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IRS.gov BannerIRS Tax Tips February 28, 2019Useful Links:IRS.govHelp For Hurricane VictimsNews EssentialsWhat's HotNews ...
03/01/2019
Taxpayers can minimize the effects of data theft with these steps | Internal Revenue Service

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Issue Number: Tax Tip 2019-16
Taxpayers can minimize the effects of data theft with these steps

Every day, the theft of personal and financial information puts people at risk of additional problems. Thieves often use the stolen data as quickly as possible to:

Sell the information to other criminals.
Withdraw money from a bank account.
Make credit card purchases.
File a fraudulent tax return for a refund using a victim’s name.
Victims of a data loss should follow these steps to minimize the effect of the theft:

Determine what information the thieves compromised. This may include emails and passwords or more sensitive data, such as name and Social Security number.

Take advantage of credit monitoring services. When an organization or company is affected by a data theft, they will often offer these services.

Place a freeze on credit accounts. This will prevent the thieves getting access to a victim’s credit records. There may be a fee to place a freeze on an account, and it varies by state. At a minimum, victims should place a fraud alert on their credit accounts by contacting one of the three major credit bureaus. A fraud alert isn’t as secure as a freeze, but it’s free.

Reset passwords on online accounts. This includes financial sites, email accounts and social media accounts. People should use different passwords for each account. If possible, users should create passwords that are at least 10-digit passwords. People should mix letters, numbers and special characters when possible. Victims should consider using a password manager or app.

Use multi-factor authentication if available. Some financial institutions, email providers and social media sites allow users to set their accounts for multi-factor authentication. This requires a security code, usually sent as a text to their mobile phone, in addition to a username and password.

More Information:
Taxes. Security. Together.
Protect Your Clients; Protect Yourself
Don’t Take the Bait
Topic No. 101: IRS Services – Volunteer Tax Assistance, Outreach Programs, and Identity Theft,
Identity Protection: Prevention, Detection and Victim Assistance
Security Summit: Identity Theft Tips Overview Text

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Tax Tip 2019-16, February 28, 2019

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11/21/2018

Issue Number: IR-2018-231
Inside This Issue
IRS reminds employers, business owners of Jan. 31 filing deadline for wage statements, independent contractor forms

WASHINGTON — The Internal Revenue Service today reminded employers and other businesses that Jan. 31 remains the filing deadline for wage statements and independent contractor forms.

The Protecting Americans from Tax Hikes (PATH) Act of 2015 started a requirement for employers to file their copies of Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration by Jan. 31. Certain Forms 1099-MISC, Miscellaneous Income, filed with the IRS to report non-employee compensation to independent contractors are also due at this time. Such payments are reported in box 7 of this form.

The IRS can more efficiently verify income that individuals report on their tax returns because of the Jan. 31 deadline; this helps prevent fraud. File these forms correctly and timely to avoid penalties. IRS e-file is the quickest, most accurate and convenient way to file these forms.

Pointers to help filers prepare

Employers should verify employees’ information. This includes names, addresses, and Social Security or individual taxpayer identification numbers. They should also ensure their company’s account information is current and active with the Social Security Administration before January. If paper Forms W-2 are needed, they should be ordered early.

Automatic extensions of time to file Forms W-2 are not available. The IRS will only grant extensions for very specific reasons. Details can be found on the instructions for Form 8809, Application for Time to File Information Returns.

For more information, read the instructions for Forms W-2 & W-3 and the Information Return Penalties page at IRS.gov.

IRS.gov BannerIRS Tax Tips August 29, 2018Useful Links:IRS.govHelp For Hurricane VictimsNews EssentialsWhat's HotNews Re...
08/30/2018
Payments | Internal Revenue Service

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IRS Tax Tips August 29, 2018

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Issue Number: Tax Tip 2018-135
Six things for extension filers to remember

Oct. 15 is almost here, and it’s the last day to file for most people who requested an automatic six-month extension for their 2017 tax returns. These taxpayers should remember that they can file any time before Oct. 15 if they have all their required tax documents. They can also pay their tax bill in full, or make a partial payment, anytime, by visiting IRS.gov/payments.

As extension filers prepare to file, here are some things they should know:

They can still use IRS Free File. Nearly everyone can e-file their tax return for free through IRS Free File. The program is available on IRS.gov now through Oct. 15. IRS e-file is easy, safe and the most accurate way for people to file their taxes. E-file also helps people get all the tax benefits they’re entitled to claim.

A refund may be waiting. Anyone due a refund should file as soon as possible to get their money. The sooner someone files, the sooner they’ll get it. Don’t forget to use Direct Deposit. It is the best and fastest way for taxpayers to get their tax refund electronically deposited for free into their financial account.

They should consider IRS Direct Pay. Taxpayers who owe taxes can pay them with IRS Direct Pay. It’s the simple, quick and free way to pay from a checking or savings account. Taxpayers can just click on the ‘Pay’ at IRS.gov.

Here’s what taxpayers should do about a missed deadline. Anyone who did not request an extension by this year’s April 17 deadline should file and pay as soon as possible. This will stop additional interest and penalties from adding up. IRS Direct Pay offers a free, secure and easy way to pay taxes directly from a checking or savings account. There is no penalty for filing a late return for people who are due a refund.

Taxpayers should remember the Oct. 15 Deadline. Taxpayers who aren’t ready to file yet should remember to file by Oct. 15 to avoid a failure-to-file penalty. Taxpayers who owe and can’t pay their balance in full should pay as much as they can to reduce interest and penalties for late payment. They can use the Online Payment Agreement tool to apply for more time to pay or set up an installment agreement. In most cases, the failure-to-file penalty is 10 times more than the failure-to-pay penalty.

More Time for the Military. Members of the military and others serving in a combat zone get more time to file. These taxpayers typically have until at least 180 days after they leave the combat zone to both file returns and pay any taxes due.
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Today's Accounting & Tax Services
08/14/2018
Today's Accounting & Tax Services

Today's Accounting & Tax Services

Don't forget to get your “paycheck checkup” !

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IRS Tax Tips August 13, 2018
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Issue Number: Tax Reform Tax Tip 2018-124
IRS tells taxpayers who got a big refund to do a “paycheck checkup”

After filing tax returns, many people put taxes far out of their mind. However, taxpayers who received a large tax refund this year should think about taxes again…and the sooner the better. The IRS urges these taxpayers to visit the Withholding Calculator on IRS.gov and do a “paycheck checkup.” Doing so will help them make sure their employers are withholding the correct amount of taxes from their paychecks.

Most taxpayers receive refunds averaging around $2,800. Taxpayers who receive large refunds could receive more of their money throughout the rest of this year, rather than waiting until they file their tax return next year.

The Tax Cuts and Jobs Act was passed last year, and it included many tax law changes. Taxpayers who calculate their tax payments throughout the year in order to receive a refund at tax time should check to see how the new tax law affects them. A “paycheck checkup” can help taxpayers apply the new law changes to their situation.

Here are some of the changes that affect taxpayers who received a refund this year, but also many other people:

The law reduced tax rates and changed tax brackets.
The standard deduction nearly doubled. The new rules raise the standard deduction to $24,000 for joint filers and $12,000 for singles for 2018. Many taxpayers who previously itemized their deductions will find the standard deduction is now of bigger benefit.
The law removed personal exemptions.
The child tax credit is bigger and the phaseout amount is higher.
The law added a new tax credit for dependents who can’t be claimed for the child tax credit.
The law limited or discontinued certain deductions.
The calculator can help navigate each tax situation to make sure the amount withheld best fits the need of every taxpayer. It can help taxpayers decide if getting more money in each paycheck could make more financial sense than getting a refund at tax time next year. Adjusting withholding amounts now can also prevent having too little tax withheld, resulting in an unexpected tax bill next year.

For information about how to use the calculator and how to change withholding, taxpayers can check out the IRS Tax Reform Tax Tips on IRS.gov.

Taxpayers may also need to determine if they should make adjustments to their state or local withholding. They can contact their state's department of revenue to learn more.

More information:
Withholding Calculator Frequently Asked Questions
Tax Withholding
Tax Reform page on IRS.gov

Share this tip on social media -- #IRSTaxTip: IRS tells taxpayers who got a big refund to do a “paycheck checkup.” https://go.usa.gov/xUHgH



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Don't forget to get your  “paycheck checkup” !IRS.gov BannerIRS Tax Tips August 13, 2018Useful Links:IRS.govHelp For...
08/14/2018
IRS tells taxpayers who got a big refund to do a “paycheck checkup” | Internal Revenue Service

Don't forget to get your “paycheck checkup” !

IRS.gov Banner
IRS Tax Tips August 13, 2018
Useful Links:
IRS.gov

Help For Hurricane Victims

News Essentials
What's Hot

News Releases

IRS - The Basics

IRS Guidance

Media Contacts

Facts & Figures

Around The Nation

e-News Subscriptions

The Newsroom Topics
Multimedia Center

Noticias en Español

Radio PSAs

Tax Scams/Consumer Alerts

The Tax Gap

Fact Sheets

IRS Tax Tips

Armed Forces

Latest News

IRS Resources
Compliance & Enforcement News

Contact Your Local IRS Office

Filing Your Taxes

Forms & Instructions

Frequently Asked Questions

Taxpayer Advocate Service

Where to File

IRS Social Media



Issue Number: Tax Reform Tax Tip 2018-124
IRS tells taxpayers who got a big refund to do a “paycheck checkup”

After filing tax returns, many people put taxes far out of their mind. However, taxpayers who received a large tax refund this year should think about taxes again…and the sooner the better. The IRS urges these taxpayers to visit the Withholding Calculator on IRS.gov and do a “paycheck checkup.” Doing so will help them make sure their employers are withholding the correct amount of taxes from their paychecks.

Most taxpayers receive refunds averaging around $2,800. Taxpayers who receive large refunds could receive more of their money throughout the rest of this year, rather than waiting until they file their tax return next year.

The Tax Cuts and Jobs Act was passed last year, and it included many tax law changes. Taxpayers who calculate their tax payments throughout the year in order to receive a refund at tax time should check to see how the new tax law affects them. A “paycheck checkup” can help taxpayers apply the new law changes to their situation.

Here are some of the changes that affect taxpayers who received a refund this year, but also many other people:

The law reduced tax rates and changed tax brackets.
The standard deduction nearly doubled. The new rules raise the standard deduction to $24,000 for joint filers and $12,000 for singles for 2018. Many taxpayers who previously itemized their deductions will find the standard deduction is now of bigger benefit.
The law removed personal exemptions.
The child tax credit is bigger and the phaseout amount is higher.
The law added a new tax credit for dependents who can’t be claimed for the child tax credit.
The law limited or discontinued certain deductions.
The calculator can help navigate each tax situation to make sure the amount withheld best fits the need of every taxpayer. It can help taxpayers decide if getting more money in each paycheck could make more financial sense than getting a refund at tax time next year. Adjusting withholding amounts now can also prevent having too little tax withheld, resulting in an unexpected tax bill next year.

For information about how to use the calculator and how to change withholding, taxpayers can check out the IRS Tax Reform Tax Tips on IRS.gov.

Taxpayers may also need to determine if they should make adjustments to their state or local withholding. They can contact their state's department of revenue to learn more.

More information:
Withholding Calculator Frequently Asked Questions
Tax Withholding
Tax Reform page on IRS.gov

Share this tip on social media -- #IRSTaxTip: IRS tells taxpayers who got a big refund to do a “paycheck checkup.” https://go.usa.gov/xUHgH



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Thank you for subscribing to IRS Tax Tips, an IRS e-mail service. For more information on federal taxes please visit IRS.gov.

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Tax Reform Tax Tip 2018-124, August 13, 2018

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