Ten things for taxpayers to think about when choosing a Tax Preparer

Check the Preparer’s Qualifications. People can use the IRS Directory of Federal Tax Return Preparers with Credentials and Select Qualifications. This tool helps taxpayers find a tax return preparer with specific qualifications. The directory is a searchable and sortable listing of preparers. Check the Preparer’s History. Taxpayers can ask the Better Business Bureau about the…

IRS Activities Following the Shutdown

The IRS has reopened following the end of the government shutdown, and IRS employees are working hard to resume normal operations and help taxpayers as much as possible. As the IRS resumes operations, there are some important pieces of information for taxpayers and tax professionals to keep in mind in several areas: Audits. For taxpayers…

PATH Act Federal Tax Refund Delays

ABOUT PATH Act (Protecting Americans from Tax Hikes) prohibits the IRS from releasing tax refunds prior to February 15 for taxpayers claiming EITC and/or ACTC refundable tax credits. The law may create tax refund delays up to six weeks or more. TAXPAYERS IMPACTED Taxpayers claiming any of the following credits before February 15 may be…

For private corporations and their employees, IRS provides initial guidance on new tax benefit for stock options and restricted stock units

The Internal Revenue Service today issued Notice 2018-97 offering guidance on a recent tax law change that allows qualified employees of privately-held corporations to defer paying income tax, for up to five years, on the value of qualified stock options and restricted stock units (RSUs) granted to them by their employers. The tax law change was included…