IRS Expands Penalty Waiver for Those Whose Tax Withholding and Estimated Tax Payments Fell Short in 2018

The following article was published by the IRS. The Internal Revenue Service has provided additional expanded penalty relief to taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is lowering to 80 percent the threshold required to qualify for this relief. …

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A Few Key Tax Reform Provisions Every Business Owner Should Know About

This tax season is an important one for many business owners because it’s the first that will be impacted by the Tax Cuts and Jobs Act (TCJA). How big of an impact is dependent on your unique situation. We’ve compiled this short list of provisions that may affect the business community: New deduction for qualified …

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Some S Corporations May Want to Convert to C Corporations

The following article was published by the IRS. After last year’s tax reform legislation, some S corporations may choose to revoke their S election to be a C corporation because of the new, flat 21-percent C corporation tax rate. Before taking any action, S corporations should consult their tax advisors. S Corporations and C Corporations …

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EITC Provides Tax Break for Low to Moderate Income Taxpayers

The following article was published by the IRS.  The earned income tax credit benefits low to moderate income people and families. The credit can lower the tax someone owes or mean a refund for the taxpayer. Taxpayers can do these things to determine if they qualify for the EITC and make claiming it easier: Review …

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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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IRS Waives Penalty for Many Whose Tax Withholding and Estimated Tax Payments Fell Short in 2018

The following article was published by the IRS.  The Internal Revenue Service is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is generally waiving the penalty for any taxpayer who paid at least …

Continue reading IRS Waives Penalty for Many Whose Tax Withholding and Estimated Tax Payments Fell Short in 2018