July 2018

IRS offers guidance on recent 529 education savings plan changes

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IRS offers guidance on recent 529 education savings plan changes WASHINGTON — The Internal Revenue Service and Department of the Treasury today announced their intent to issue regulations on three recent tax law changes affecting popular 529 education savings plans. Notice 2018-58, addresses a change included in the 2015 Protecting Americans From Tax Hikes (PATH) […]

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Hot tips for summer jobs

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It’s that time of the year again for seasonal work and summer jobs. The IRS is providing the small business and self-employed community some helpful tips to work now and avoid tax issues later: Worker classification matters. Business owners must determine whether summer workers are employees or independent contractors. Independent contractors are not subject to withholding,

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Veterans owed refunds for overpayments

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Veterans owed refunds for overpayments attributable to disability severance payments should file amended returns to claim tax refunds WASHINGTON — The Internal Revenue Service today is advising certain veterans who received disability severance payments after January 17, 1991, and included that payment as income that they should file Form 1040X, Amended U.S. Individual Income Tax Return,

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Taxpayers who owed tax this year should check their withholding soon

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Taxpayers who owed additional tax when they filed their federal return earlier this year should do a “paycheck checkup” as soon as possible. The IRS Withholding Calculator and Publication 505, Tax Withholding and Estimated Tax, can help these taxpayers do a checkup and avoid another possibly bigger tax bill next year. Following the Tax Cuts and Jobs Act,

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