Mack's Tax Service

10/10/2020

Advocates and opponents, of the Fair Tax, both claim that voting the opposite way will lead to taxing retirement income (for IL). WBBM Radio is reporting that, as of right now, there is no plan for either side to do so.

08/29/2020

Breaking News: The IRS and Treasury Department have issued statements to employers. Employers may elect to withhold social security taxes from the employee paychecks (from Sept 1- Dec 31). Unlike the first stimulus package, this is a deferral. Therefore, if the employer elects NOT to withhold, the employee will have to pay back come tax time.

The Treasury Department finally issued guidance for employers on the payroll tax deferral that President Donald Trump signed in an executive memo on August 8, 2020 as Congressional negotiations over the second coronavirus stimulus bill were stalled.

04/24/2020

Here is an interesting look at what may be coming. By no means is this final. However, this is a good read of what we could see in the next stimulus payments.

The next stimulus check may be a payroll tax waiver - learn how that works and how much you'd get.

04/13/2020

We hope everyone is staying safe! If you’re looking to get your taxes done, we will work with you on how to send your paperwork. We will all get through this together! Please, take care and stay safe!

03/31/2020

Here is where you can go to get updates on the stimulus payments:

To explain the tax relief for those affected by coronavirus.

03/26/2020

Here is a little about the stimulus payment if it passes “as is”...

While Congress still needs to finalize its $2 trillion coronavirus aid package, here’s what we know so far about the stimulus checks that will be sent out to Americans.

03/23/2020

Hopefully, everyone is staying safe. The tax deadline has been pushed back to July 15. So, there is still plenty of time to get your taxes done.

03/20/2020

https://www.irs.gov/newsroom/payment-deadline-extended-to-july-15-2020

March 18, 2020 - The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak.

01/18/2020

FYI: The IRS will start accepting returns on January 27!

The Internal Revenue Service (IRS) has announced that tax season will open on Monday, January 27, 2020.

01/15/2020

Starting, in 2020, anyone that filed an IL state return in 2019, can get an identity theft pin online. Before now, only victims of identity theft were given a pin. Now, one may get a pin as another layer, of protection, against identity theft. There are also other states that already have this in place. However, not all states have this in place.

The IRS has expanded the number of states by 10 for which residents can voluntarily apply for an Identity Protection Personal Identification Number (IP PIN).  This expansion was announced by the IRS in its e-News to Tax Professionals email subscription sent out on October 4, 2019. [1] T

01/05/2020

This is a great tool to see if your employer is withholding enough from your paycheck. https://apps.irs.gov/app/tax-withholding-estimator.

Remember, you can always request to change your withholdings on your W4.

01/04/2020

As tax season comes upon us, here is one thing to keep in mind: Make sure you document ANY virtual currency transaction (even if it was only a transaction to purchase a $2 cup of coffee).