Pandemic-related tax topics
Here are a few important things for taxpayers to know this year.
Members of the armed forces are entitled to certain tax benefits
Members of the military and their families often qualify for special tax benefits. For example, members of the armed forces don’t have to pay taxes on some types of income. In addition, special rules could lower the tax they owe or allow them more time to file and pay their federal taxes.
Here are some of these special tax benefits:
How To Get Your Transcript From the IRS
What’s New?
There is a new transcript format that better protects your data. This new format partially masks your personally identifiable information. Financial data will remain fully visible to allow for tax preparation, tax representation or income verification.
You can get various Form 1040-series transcript types online or by mail. If you need your prior year Adjusted Gross Income (AGI) to e-file, choose the tax .
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 employees and their commitment to the taxpayers during this period,” said IRS Commissioner .
IRS, Security Summit Partners warn public:
It’s shopping season for identity thieves, too; Tax Security Awareness Week offers tips
WASHINGTON ― With the holiday shopping season in full swing, the Internal Revenue Service and Security Summit partners warn taxpayers to take extra steps to protect their tax and financial data from identity thieves.
The holidays offer cybercriminals a chance to steal financial account information, Social Security numbers, credit card information and .
401(k) contribution limit increases to $19,000 for 2019; IRA limit increases to $6,000
WASHINGTON — The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2019. The IRS today issued technical guidance detailing these items in Notice 2018-83.
Highlights of Changes for 2019
The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal .
New credit benefits employers who provide paid family and medical leave
Eligible employers who provide paid family and medical leave to their employees during tax years 2018 and 2019 might qualify for a new business tax credit. This new employer credit for family and medical leave is part of tax reform legislation passed in December 2017. Here are some facts about the credit to help employers find out if .
Taxpayers should check out these helpful tax tools
Questions about taxes could come up any time of the year. Whether it’s about tracking a refund or paying a bill, taxpayers can find answers to their questions on IRS.gov. Here are some of the most popular IRS tools:
North Carolina Sales and Use Tax Update
The Sales and Use Tax Division has published SD-18-6 Sales and Use Collections on Remote Sales 8-7-2018. The directive comes after the U.S. Supreme Court’s June decision in South Dakota v. Wayfair, in which the court found that physical presence is not necessary to create a substantial nexus between a remote seller and a taxing state. Accordingly, North Carolina will enforce an existing law .
Taxpayers who owed tax this year should check their withholding soon
Taxpayers who owed additional tax when they filed their federal return earlier this year should do a “paycheck checkup” as soon as possible. The IRS Withholding Calculator and Publication 505, Tax Withholding and Estimated Tax, can help these taxpayers do a checkup and avoid another possibly bigger tax bill next year.
Following the Tax Cuts and Jobs Act, which .