Now that fall is here and school has started, many teachers are dipping into their own pockets to buy classroom supplies. Doing this throughout the year can add up fast. Fortunately, eligible educators may be able to defray qualified expenses they paid in 2019 when they file their tax return in 2020.
Knowing what to file and when to file it can make all the difference to the IRS. Talk to VEB CPA.
When a taxpayer files their tax return, they need to know their filing status. What folks should remember is that a taxpayer’s status could change during the year. So, any time is a good a time for a taxpayer to learn about the different filing statuses and which one is best for them.
Historically, taxpayers had to submit a private letter ruling request for a waiver if they missed the 60-day rollover deadline for IRAs or retirement plans, but today taxpayers can take the easier route of self-certification that they qualify for a hardship waiver.
The Internal Revenue Service issued guidance providing additional details about investment in qualified opportunity zones. The proposed regulations allow the deferral of all or part of a gain that is invested into a Qualified Opportunity Fund (QO Fund) that would otherwise be includible in income.
Anyone else can request an automatic extension Anyone can request an automatic tax-filing extension, but some people get extra time without asking, according to the Internal Revenue Service.
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.
IRS issues guidance for determining nondeductible amount of parking fringe expenses and unrelated business taxable income; provides penalty relief to tax-exempt organizations
For private corporations and their employees, IRS provides initial guidance on new tax benefit for stock options and restricted stock units
Wrongfully-incarcerated individuals, wishing to take advantage of the special retroactive tax exclusion, usually must file refund claims by Monday, Dec. 17, 2018, according to the Internal Revenue Service.
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 …