IRS | VEB CPA - Part 21

Low-income housing units offered to displaced victims recent disasters

Low-income housing units nationwide may be offered to displaced victims of Hurricanes Michael and Florence, other recent disasters The Internal Revenue Service has provided temporary relief from certain requirements of the Internal Revenue Code to allow owners and operators of low-income housing projects located anywhere in the United States and its territories to provide temporary […]

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Small business, self-employed should plan now for new changes

IRS, Self-Employment tax

With just a few months left in tax year 2018, the Internal Revenue Service today urges small business owners to learn about how the new tax law changes may affect them.

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100-percent depreciation deduction benefits business taxpayers

Business Tax, IRS

Tax reform legislation passed in December 2017 includes changes that affect businesses. One of these changes allows businesses to write off most depreciable business assets in the year they place them in service.

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Retirees: Avoid a surprise tax bill

IRS, Retirement Planning

With tax reform bringing major changes for the year ahead, the Internal Revenue Service today urged retirees to make sure they are paying in enough tax during the year by using the Withholding Calculator, available on IRS.gov.

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Extended deadlines tax relief for victims of Hurricane Florence

IRS

Hurricane Florence victims in parts of North Carolina and elsewhere have until Jan. 31, 2019, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced.

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Taxpayers have more time to challenge levy

Tax Penalty

The IRS reminds individuals and businesses that they have additional time to file an administrative claim or bring a civil action for wrongful levy or seizure. Tax reform legislation enacted in December extended the time limit from nine months to two years.

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Dealing in the Sharing Economy

Reporting Requirements, Self-Employment tax

If you use one of the many online platforms available to rent a spare bedroom, provide car rides, or to connect and provide a number of other goods or services, you’re involved in what is sometimes called the sharing economy.

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IRS offers summer tips for temporary jobs, marriage, deductions and credits

Tax Deduction

Before starting a summer job, taking a vacation or sending the kids off to camp, the Internal Revenue Service wants taxpayers to know that some summertime activities may qualify for tax credits or deductions.

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4 Questions to Ask Before Hiring Household Help

Reporting Requirements

When you hire someone to work in your home, you may become an employer. Thus, you may have specific tax obligations, such as withholding and paying Social Security and Medicare (FICA) taxes and possibly federal and state unemployment insurance.

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2 Million ITINs to Expire This Year

IRS

With more than 2 million Individual Taxpayer Identification Numbers (ITINs) set to expire at the end of 2018, the Internal Revenue Service today urged affected taxpayers to submit their renewal applications soon to beat the rush and avoid refund delays next year.

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