Archives

Sep
27
2018

IRS Announced Same W-4





The IRS has announced that next year’s Form W-4 will be similar to this year’s version. W-4s are completed by employees and given to employers so the correct amount of federal tax can be withheld from their paychecks. In June, the IRS released a draft 2019 W-4, which payroll and tax advisors complained was too complex. The form was more complicated than in the past due to changes in the Tax Cuts and Jobs Act.

Sep
25
2018

Check Out the Tax Agency Mobile App


Want to get tax information from the IRS on your mobile phone? The tax agency has a mobile app that is available for use on any iOS or Android device. The free app, called IRS2Go, allows taxpayers to make payments from their bank accounts or through credit or debit cards. You can also check the status of a refund and get tax tips and other information. Visit https://bit.ly/2BTAVhB for more details.

Sep
24
2018

Puzzle Time

Another completed puzzle by HBL employees in the lunch room. They have found this a way to
de-stress for a few moments during tax season and lunch break. Time to start another one!

Sep
20
2018

Debt & Revenue





The U.S. government had an estimated budget deficit of $682 billion for the first 10 months of fiscal year (FY) 2018, reported the Congressional Budget Office (CBO). This is an increase of $116 billion over the same period in FY 2017. Receipts for the first 10 months of FY 2018 were higher by 1% over the same period in FY 2017. Individual and payroll taxes rose 5%. Corporate income tax declined 28%,

Sep
18
2018

Extension Deadline





If you requested an extension to file your 2017 tax return, be aware that Monday, October 15, is generally the deadline. This applies to people who, instead of filing their tax returns back in April, requested an extra six months to file their 2017 returns on IRS Form 4868. Special rules apply to members of the military and those serving in a combat zone. Military members typically have until at least 180 days after leaving a combat zone to both file tax returns and pay any taxes due.

Sep
14
2018

THANK YOU ADP


We want to send a huge thank you to Celina & Evan from ADP for coming and cooking us the most delicious breakfast!!  It was very much appreciated!! 

Sep
11
2018

Complex W-4 Announcement





Get ready for a more complex Form W-4. Employees fill out W-4s so their employers can withhold the correct amount of federal tax from their pay. The IRS has released a draft version of the 2019 W-4 and expects to release a final version soon. The new draft form and instructions are more complex due to the many tax law changes in the Tax Cuts and Jobs Act. Members of the American Payroll Association are questioning whether employees will understand the instructions for the 2019 draft version.

Sep
06
2018

IRS Levy


A levy is a legal seizure of a taxpayer’s property to satisfy a tax debt. Individuals and businesses now have more time to file an administrative claim or bring a civil action for wrongful levy or seizure, according to a recent IRS online Tax Tip reminder. The tax reform law passed last December extended the time limit from nine months to two years. The “property” the IRS can seize may be wages, money in the bank or other accounts,

Sep
04
2018

Don’t Miss the Tax Deadline





The IRS is serious about deadlines. In a new case, the U.S. Tax Court upheld penalties against a taxpayer for not filing tax returns on time. He filed an extension for 2 years and filed his returns 3 days after the extended due dates. The tax code imposes an addition to tax for failing to timely file a return. For a late filing of not more than a month, it’s equal to 5% of the tax required to be shown on the return.