Flexible Spending Arrangement Carryover Provision

  If you've avoided participating in a Flexible Spending Arrangement (FSA) because you're worried that you could lose leftover money at the end of the year, take heart. Your employer can now offer an option that can let you carry over up to $500 to the following year, or can let you enjoy a 2.5-month …

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Paid Family and Medical Leave Employer Credit

If you provide paid family and medical leave for your employees, you may be eligible for a tax credit of up to 25% of what you paid in wages during an employee's leave for up to 12 weeks per tax year.

Veterans Owed Refunds for Overpayments Attributable to Disability Severance Payments Should File Amended Returns to Claim Tax Refunds

The following article was published by the IRS. The Internal Revenue Service today is advising certain veterans who received disability severance payments after January 17, 1991, and included that payment as income that they should file Form 1040X, Amended U.S. Individual Income Tax Return, to claim a credit or refund of the overpayment attributable to …

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IRS Working on a New Form 1040 for 2019 Tax Season

The following article was published by the IRS. As part of a larger effort to help taxpayers, the Internal Revenue Service plans to streamline the Form 1040 into a shorter, simpler form for the 2019 tax season. The new 1040 – about half the size of the current version -- would replace the current Form …

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tax penalty relief

Here’s What Taxpayers Should Know about Penalty Relief

The following article was published by the IRS. Taxpayers who make an effort to comply with the law, but are unable to meet their tax obligations due to circumstances beyond their control, may qualify for relief from penalties. After receiving a notice stating the IRS assessed a penalty, taxpayers should check that the information in …

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missed tax deadline

Missed the tax deadline and owe tax? File by June 14 to avoid higher late-filing penalty.

The following article was published by the IRS. Taxpayers who owe tax and file their federal income tax return more than 60 days after the deadline will usually face a higher late-filing penalty. For that reason, the Internal Revenue Service urges affected taxpayers to avoid the penalty increase by filing their return by Thursday, June …

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