Members of the military may qualify for special tax benefits. For instance, they don’t have to pay taxes on some types of income. Special rules could lower the tax they owe or allow them more time to file and pay their federal taxes. Here are some of these special tax benefits: Combat pay exclusion: If…
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IRS unclaimed refunds of $1.5 billion waiting for tax year 2016; taxpayers face July 15 deadline
WASHINGTON – Unclaimed income tax refunds worth more than $1.5 billion await an estimated 1.4 million individual taxpayers who did not file a 2016 federal income tax return, according to the Internal Revenue Service. “The IRS wants to help taxpayers who are owed refunds but haven’t filed their 2016 tax returns yet,” said IRS Commissioner…
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IRS issues proposed regulations for TCJA’s simplified tax accounting rules for small businesses
WASHINGTON — The Internal Revenue Service today issued proposed regulations (PDF) updating various tax accounting regulations to adopt the simplified tax accounting rules for small businesses under the Tax Cuts and Jobs Act (TCJA). For tax years beginning in 2019 and 2020, these simplified tax accounting rules apply for taxpayers having inflation-adjusted average annual gross receipts of…
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James Lee selected to lead IRS Criminal Investigation
WASHINGTON — The Internal Revenue Service announced today that James Lee will become the new chief of IRS Criminal Investigation (CI) on October 1. Lee, currently CI's deputy chief and a 25-year veteran of the organization, will succeed current Chief Don Fort, who announced last month he will retire on September 30. "Jim brings a…
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