Interest Rates to Remain the Same for Second Quarter 2019: The interest rates for tax overpayments and underpayments for the quarter beginning on 4/1/19 will be the same as the prior quarter. For noncorporate taxpayers, the rate for both underpayments and overpayments will be 6%. The 6% rate also applies to estimated tax underpayments for… Read More

IRS waives penalty for many whose tax withholding and estimated tax payments fell short in 2018 WASHINGTON — The Internal Revenue Service announced today 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.… Read More

IRS Reopens Transcript Service Despite Government Shutdown:  Despite the government shutdown, the IRS has resumed processing requests for transcript information made through the Income Verification Express Service (IVES) program. This is a fee-based program used primarily by mortgage lenders to confirm a borrower’s income during the loan application process.… Read More

Despite the government shutdown, the Internal Revenue Service today confirmed that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled.… Read More

The IRS will begin accepting all business tax returns at 9 a.m. Eastern on January 8, 2019.… Read More

Pennsylvania Sets Interest Rates on Underpayments and Overpayments The Pennsylvania Department of Revenue has announced that the rate of interest on underpayments of Pennsylvania tax for the year commencing January 1, 2019 is 6%, and the rate of interest on overpayments for tax year 2019 is 4%. Interest Rate Notice, Pa. Dept. Rev., Pa. Bull.… Read More

The Maryland Comptroller’s Office has set the interest rate for refunds and delinquent taxes for calendar year 2019 at 11%.… Read More

The IRS has released the 2019 version of Form W-4(Employee’s Withholding Allowance Certificate) and instructions. Initial plans called for substantial revisions to the form to take into account provisions of the Tax Cuts and Jobs Act. However, after considering feedback from the payroll and tax communities, the IRS decided to postpone the form’s makeover until… Read More

Last year’s Tax Cuts and Jobs Act made significant changes to the tax law that affect small businesses. The IRS posted two new resources on IRS.gov to help taxpayers understand how these changes affect their bottom line. This electronic publication covers many of the TCJA provisions that are important for small and medium-sized businesses, their… Read More

Under IRC Sec. 30D(e)(2), the credit for new qualified plug-in electric drive motor vehicles is phased out over a period of four calendar quarters once the total number of qualifying vehicles sold by a manufacturer after 2009 reaches 200,000. In a recent Notice, the IRS announced that Tesla, Inc. reached this limit during the calendar… Read More