With new SALT limit, IRS explains tax treatment of state and local tax refunds

WASHINGTON — The Internal Revenue Service today 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 Ruling 2019-11 (PDF) , posted today on IRS.gov, the IRS provided four examples illustrating how the long-standing tax benefit rule … Continue reading “With new SALT limit, IRS explains tax treatment of state and local tax refunds”

Tips for Last Minute Filers

WASHINGTON — As the tax-filing deadline fast approaches, the Internal Revenue Service is reminding taxpayers who have yet to file their tax returns that there are a variety of options to help them. IRS tax help is available 24 hours a day on IRS.gov. Whether filing a tax return, requesting an extension or making a … Continue reading “Tips for Last Minute Filers”

Update Your PTIN Account Information

PTIN holders with an  online account  can update most information online. After logging into the account: Select “Manage PTIN Account Information” to update: Personal mailing address Personal phone number Business name Business website address Business phone number Business mailing address CAF, EIN, EFIN Select “View or Edit Account Login Information” to update: Email address To update Professional … Continue reading “Update Your PTIN Account Information”

Consumer Alerts on Tax Scams

Note that the IRS will never: Call to demand immediate payment using a specific payment method such as a prepaid debit card, gift card or wire transfer. Generally, the IRS will first mail you a bill if you owe any taxes. Threaten to immediately bring in local police or other law-enforcement groups to have you … Continue reading “Consumer Alerts on Tax Scams”

Employer ID Numbers

An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number, and is used to identify a business entity. Generally, businesses need an EIN. You may apply for an EIN in various ways, and now you may  apply online . This is a free service offered by the Internal Revenue Service and you can get … Continue reading “Employer ID Numbers”