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The IRS offers a variety of payment options where taxpayers can pay immediately or arrange to pay in installments. Those who receive a bill from the IRS should not ignore it. A delay may cost more in the end. As more time passes, the more interest and penalties accumulate. Here are some ways to make payments using IRS electronic payment options: Direct Pay. Pay tax bills directly from a checking...

The IRS is warning nonprofits and their advisors that many tax-exempt organizations have a filing deadline for 990-series information returns next Monday, May 15. Form 990 information returns and notices are due on the 15th day of the fifth month after an organization’s tax year ends. For calendar-year organizations, May 15 is the deadline to file for 2016. By law, organizations that fail to file...

Most people don’t think about taxes on their way to the track or casino, but what might seem like nothing more than the chance to win some extra money actually carries significant tax implications. As is often the case, federal and state governments single out casino winnings for unique taxes of their own. Failure to properly report your haul may result in penalties and headaches, so be aware of...

Welcome to the merry, merry month of May, which is particularly joyous for folks who’ve finished up their 2016 tax returns. That’s almost 136 million of us, with around 17 million of those 1040 forms arriving at Internal Revenue Service processing centers in the final days of this year’s main filing season. While the 2017 filing season got off to a slow start, the IRS says by the time it wrapped...

Eligible small business startups can now choose to apply part or all of their research credit against their payroll tax liability, instead of their income tax liability, according to the Internal Revenue Service. During National Small Business Week—April 30 to May 6—the IRS is highlighting tax benefits and resources designed to help new and existing small businesses. This new option will be...

The Internal Revenue Service is planning June 18 as the tentative date for moving its e-Services platform to what it promises will be more secure and modern technology. In recent years, the IRS has experienced security breaches from identity thieves targeting several of its online self-service applications, including the Get Transcript app, the Identity Protection Personal Identification Number...

The restaurant industry has areas that are totally specific to it. Those who want to get into that area, who want to do it right, need to become experts in those areas that really differentiate that industry: Most restaurant clients are tax oriented clients; sometimes you will have audits if you have a large restaurant group or franchise with a significant amount of debt level. Within the tax...

The 2017 tax filing season has been officially underway for just more than a week. Lots of folks have already filed their returns. And, according to ecstatic posts on social media, some have received their refunds. Other taxpayers, however, are waiting to file. Form-ulaic delay: Why the delay. In a lot of cases, folks haven’t yet received their W-2s, 1099s and other documents with the data...

Taxpayers have fundamental rights under the law. The Taxpayer Bill of Rights presents these rights in 10 categories, which can help taxpayers when they interact with the IRS. This post highlights a list of taxpayer rights and the agency’s obligations to protect them. 1. The Right to Be Informed. Taxpayers have the right to know what is required to comply with the tax laws. They are entitled to...

The IRS extended the 2017 due date for employers and coverage providers to furnish health coverage statements to individuals. The due dates to file those returns with the IRS are not extended. This chart can help you understand the upcoming deadlines. (This chart applies only for reporting in 2017 for coverage in 2016) Action 2017 Reporting Due Dates for… Applicable Large Employers – Including...