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ππ‘π„π’πˆπƒπ„ππ“β€™π’ πƒπ€π˜ 𝐓𝐀𝐗 𝐑𝐄𝐓𝐔𝐑𝐍 𝐑𝐔𝐒𝐇 (𝟐/πŸπŸ“/πŸπŸŽπŸπŸ—)

For Presidents Day weekend, the IRS is offering taxpayers several tips and various time-saving resources to get them the help they need quickly and easily. The IRS receives more phone calls on the day after Presidents Day than on any other day of the year. Ahead of the Presidents Day weekend, the IRS is reminding […]

π†π‡πŽπ’π“ 𝐓𝐀𝐗 𝐑𝐄𝐓𝐔𝐑𝐍 𝐏𝐑𝐄𝐏𝐀𝐑𝐄𝐑𝐒-𝐁𝐄 π€π…π‘π€πˆπƒ! (𝟐/πŸπŸ’/πŸπŸŽπŸπŸ—)

Paid tax return preparers must have a valid 2019 Preparer Tax Identification Number, or PTIN. And they must sign the return and include their PTIN. But β€˜ghost’ preparers do not sign the return. Instead, they print the return and tell the taxpayer to sign and mail it to the IRS. Or, for e-filed returns, they […]

𝐍𝐄𝐖 π…πŽπ‘πŒ πŸπŸŽπŸ’πŸŽ (𝟐/𝟏𝟏/πŸπŸŽπŸπŸ—)

Form 1040 has been redesigned. It consolidates Forms 1040, 1040A and 1040-EZ into one form that all individuals will use. The new form uses subsidiary schedules to support line items that appear on the form. Taxpayers with simple tax situations will only need to file the Form 1040 with no additional schedules. The more complex […]

πƒπŽ 𝐈 𝐍𝐄𝐄𝐃 𝐭𝐨 π…πˆπ‹π„ 𝐚 𝐓𝐀𝐗 𝐑𝐄𝐓𝐔𝐑𝐍? (𝟐/πŸ–/πŸπŸŽπŸπŸ—)

Generally, income, filing status and age determine if a taxpayer has to file a tax return. But, other rules can apply depending on the taxpayer’s circumstances. If a taxpayer is self-employed or if they are a dependent of another, other rules apply. For example, if a taxpayer is single and younger than age 65, they […]

πˆππƒπˆπ•πˆπƒπ”π€π‹ 𝐓𝐀𝐗 𝐂𝐇𝐀𝐍𝐆𝐄𝐒 (𝟐/πŸ“/πŸπŸŽπŸπŸ—)

The Tax Cuts and Jobs Act (“TCJA”) changed deductions, tax credits and other tax items that affect individuals. The IRS details these changes for individuals and tax return preparation at https://www.irs.gov/newsroom/individuals And if you would like free tax tips, updates and articles, you can subscribe to my website at https://tjcarroll-law.com/subscribe/ π“π‘π¨π¦πšπ¬ π‰πšπ¦πžπ¬ π‚πšπ«π«π¨π₯π₯, 𝐏.𝐂. 𝐒𝐬 […]

𝐑𝐄𝐅𝐔𝐍𝐃𝐒 𝐒𝐧 𝟐𝟏 πƒπ€π˜π’-πŒπ€π˜ππ„ (𝟏/πŸ‘πŸ/πŸπŸŽπŸπŸ—)

The IRS expects to issue more than nine out of 10 refunds in less than 21 days. But tax returns may require additional review and take longer. β€œWhere’s My Refund?” has the most up to date information available about refunds. This site is updated only once a day, so taxpayers don’t need to check more […]

πˆπ‘π’ π‘π„πŽππ„ππ’ 𝐰𝐒𝐭𝐑 π‹πŽπ“π’ 𝐨𝐟 π…πˆπ‹πˆππ† π“πˆππ’ (𝟏/πŸπŸ—/πŸπŸŽπŸπŸ—)

The IRS opened the 2019 tax-filing season by accepting and processing federal tax returns for tax year 2018. More than 150 million individual tax returns for the 2018 tax year are expected to be filed-most before the April tax deadline. Through mid-day Monday, January 28, the IRS had already received several million tax returns during […]

π„π—ππˆπ‘πˆππ† 𝐅𝐄𝐃𝐄𝐑𝐀𝐋 𝐓𝐀𝐗 ππ‘πŽπ•πˆπ’πˆπŽππ’ (𝟏/πŸπŸ’/πŸπŸŽπŸπŸ—)

The Joint Committee on Taxation lists Federal tax provisions that expired or are currently scheduled to expire from 2017 to 2027. The Joint Committee on Taxation considers a provision to be expiring if, at a statutorily specified date, the provision expires completely or reverts to the law in effect before the present-law version of the […]

𝐓𝐇𝐄 πˆπ‘π’ & 𝐓𝐇𝐄 π’π‡π”π“πƒπŽπ–π (𝟏/𝟐𝟐/πŸπŸŽπŸπŸ—)

What is the IRS doing during the shutdown? Well, it’s reminding us that the tax laws still apply. And we all have to meet our tax obligations, such as, filing tax returns, making payments and making deposits. See https://www.irs.gov/newsroom/irs-operations-during-the-appropriations-lapse As for employees and services, the IRS Shutdown Contingency Plan (on page 9) plans for a […]

ππ„ππ€π‹π“π˜ π–π€πˆπ•π„π‘ 𝐟𝐨𝐫 πŸπŸŽπŸπŸ– π–πˆπ“π‡π‡πŽπ‹πƒπˆππ† 𝐨𝐫 π„π’π“πˆπŒπ€π“π„πƒ ππ€π˜πŒπ„ππ“π’ (𝟏/πŸπŸ”/πŸπŸŽπŸπŸ—)

The IRS announced 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 waiver applies to any taxpayer who paid at least 85 percent of their total tax liability during the year through federal income tax […]