was published by the IRS. The Internal Revenue Service has issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2019, the standard mileage rates for the use of a car (also vans, pickups …

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