Beware of Fake Charities
The Internal Revenue Service encourages taxpayers to be alert to scam groups masquerading as charitable organizations.
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IRS
Tax information from the IRS and shared by Vernoia, Enterline + Brewer, CPA LLC.
Protect Personal, Financial and Tax Information
The Internal Revenue Service urges taxpayers to protect the security of their personal, financial and tax information. Con artists use scams and schemes to steal personal information and money from unsuspecting victims, particularly during tax time.
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Larger Paychecks, Not Refunds, Treasury Spokesperson Says
The average refund amount at the beginning of the 2019 tax filing season was smaller than this time period last year, a new IRS report shows. However, most taxpayers are seeing tax reform’s benefits in larger paychecks rather than refunds, a Treasury spokesperson said on February 15.
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Business Tax Miscellaneous Provisions
Opportunity Zones Opportunity Zones are an economic development tool to spur tax-favored investments in distressed communities throughout the country and in U.S. territories.
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Business: Temporary 100 Percent Expensing
The law increases the bonus depreciation percentage from 50 percent to 100 percent for qualified property acquired and placed in service after September 27, 2017, and before January 1, 2023.
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2018 Maximums for Valuing an Employer-Provided Vehicle Personal Use
The IRS set the maximum values that limit use of the cents-per-mile and fleet-average valuation rules for employer-provided vehicles first made available to employees for personal use in calendar year 2018.
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Qualified Business Income Deductions
Treasury, IRS issue final regulations, other guidance on new qualified business income deduction; Safe harbor enables many rental real estate owners to claim deduction The Treasury Department and the Internal Revenue Service issued final regulations and three related pieces of guidance, implementing the new qualified business income (QBI) deduction (section 199A deduction).
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IRS Waives Penalty for Taxpayers Who Paid at Least 85 Percent
IRS waives penalty for many whose tax withholding and estimated tax payments fell short in 2018 The Internal Revenue Service announced that it 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.
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Determining Nondeductible Amount of Parking Fringe Expenses
IRS issues guidance for determining nondeductible amount of parking fringe expenses and unrelated business taxable income; provides penalty relief to tax-exempt organizations
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Employee Achievement Award Rules
The IRS reminds employers that last year’s Tax Cuts and Jobs Act made changes to several programs that can affect an employer’s bottom line and its employees’ deductions. This includes employee achievement awards.
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