11
2019
Warning: Scammers Targeting Local Businesses – Tucson Electric Power http://bit.ly/2SIAcvI
Warning: Scammers Targeting Local Businesses – Tucson Electric Power http://bit.ly/2SIAcvI
Form 1099-G Available Online For Taxpayers
Taxpayers receiving Form 1099-G, which serves as a confirmation of the previous year’s state tax refund, can now go online to access and print the form.
Taxpayers can download and print their Form 1099-G by going to www.AZTaxes.gov, clicking on the “View My 1099-G” link and providing the necessary information.
Accessing Form 1099-G online is effective for a number of reasons:
Do you need a transcript from the IRS? Currently, the IRS is processing transcripts through its Income Verification Express Service (IVES) program. IVES is primarily used by the financial community, including mortgage lenders, to confirm income from borrowers. “Federal law limits what the IRS can do on behalf of taxpayers during a funding lapse,” the IRS said. But IVES “can assist taxpayers trying to obtain mortgages or taxpayers affected by disaster who need copies of their tax returns as part of the recovery effort.” For details: https://bit.ly/2Df6Vjz
The IRS has issued final regulations on the Sec. 199A qualified business income (QBI) deduction. The new deduction allows pass-through businesses, including sole proprietorships, to deduct up to 20% of their QBI. Eligible taxpayers can also deduct up to 20% of their qualified real estate investment trust (REIT) dividends and publicly traded partnership income. The deduction is available beginning in tax years starting after 12/31/17 and before 1/1/26. See the regs here: https://bit.ly/2RWdJLk.
If you own a vacation home and both rent it out and use it personally, classification as a rental property might save tax. Expenses attributable to a rental property aren’t subject to the TCJA’s tightened limits on itemized deductions for property tax and mortgage interest, and losses may be deductible. A rental property generally is one you use for 14 days or less, or under 10% of the days you rent it out,
U.S. citizens with interests in foreign accounts must generally file a Report of Foreign Bank and Financial Accounts (FBAR), or face penalties. One taxpayer failed to file an FBAR or to pay the IRS-imposed penalty of $1.2 million. The IRS filed suit. Both a U.S. District Court and the U.S. 9th Circuit Court of Appeals rejected her claims that the penalty violated the 8th Amendment of the Constitution (Excessive Fines Clause) and violated treaty provisions.