Category: IRS Tips

IRS Tips
Interest Rates Remain the Same for the Fourth Quarter of 2018

WASHINGTON – The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Oct. 1, 2018.  The rates will be:   five (5) percent for overpayments [four (4) percent in the case of a corporation]; 2 and one-half (2.5) percent for the portion of a corporate overpayment exceeding $10,000; […]

IRS Tips
Here’s how and when to pay estimated taxes

Certain taxpayers must make estimated tax payments throughout the year. Taxpayers must generally pay at least 90 percent of their taxes throughout the year through withholding, estimated tax payments or a combination of the two. If they don’t, they may owe an estimated tax penalty.  For tax-year 2018, the remaining estimated tax payment due dates […]

IRS Tips
Many small business and self-employed taxpayers should make quarterly estimated tax payments; third quarter deadline is Sept. 17

WASHINGTON – With the last third of the year now in full view, the IRS today reminded small business and self-employed taxpayers of the importance of meeting their tax obligations. Part of those obligations normally include making quarterly estimated tax payments. This is the third in a series of four news releases aimed at helping […]

IRS Tips
IRS urges taxpayers to prepare for natural disasters

IR-2018-183, Sept. 10, 2018  WASHINGTON —  Because a natural disaster can strike any time, the Internal Revenue Service is reminding individuals and businesses to take time now and create or update their emergency preparedness plan. During 2018, the IRS has offered tax relief and assistance to millions of victims of natural disasters, including hurricanes, severe […]

IRS Tips
IRS reminder: Third estimated tax payment due Sept. 17; Tools are available to help people pay right amount following law changes

WASHINGTON – With tax reform bringing major changes for the current tax year, the Internal Revenue Service today reminded small businesses, self-employed individuals, retirees, investors and others who need to pay their taxes quarterly that the third estimated tax payment for 2018 is due on Monday, Sept. 17, 2018. This is the fourth in a […]

IRS Tips
Tax Security 101: Security Summit outlines data theft reporting process for tax professionals; speed helps protect taxpayers

WASHINGTON – The Internal Revenue Service and its Security Summit partners today reminded tax professionals that they should report data theft immediately and follow an established process for helping the IRS protect their clients. If notified timely, the IRS can help stop fraudulent tax returns being filed in clients’ names, which otherwise might delay legitimate […]

IRS Tips
Employees with other sources of income should do a Paycheck Checkup

The IRS urges everyone who works as an employee and who also has income from other sources to perform a Paycheck Checkup now. For example, certain individuals often need to pay estimated or additional tax. This includes taxpayers who have certain types of income from the sharing economy, interest, dividends, self-employment, capital gains, or prizes […]

IRS Tips
Retirees with pension income should do a Paycheck Checkup ASAP

Retirees should do a Paycheck Checkup to make sure they are paying  enough tax during the year by using the Withholding Calculator, available on The Tax Cuts and Jobs Act, enacted in December 2017, changed the way tax is calculated for most taxpayers, including retirees. Because of this law change, retirees who receive a […]

IRS Tips
IRS issues proposed regulations on global intangible low-taxed income for U.S. shareholders

WASHINGTON — The Internal Revenue Service issued proposed regulations today concerning global intangible low-taxed income under section 951A and related sections of the Internal Revenue Code. The Tax Cuts and Jobs Act (TCJA), passed in December 2017, made major changes to the tax law, including adding new rules requiring the inclusion of global intangible low-taxed […]

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