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IRS explains how the new 20% pass-through tax deduction for small businesses works

We're almost 13 months into the largest tax reform measure enacted in more than 30 years and one thing is clear. The Tax Cuts and Jobs Act (TCJA) is in no way tax simplification. In fact, taxpayers and the professionals they pay to help make filing less taxing in every sense of the word have been struggling with just what Congress meant in way too many of the tax bill's hastily drafted provisions. Big business bill, with small biz break and confusion: Although the TCJA contains many changes t...
Tags: Taxes, Congress, United States, Capitol Hill, Irs, Forbes, Treasury Department, Tony Nitti, Nitti, TCJA, National Tax Service Group


What If Your Income Is Too High for an IRA?

High-earners are in something of a Catch-22 when it comes to saving for retirement. On one hand, they have the extra income available to fully fund tax-deferred retirement vehicles — but that extra income often disqualifies them from the accompanying tax breaks. The IRS limits tax-deductible contributions to Traditional IRAs to those individuals who earn $69,000 or less, and married couples who earn $115,000 or less. Roth IRA contributions are limited to individuals who are making less than $12...
Tags: Retirement, Marketing, Investing, David, Ira, Sam, Money Management, Irs, ROTH IRA, Backdoor Roth IRA


The shutdown is tripping up real estate deals across the country

With no end in sight to the shutdown — which began in December and hinges on political leaders disagreement over funding for a border wall — Realtors say the dire affects are seeping into more and more corners of the industry.
Tags: Utah, California, Washington, Usda, Analysis, Radio, Hud, Mortgage, Dc, Government Shutdown, Irs, Palm Springs, Industry News, Markets & Economy


IRS releases final rules on deductions for "pass-through" businesses

You won't find a lot of simple yes-and-no answers in the 247-page document.
Tags: Irs


Unemployment benefits are taxable income

As the longest federal government shutdown in U.S. history drags on with no end in sight, furloughed workers are looking at any and all ways to pay their bills. Some have taken hardship withdrawals from their workplace retirement accounts. Thousands of others have applied for unemployment. Few of us can blame folks who are struggling financially for taking these steps. At some point, many of us or our family members and friends have done the same. There's no shame in taking available help when ...
Tags: Taxes, Congress, District Of Columbia, Irs, Fed, Don, Office of Personnel Management, Internal Revenue Service


Join us for Gun Owners Lobby Day on Thursday, January 24th 2019 in Saint Paul, MN

Minnesota Gun Owners Lobby Day (MNGOLD) Minnesota, USA – -(Ammoland.com)- We're being challenged in this legislative session like we haven't been in years in Minnesota. Unlike the last several sessions, we now have a strong anti-gun majority in the Minnesota House – and only a single vote keeps a mostly anti-gun faction from taking control in the Senate. On top of that, Governor Tim Walz campaigned on a strong platform of gun control and has promised to take immediate action upon assuming off...
Tags: Minnesota, Guns, Senate, Michael Bloomberg, Irs, PAUL, House DFL, State Capitol, Bryan Strawser, Minnesota House, Walz, Tim Walz, Gun Rights News, Gun Activists, Minnesota Gun Owners Caucus, Gun Lobby


United States: Under Developing IRS Guidance (Not Final), An Employer Would Be Able To Fully Satisfy ACA's Employer Mandate Without Maintaining Group Health Plan - Foley & Lardner

A recent IRS notice provides a future path for employers to avoid ACA employer mandate penalties by reimbursing employees for a portion of the cost of individual insurance coverage through an employer-sponsored health reimbursement arrangement.
Tags: News, United States, Irs, Lardner


5 things to know about workplace retirement plan hardship withdrawals

The current, and longest-ever, federal government shutdown has made it painfully clear that many of Uncle Sam's employees don't have an emergency savings cushion. They are not alone. A study released last summer found that only about a quarter of all Americans across nearly all ages and generations have no savings whatsoever in an emergency fund. Just more than a quarter of U.S. residents, 29 percent, had saved enough to cover six months' worth of living expenses. When people do save, they tend...
Tags: Taxes, Sam, Irs, Federal Retirement Thrift Investment Board


No Such Thing As A Free Meal? Employers May Be Prohibited From Offering Free Food To Workers

by Anet Drapalski and Melissa Shimizu, attorneys at Fisher Phillips As free meals have become the norm at technology companies, an unexpected byproduct of such a perk is the decreasing customer base for local restaurants. In an attempt to thwart this trend, Mountain View and San Francisco have proposed local rules and ordinances aimed at putting an end to employer-provided free meals. Might this trend soon affect your business? The Anti-Free Meal Campaign. The City of Mountain View recently p...
Tags: Startups, Facebook, California, San Francisco, Employee Benefits, Mountain View, Office Culture, Irs, 9th Circuit Court of Appeals, San Francisco Board of Supervisors, San Francisco Planning Commission, Mountain View City Council, Thinking Aloud, San Francisco Mid Market, Fisher Phillips, Employee Welfare


House Democrat calls on Mnuchin to appear for hearing on IRS shutdown plan

The top Democrat on the powerful House Ways and Means committee on Thursday asked Treasury Secretary Steven Mnuchin to testify next week about the decision to bring more than 36,000 IRS workers back to work unpaid as the government shutdown drags into tax season.
Tags: Cnn, House, Treasury, Irs, House Ways and Means Committee, Mnuchin, Steven Mnuchin


IRS Workers Say Trump Is Just Trying to Save Face With Employee Recall

"IRS employees who process federal tax returns and refunds do not protect human life or property from imminent threat," the legal standard for ordering federal employees to work without pay during a government shutdown, the National Treasury Employees Union said on Thursday, the 27th day of the shutdown. It had sued Office of Management and Budget Director Mick Mulvaney in an unsuccessful bid to win a temporary court order forcing the U.S. to pay its employees or let them take other jobs.
Tags: News, Irs, Office of Management and Budget, Mick Mulvaney, National Treasury Employees Union, IRS Workers Say Trump


House Democrat calls on Mnuchin to cut Davos trip short for hearing on IRS shutdown plan

The top Democrat on the powerful House Ways and Means committee on Thursday asked Treasury Secretary Steven Mnuchin to testify next week about the decision to bring more than 36,000 IRS workers back to work unpaid as the government shutdown drags into tax season.
Tags: Cnn, Davos, House, Treasury, Irs, House Ways and Means Committee, Mnuchin, Steven Mnuchin


This Week: Trump Administration Picks And Chooses Which Employees Are Essential

As the record-breaking, 27-day partial government shutdown continues to affect millions of Americans — those paid by the government, and those dependent on funding and services left unavailable — the Trump administration has ensured that certain corners of the government go unaffected. And here, we see the administration’s priorities: Roughly 46,000 IRS workers, for example, will be forced to work without pay even though their services aren’t, seemingly, essential. But tax returns must go out...
Tags: News, Washington, Senate, White House, Cnn, Alaska, Mitch McConnell, Interior Department, Donald Trump, Gulf of Mexico, Justice Department, Irs, Doi, Trump, Bureau of Land Management, Interior


Number Of Furloughed Fed Workers Seeking Jobless Aid Doubles In A Week

WASHINGTON (AP) — The number of furloughed federal employees seeking unemployment benefits jumped in the first two weeks of the shutdown, topping 10,000 during the week of Jan. 5. The Labor Department said Thursday that is double the number of federal workers who sought aid in the previous week. Typically fewer than a thousand former federal employees apply for jobless benefits each week. Federal employees who aren’t working during the partial government shutdown are eligible to claim unemploy...
Tags: News, Maryland, Washington, Virginia, Ap, Irs, Labor Department, The Labor Department, Summer Concepcion, Number Of Furloughed Fed


IRS to waive under-withholding penalties for some taxpayers after Trump tax changes

The Internal Revenue Service will waive penalties against taxpayers who withheld too little of their pay for taxes last year.            [Author: USA TODAY]
Tags: Usa, News, Usa Today, Irs, Trump, Internal Revenue Service


United States: Good News / Bad News: The IRS Has Released Interim Guidance Regarding The New Excess Compensation Excise Tax Applicable To Tax-Exempt Organizations - Seyfarth Shaw LLP

Just in time for the New Year and notwithstanding the government shutdown, on December 31, 2018, the Internal Revenue Service ("IRS") issued Notice 2019-09 (the "Notice")
Tags: News, United States, Irs, Internal Revenue Service IRS, Tax Exempt Organizations Seyfarth Shaw LLP


United States: Treasury And IRS Propose Welcome (And Some Unwelcome) Guidance On The Base Erosion And Anti-Abuse Tax - Fenwick & West LLP

Treasury and the IRS have issued proposed regulations filling a number of gaps and providing necessary guidance on the Base Erosion and Anti-Abuse Tax (BEAT).
Tags: News, United States, Treasury, Irs, Fenwick, West LLP, Treasury And IRS


United States: IRS Releases Proposed Regulations Consolidating Guidance On Reissuance Of Tax-Exempt Bonds - Mintz

On December 31, 2018, the Department of Treasury and Internal Revenue Service released long-awaited proposed regulations (the "Proposed Regulations")
Tags: News, United States, Irs, Mintz


United States: Determining Eligibility For The Employer Credit For Paid Family And Medical Leave - Dickinson Wright PLLC

To assist employers in determining whether they are eligible to claim the credit, the IRS provided guidance in Notice 2018-71, summarized below.
Tags: News, United States, Irs


Did the IRS Admit It ‘Encourages Illegals’ to Steal Social Security Numbers for Taxes?

With tax season looming and the federal government in a partial shutdown, an old story gained new popularity.
Tags: News, Irs, Anti-immigration, Federal Government Shutdown, Trump Administation, Steal Social Security Numbers


IRS to waive penalties for under-withholding after Trump tax changes

The Internal Revenue Service will waive penalties against taxpayers who withheld too little of their pay for taxes last year.            [Author: USA TODAY]
Tags: Usa, News, Usa Today, Irs, Trump, Internal Revenue Service


From travel to IPOs, how shutdown is upsetting U.S. economy

By CHRISTOPHER RUGABER WASHINGTON — Delta Air Lines can’t get eight new aircraft in the air. Roughly a million government employees and contractors aren’t being paid. Some Americans who are trying to start small businesses face delays in obtaining the required tax identification number from the IRS. As the partial government shutdown moves through its fourth week with no end in sight, the economic blow is being felt not only by federal workers but also by business people, households and traveler...
Tags: Lyft, Europe, New York, Washington, White House, Sport, Soccer, Commerce, Delta, Associated Press, North Carolina, Irs, Securities And Exchange Commission, Federal Aviation Administration, Delta Air Lines, Trump


5 Tips for Saving Money When You Have Low Income

Most of us want to save money so we can build wealth and plan for the future. We have goals we want to reach (like traveling) or things we want to buy (like a dream home). However, this can seem impossible when you’re surviving on low income. According to CNN, 25 million American households are living paycheck to paycheck. When money is tight, saving any amount can be the last priority on your list. You’re just trying to get by. So how do you save more money when you’re making minimum wage? How...
Tags: Motivation, Saving Money, Marketing, Debt, Investing, Cnn, David, Frugality, Irs, Make Money, EITC, Better Yourself


IRS calling back half its employees to process returns and issue taxpayer refunds

IRS headquarters image by Kari Bluff via Flickr Creative Commons The Internal Revenue Service has some good news for taxpayers and sort of good news for its staff. The agency is calling back more than half — specifically, 46,052 or almost 55 percent of its more than 80, 265 — employees. These are workers who, according to the updated government shutdown contingency plan issued Jan. 15 by the Treasury Department, are necessary for the IRS "to continue return processing activities to the ex...
Tags: Taxes, Treasury, State Department, Sam, Irs, Internal Revenue Service, Treasury Department, National Air Traffic Controllers Association, Criminal Investigation, Reardon, NTEU, National Treasury Employees Union, Tony Reardon, Kari Bluff


IRS, Agricultural Department to bring back thousands of furloughed workers

The IRS workers will handle tax returns and refunds while the Ag workers will process loans to farmers. Their pay is deferred.            [Author: USA TODAY]
Tags: Usa, News, Usa Today, Irs, IRS Agricultural Department


IRS to bring back half its furloughed workforce for tax season

The unpaid workers will handle tax returns, refunds during shutdown, but phone service will be curtailed and walk-up centers closed.            [Author: USA TODAY]
Tags: Usa, News, Usa Today, Irs


IRS worker forced to sell belongings on eBay

Furloughed workers across the country are scrambling to make ends meet as the partial government shutdown drags on with no end in sight. CNN's Jessica Dean reports.
Tags: News, Ebay, Cnn, Stories, Irs, Jessica Dean


Reminder: The deadline to file your 1099-MISC forms is Jan. 31

The deadline for employers to report payments to contract workers on form 1099-MISC along with W-2 and W-3 forms is January 31.
Tags: Radio, Irs, Industry News, National Association of Realtors, Real Estate Taxes, Markets & Economy, Brokerage, News Brief, 1099, Tax Season, W-2, Filing Deadline, Chuck Rettig, 1099 Deadline, 1099-MISC


US government shutdown: 'I can't get my meds because of Trump'

Jazz Sexton works for the IRS and because of the government shutdown, isn't able to get her medication.
Tags: News, US, Irs, Trump, Sexton


US government shutdown: 'I cant get my meds because of Trump'

Jazz Sexton works for the IRS and because of the government shutdown, isn't able to get her medication.
Tags: News, US, Irs, Trump, Sexton