The IRS has been making strides fighting identity theft, and it’s urging the public to do the same. Protecting personal information while using the Internet should be a priority for families and teens, the tax agency says. It recently offered some commonsense tips for online safety. For example, parents should teach their children to be wary of public Wi-Fi networks. Connection to Wi-Fi in a mall or coffee shop is convenient but may not be safe.
Virtual currency: IRS issues additional guidance on tax treatment and reminds taxpayers of reporting obligations | Internal Revenue Service http://bit.ly/35mxhMQ
Here’s how the credit for other dependents can benefit taxpayers | Internal Revenue Service http://bit.ly/2LMgb2U
Arizona’s Out-of-State Seller Transaction Privilege Tax Now in Effect | Arizona Department of Revenue http://bit.ly/2ny8nZm
Highlights of the Final Rule on Overtime Eligibility for White Collar Employees – Wage and Hour Division (WHD) – U.S. Department of Labor http://bit.ly/2mX1Oit
IRS Tax Tip 2019-134, September 26, 2019
With scam artists hard at work all year, taxpayers should watch for new versions of tax-related scams. One such scam involves fake property liens. It threatens taxpayers with a tax bill from a fictional government agency.
Here are some details about the property lien scam that will help taxpayers recognize it:
If you’re a small business owner, you may want to set up a retirement plan for yourself and any employees. Several types of plans are eligible for tax advantages, including 401(k)s, Simplified Employee Pension (SEP) plans and SIMPLE IRAs. For 2019, the maximum amount you can contribute to a 401(k) and exclude from income is $19,000, plus a $6,000 “catch-up” amount for those age 50 or older. For a SEP plan, the 2019 maximum amount is 25% of compensation or $56,000.
The IRS has issued final regs on the 100% additional first-year depreciation deduction. It allows businesses to write off most depreciable business assets in the year they’re placed in service. Changes from the regs proposed in August include qualified improvement property, leasehold improvement property, restaurant property, and retail improvement property. A taxpayer may choose to apply the final regs, in their entirety, to qualified property acquired and placed in service after Sept. 27, 2017, in tax years ending on or after Sept.
As teachers head back to school, they often pay expenses for which they don’t receive reimbursement. Fortunately, they may be able to deduct some of them on their tax returns. You don’t have to itemize your deductions to claim this “above-the-line” tax break. For 2019, educators can deduct up to $250 of eligible expenses that weren’t reimbursed. Eligible expenses include books, supplies, computer equipment, software, other classroom materials, and professional development courses. To be eligible,
IR-2019-150, September 6, 2019
WASHINGTON — The Internal Revenue Service today issued proposed regulations clarifying the reporting requirements generally applicable to tax-exempt organizations.
The proposed regulations reflect statutory amendments and certain grants of reporting relief announced by the Treasury Department and the IRS in prior guidance to help many tax-exempt organizations generally find the reporting requirements in one place.
Among other provisions, the proposed regulations incorporate the existing exception from having to file an annual return for certain organizations that normally have gross receipts of $50,000 or less,
HBL CPAs is a full-service Certified Public Accounting firm based in Tucson, Arizona. HBL has been providing tax services, accounting services, auditing and attestation services, consulting services, and various other services since 1973.
© HBL CPA 2017 | All Rights Reserved
