News & Insights
Use Your 2018 Tax Return to Get 2019 Withholding Right
Millions of taxpayers filed a 2018 tax return in the last few weeks, making now a prime time for everyone to consider whether their tax situation came out as they expected. If it didn’t, they can use…
Continue ReadingDidn’t File Taxes? IRS Says File Now to Avoid Bigger Bill
While the federal income tax-filing deadline has passed for most people, there are some taxpayers who have not yet filed their tax returns. The Internal Revenue Service encourages them to file now, even…
Continue Reading7 States with No Income Tax
Tired of paying taxes? If your tax payments gave you the tax season blues, you might consider relocating to a state with no income tax. Keep in mind that we’re just talking about state taxes, you’ll…
Continue ReadingIRS Expands Underpayment and Underwithholding Relief
The Internal Revenue Service provided additional expanded penalty relief to taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the…
Continue Reading$1.4 Billion in Refunds Waiting to be Claimed for Unfiled 2015 Tax Returns
Unclaimed income tax refunds totaling almost $1.4 billion may be waiting for an estimated 1.2 million taxpayers who did not file a 2015 Form 1040 federal income tax return, according to the Internal Revenue…
Continue ReadingWith New SALT Limit, IRS Explains Tax Treatment of State and Local Tax Refunds
The Internal Revenue Service clarified the tax treatment of state and local tax refunds arising from any year in which the new limit on the state and local tax (SALT) deduction is in effect. In Revenue…
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Philadelphia Will Not Allow 199A Deduction
Philadelphia will not allow the IRC Sec. 199A deduction for the: Business Income & Receipts Tax (BIRT); Net Profits Tax (NPT); and Wage and Earnings Tax. Why Does the Deduction not Apply to BIRT? Partnerships…
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NJ Updates Pension Exclusion Amounts for 2018 Tax Returns
In New Jersey, qualified taxpayers are able to exclude qualifying retirement income on the New Jersey return under a pension exclusion law that was passed in 2016. Retirement income that qualifies for…
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IRS Expands Identity Protection PIN Program
The IRS is expanding to seven additional states its voluntary program for taxpayers who wish to obtain identity protection personal identification numbers (IP PINs) and are not currently victims of tax…
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IRS Waives Penalty for Many Whose 2018 Withholding and Estimated Payments Fell Short
The Internal Revenue Service announced that it is waiving the estimated tax penalty for some taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax…
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