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Archive for the ‘2019 Tax Season’ Category.

IRS issues standard mileage rates for 2019

The IRS announced the 2019 tax season standard mileage rates for business, medical, moving and charitable purposes. The Internal Revenue Service today issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1,

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IRS waives penalty for many whose tax withholding and estimated tax payments fell short in 2018

IRS announces that as a result of the major legislative changes as a result of the TCJA of 2017 it is modifying the safe harbor test for the estimated tax penalty calculated on Form 2210 for any taxpayer who paid at least 85 percent (versus the current rule of 90%)

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IRS Sets Start Date for Tax Season, Will Issue Refunds During Government Shutdown

IRS announces the opening of the 2019 tax season (the 2018 tax return year) opening during the ongoing limited government shutdown….the recalling of a significant portion of its staff and its statutory authority to issue refunds despite the limited shutdown.  The deadline this year is Monday, April 15, 20019 for

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Social Security Wage Base Set For 2019

Here we go the IRS announces the Federally indexed Social Security Wages base for 2019, both OASDI and Medicare which has no wage base limit. The Social Security Administration (SSA) announced that the maximum amount of wages subject to the old age, survivors, and disability insurance (OASDI) tax will increase

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Tax Reform Affects If And How Taxpayers Itemize Their Deductions

How the TCJA 2017 act severely limited Itemized Deductions starting on January 1, 2018, while eliminating the phaseout entirely.  Gone are unreimbursed employee expenses, investment expenses and personal casualty & theft losses unless the casualty is declared a federal disaster area by the President, the SALT deduction is limited to

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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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