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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Find a qualified tax professional using IRS website resources
WASHINGTON — With the federal income tax deadline just around the corner, the Internal Revenue Service wants to remind taxpayers that IRS.gov offers tips on finding a qualified tax professional. Over 84 million tax returns were prepared by a paid return preparer last year. Though most tax professionals provide honest, high-quality service, taxpayers should keep…
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Here are reasons people should file a 2019 tax return; Economic Impact Payment, tax credits available for some
While many people are required to file a tax return, it's a good idea for everyone to determine if they should file. Some people with low income are not required to file but will need to do so to get a tax refund. The Interactive Tax Assistant – Do I Need to File a Tax…
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