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. […]
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.
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.
The IRS will begin accepting all business tax returns at 9 a.m. Eastern on January 8, 2019.
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. […]
The Maryland Comptroller’s Office has set the interest rate for refunds and delinquent taxes for calendar year 2019 at 11%.
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 […]
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 […]
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 […]
Judge Rules Affordable Care Act Is Unconstitutional: On 12/14/18, a federal district court judge in Texas ruled that the Affordable Care Act (ACA) is unconstitutional. The ruling was based on the reduction of the tax penalty to zero for individuals who do not comply with the individual mandate. The penalty was reduced to zero as part […]