NexusUnited

08 Jan 20

IRS Issues 2020 Standard Mileage Rates for Business, Moving, Medical and Charity Deductions

The Internal Revenue Service has issued the 2020 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2020, the standard mileage rates for the use of a car (also vans, pickups or panel trucks)…

08 Jan 20

IRS to Open Tax Season Jan. 27, 2020

The Internal Revenue Service confirmed that the nation’s tax season will start for individual tax return filers on Monday, Jan. 27, 2020, when the tax agency will begin accepting and processing 2019 tax year returns. The deadline to file 2019 tax returns and pay any tax owed is Wednesday, April…

23 Dec 19

If you’re a business owner, grab this 20% tax break before the year ends

KEY POINTS The 20% qualified business income deduction went into effect in 2018. Businesses with pass-through entities — including S-corporations and LLCs — may qualify. If you’re an entrepreneur with 2019 taxable income below $160,700 if single or $321,400 if married and filing jointly, you may qualify. More than 15…

29 Mar 19

Congress Introduces Bill To Improve Experiences For Taxpayers And Modernize The IRS

U.S. Senate Finance Committee Chair Chuck Grassley (R-IA) and Senator Ron Wyden (D-OR) have introduced legislation aimed at improving experiences for taxpayers. The bill, referred to as the Taxpayer First Act of 2019, is intended to modernize the Internal Revenue Service (IRS) and strengthen taxpayer protections. Here’s a quick peek at…

29 Mar 19

IRS giving millions a pass on penalties for 2018 underpayment

The IRS once again is making it easier on taxpayers facing unexpected penalties following implementation of the Tax Cuts and Jobs Act. Individuals who failed to pay a certain percentage of their federal tax bill throughout the year are subject to an underpayment penalty when they file. On Friday, the…

04 Feb 19

These red flags on your 2018 tax return could spark interest from the IRS

Even though the IRS may be just getting back on its feet after the partial government shutdown — with another one potentially in mid-February — don’t assume you can pull a fast one on your tax return this year. Because much of the agency’s systems are automated to spot certain…

04 Feb 19

Here’s when you can expect your tax refund to hit your bank account, according to the IRS

Most people dread filing their taxes— but nearly everyone is hoping for a refund. The IRS was affected by the record 35-day government shutdown, though it said it would still work to process tax returns and provide refunds to filers on time. Now that the shutdown is over, at least…

04 Feb 19

Taxes 2019: When to file and what big changes to expect

The last year has seen one of the biggest changes to the tax code in recent history, leaving many filers (and some tax preparers) unsure of what to expect this year. Fortunately, most of the changes are quite specific and actually make it a little easier for most filers to…

08 Jan 19

IRS Confirms Tax Filing Season to Begin January 28

WASHINGTON ― 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. “We are committed to ensuring that taxpayers receive their refunds notwithstanding the government shutdown. I appreciate the hard work of the…

22 Oct 18

IRS Announces MeF Shutdown and Cutover Dates

IRS has announced that the Modern e-File System (MeF) will commence its annual shutdown and cutover maintenance period on Saturday, November 17, 2018, at 11:59 p.m. in order to prepare the system for the upcoming Tax Year 2018 Filing Season See the full text of the announcement here. Preparers should…

IRS Issues 2020 Standard Mileage Rates for Business, Moving, Medical and Charity Deductions

IRS to Open Tax Season Jan. 27, 2020

If you’re a business owner, grab this 20% tax break before the year ends

Congress Introduces Bill To Improve Experiences For Taxpayers And Modernize The IRS

IRS giving millions a pass on penalties for 2018 underpayment

These red flags on your 2018 tax return could spark interest from the IRS

Here’s when you can expect your tax refund to hit your bank account, according to the IRS

Taxes 2019: When to file and what big changes to expect

IRS Confirms Tax Filing Season to Begin January 28

IRS Announces MeF Shutdown and Cutover Dates

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