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πŸπŸŽπŸ’πŸŽ 𝐭𝐨 π€π’πŠ π€ππŽπ”π“ π•πˆπ‘π“π”π€π‹ π‚π”π‘π‘π„ππ‚π˜ (𝟏𝟎/πŸπŸ’/πŸπŸŽπŸπŸ—)

A second early release draft of the 2019 Form 1040, Schedule1, Additional Income and Adjustments to Income, inquires about Virtual Currency. On the top of the page below the Name Section, the following question appears: β€œπ‘¨π’• π’‚π’π’š π’•π’Šπ’Žπ’† π’…π’–π’“π’Šπ’π’ˆ 2019, π’…π’Šπ’… π’šπ’π’– π’“π’†π’„π’†π’Šπ’—π’†, 𝒔𝒆𝒍𝒍, 𝒔𝒆𝒏𝒅, π’†π’™π’„π’‰π’‚π’π’ˆπ’† 𝒐𝒓 π’π’•π’‰π’†π’“π’˜π’Šπ’”π’† π’‚π’„π’’π’–π’Šπ’“π’† π’‚π’π’š π’‡π’Šπ’π’‚π’π’„π’Šπ’‚π’ π’Šπ’π’•π’†π’“π’†π’”π’• π’Šπ’ π’‚π’π’š π’—π’Šπ’“π’•π’–π’‚π’ […]

πˆπƒπ„ππ“πˆπ“π˜ ππ‘πŽπ“π„π‚π“πˆπŽπ 𝐟𝐫𝐨𝐦 𝐭𝐑𝐞 πˆπ‘π’ (𝟏𝟎/𝟏𝟎/πŸπŸŽπŸπŸ—)

The IRS is expanding the opt-in Identity Protection Personal Identification Number (IP PIN) program to taxpayers in an additional 10 states for the 2020 filing season. This brings the availability of IP PINs to taxpayers in a total of 19 states and the District of Columbia. The opt-in program is designed for taxpayers who are […]

π“π€π—ππ€π˜π„π‘ ππˆπ‹π‹ 𝐨𝐟 π‘πˆπ†π‡π“π’ (𝟏𝟎/πŸ–/πŸπŸŽπŸπŸ—)

SURPRISE! Taxpayers have rights when dealing with the IRS. Ten specific rights comprise the Taxpayer Bill of Rights and they cover a wide range of topics and issues that directly affect taxpayers. The ten rights are- 1. The Right to be Informed 2. The Right to Quality Service 3. The Right to Pay No More […]

πˆπ‘π’ π’π„πˆπ™π”π‘π„π’ πƒπŽπ–π-𝐁𝐔𝐓 π„π‘π‘πŽπ‘π’ 𝐔𝐏 (𝟏𝟎/𝟐/πŸπŸŽπŸπŸ—)

Taking a taxpayer’s property for unpaid tax is referred to as a β€œseizure.” To ensure that taxpayers’ rights are protected, specific rules apply to many aspects of the seizure process-from taxpayer notification through sale or redemption of the property. The study determined that in recent years seizures have decreased by 58 percent from 776 in […]

𝐓𝐇𝐄 𝐓𝐀𝐗 𝐆𝐀𝐏 (πŸ—/πŸ‘πŸŽ/πŸπŸŽπŸπŸ—)

The gross tax gap is the difference between true tax liability for a given period and the amount of tax that is paid on time. The average gross tax gap was estimated at $441 billion per year based on data from tax years 2011, 2012 and 2013. After late payments and enforcement efforts were factored […]

π„π—π“π„ππ’πˆπŽπ π…πˆπ‹πˆππ† πƒπ„π€πƒπ‹πˆππ„ πˆπ’ π“π”π„π’πƒπ€π˜, πŽπ‚π“πŽππ„π‘ πŸπŸ“ (πŸ—/πŸπŸ”/πŸπŸŽπŸπŸ—)

Tuesday, October 15 is the filing deadline for taxpayers who extended their 2018 tax return. Here are a few tips and reminders for taxpayers who have not yet filed: β€’ Use IRS Free File or other electronic filing options. Taxpayers can file their tax return electronically for free through IRS Free File. β€’ Taxpayers getting […]

πƒπˆπ’π€π’π“π„π‘ π‘π„π‹πˆπ„π… 𝐟𝐨𝐫 π“π€π—ππ€π˜π„π‘π’ (πŸ—/πŸπŸ’/πŸπŸŽπŸπŸ—)

The IRS can help with a disaster. But, the president must first declare a federal disaster. Here’s a summary of tax-related items that usually happen after a disaster is declared: β€’ The IRS gives taxpayers more time to file and pay taxes. β€’ Taxpayers can qualify for a casualty loss tax deduction. β€’ People can […]

π„πƒπ”π‚π€π“πˆπŽπ π‚π‘π„πƒπˆπ“π’ 𝐇𝐄𝐋𝐏 𝐰𝐒𝐭𝐑 π‚πŽπ‹π‹π„π†π„ π‚πŽπ’π“π’ (πŸ—/πŸπŸ—/πŸπŸŽπŸπŸ—)

Two credits help taxpayers offset the costs of higher education-the American Opportunity Tax Credit and the Lifetime Learning Credit. Taxpayers claim these credits on Form 8863, Education Credits. To claim these credits a taxpayer or a dependent receives a Form 1098-T from an eligible educational institution. The American opportunity tax credit is: β€’ Worth a […]

π’πˆπ†ππ’ π˜πŽπ”β€™π‘π„ 𝐀 π‚π˜ππ„π‘-𝐓𝐇𝐄𝐅𝐓 π•πˆπ‚π“πˆπŒ (πŸ—/πŸπŸ”/πŸπŸŽπŸπŸ—)

Here is a list of warning signs that a tax professional or their office may have experienced a data theft: β€’ Their clients’ e-filed returns are rejected by the IRS or state tax agencies. This happens because someone else already filed a tax return with their client’s Social Security number. β€’ Clients who haven’t filed […]

𝐓𝐀𝐗 ππ‘πŽπ¬ ππ‘πŽπ“π„π‚π“ π“π€π—ππ€π˜π„π‘ 𝐃𝐀𝐓𝐀-πˆπ“β€™π’ 𝐓𝐇𝐄 𝐋𝐀𝐖 (πŸ—/𝟏𝟐/πŸπŸŽπŸπŸ—)

Protecting taxpayer data is Federal law. And the Federal Trade Commission sets the rules for professional tax return preparers. The FTC Safeguards Rules require tax return preparers to create and enact security plans to protect client data. Failure to do so may result in an FTC investigation. Here are the basic protections that everyone, especially […]