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Archive for the ‘2019 Tax Season’ Category.

IRS Provides Tax Inflation Adjustments for Tax Year 2019

As is usual this time of the year the IRS advises the tax practitioner community and taxpayers of the upcoming 2019 inflation increases to such items as tax rate brackets, Standard Deductions and Exemptions and applicable phase out ranges for each, IRC Sec 911 Foreign Earned Income Exclusion, IRC Sec

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401(k) Contribution Limit Increases to $19,000 for 2019; IRA Limit Increases to $6,000

As is usual this time of the year the IRS advises the tax practitioner community and taxpayers of the upcoming 2019 Pension Plan limitations as pertains to ORC Sec 401(k) and the NPO corresponding 403(b), traditional and ROTH IRA’s, Cat-up’s and Defined Contribution Plans. The Internal Revenue Service today announced

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For Tax Year 2017, e-file closes on Nov. 17; After that, disaster victims, others need to file on paper

As the 2018 tax season (2017 income tax returns) season draws to a close the IRS as is customary is reminding us that on November 17 2018 it will close e-filing down to prepare for the upcoming 2019 tax season to file 2018 tax returns. After that we must paper

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Meals Continue To Be Deductible Under New IRS Guidance

After much confusion regarding the deductibility of Meals and Entertainment the IRS clarifies that certain (most as originally understood) 50% type meals will continue to be deductible (although not on Schedule A as Unreimbursed Employee Expense deductions are eliminated under the TCJA), 100% deductible meals and the deduction for all

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