by Martha Eisenberg | Dec 26, 2018 | Tax Tips & News
According to Ken Corbin, the commissioner of the IRS’s Wage and Investment division, the IRS will start the tax filing season on time in spite of the agency being shut down as Congress negotiates a government funding deal.
“The start of the filing season hasn’t yet been announced, but the agency is ‘tracking very well’ for it to begin in late January or early February, as is typical,” said Corbin. The agency will announce a start date after it has completed testing all systems in compliance with the Tax Cuts and Jobs Act. When the government shuts down, “the agency can still have ‘critical staff’ work to complete tasks required to launch the filing season,” he said.
If anything should change, we’ll be sure to keep you informed.
by Martha Eisenberg | Dec 22, 2018 | Tax Tips & News
Starting January 1, 2019, if you rent a vehicle in Massachusetts you might notice a small but unexpected addition to your bill. In July of 2018 Governor Baker signed into law Bill H.4516, “An Act Relative to the Municipal Police Training Fund,” that, in part, adds a two-dollar surcharge to short-term vehicle rentals in the state.
The proceeds from the vehicle rental surcharge will go to support the efforts of the Municipal Police Training Committee, which is responsible for setting standards and conducting trainings for local police, UMass police, and state environmental police.
Vendors are being notified of this new surcharge, which they will be required to add to rentals of passenger cars, trucks, vans, and trailers, but only for contracts with a duration of more than 12 hours, but less than 30 days.
You can visit the Mass.gov website here if you are interested in learning more.
by Martha Eisenberg | Dec 14, 2018 | Tax Tips & News
Let’s face it: Taxes are complicated. That’s why so many people hire professionals to assist in the process. Ironically, this year’s tax season headaches started for the IRS shortly after the Tax Cuts and Jobs Act passed last year. While many are anticipating a simpler process moving forward, the sheer amount of documentation that must be updated to comply with new and existing rules is anything but simple for the agency that regulates it.Imagine all the different forms, guides, systems and software the IRS uses that have to be changed and checked before April 15th, 2019. The article linked below discusses how, even though the IRS didn’t waste any time setting up a plan to get the revisions done as quickly as possible, the complex nature of the overall task is pushing deadlines.
What does this mean for you? It could mean that the filing window gets delayed. And while that may be frustrating for early filers who count on quick returns, it’s also a reminder that an undertaking this massive—that affects literally every taxpayer in the country—requires special attention. And that may take some extra time.Read more about the details here: http://www.fool.com/taxes/2018/11/18/why-the-2019-tax-season-could-get-off-to-a-rocky-s.aspx
by Martha Eisenberg | Dec 12, 2018 | Tax Tips & News
Hang up. Or better yet, don’t answer the phone if you don’t recognize the number. Then report the call. We guarantee you it’s not the IRS on the other end of the line.
If you’re like most people these days, you or someone you know has received a call claiming to be from the IRS. Often the caller says there is a warrant out for your arrest and you need to pay back taxes and fines right away to avoid legal action. The script is designed to frighten and intimidate people into giving up sensitive personal information, and sadly, it often works.
Scammers are everywhere, and they continue to become more savvy and creative. The bottom line is that as long as these calls continue to work, the criminals are not going to stop. That is why we want to do our part to help put them out of business. Learning how to spot the signs of a fraudulent call is the key to avoid being scammed, so the IRS has provided the guidelines below.
Remember, the IRS will never:
- Call to demand immediate payment, nor call about taxes owed without first having mailed you a bill.
- Demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe.
- Require you to use a specific payment method for your taxes, such as a prepaid debit card.
- Ask for your credit or debit card number over the phone.
- Threaten to bring in local law enforcement to have you arrested.
by Martha Eisenberg | Nov 29, 2018 | Tax Tips & News
There are many ways to reduce your overall tax burden, but perhaps the most satisfying is one where the benefit you get is the result of doing something good for others. As with all things tax-related, there are limitations, and things to watch out for, but that shouldn’t prevent you from making meaningful donations to worthy causes. The article at the link below gives a great summary of how to make the most of your generosity:
https://money.usnews.com/money/blogs/my-money/articles/how-to-score-a-tax-break-from-making-charitable-donations
