About 66,000 Louisiana taxpayers were double-paid their state tax refunds, $26 million in overpayments the state is working to claw back. The error happened Wednesday. Jacques Berry is spokesman for the Division of Administration, which oversees the state’s technology office. Berry blamed a computer system error for the mistake, which paid 66,000 taxpayers twice for refunds they were owed. Berry …
Initial analysis of the Tax Cuts and Jobs Act of 2017 implied that take-home pay would go up for many Americans and that overall taxes would go down — at least for some people. Plenty of people are still freaking out about getting a smaller tax refund this year. If you’re paying attention to your actual tax bill and …
Albert Einstein once lamented, “The hardest thing in the world to understand is the income tax.” If you buy, sell, finance or own real estate, it gets even harder. Yet there’s no reason to pay more than the minimum, and the Internal Revenue Code actually gives property owners lots of tax breaks. According to Art Ford, a certified public accountant …
Tax experts say you should get your tax return filed with the IRS at least by early next week. Not only will you get your return faster, but there is a possibility of another government shutdown starting late next week. CNBC Personal Finance Writer, Darla Mercado, says there is already a lot of confusion among tax filers, even with the …
IGNORANCE ISN’T BLISS when it comes to the U.S. tax code. Failing to fill out your tax return correctly, even if you make an honest mistake, isn’t going to earn you immediate forgiveness from the Internal Revenue Service. “When you sign your tax return, you’re signing it (to say) that everything is accurate and true,” says Mark Jaeger, director of tax development at …
Private sector employment increased by a robust 227,000 jobs in October, according to payroll giant ADP, but small businesses are having a difficult time finding qualified employees to fill the open slots. Small businesses nevertheless added 29,000 jobs in October, including 7,000 in businesses with between one and 19 employees, and 22,000 in businesses with between 20 and 49 employees. …
The IRS on Monday issued 34 questions and answers on new Sec. 45S, which was added by the law known as the Tax Cuts and Jobs Act, P.L. 115-97, to provide a general business credit for employers who provide paid family and medical leave to their employees (Notice 2018-71). The credit equals a percentage of the wages an employer pays …
Bloomberg Tax and Thomson Reuters have released their 2019 projected inflation adjustments for a variety of tax-related items that are subject to change each year, but particularly after last year’s big tax overhaul. Typically, items such as tax brackets and deduction amounts have been based on the Consumer Price Index for All Consumers, also known as CPI-U. But the passage …
The IRS issued proposed regulations on Wednesday regarding the qualified trade or business income deduction under Sec. 199A, which was enacted by P.L. 115-97, the law known as the Tax Cuts and Jobs Act (TCJA) (REG-107892-18). At the same time, it issued Notice 2018-64, which provides guidance on how to compute W-2 wages for purposes of the deduction, along with FAQs. The …
Interest rates are staying put – at least when it comes to the Internal Revenue Service (IRS). The IRS has announced in Revenue Ruling 2018-18 that interest rates will remain the same for the third calendar quarter (beginning July 1, 2018) as they did for the last quarter. The rates for the third quarter for individuals will be: 5% for …
