Taxpayers should file electronically and request direct deposit for refunds WASHINGTON – The Internal Revenue Service today reminds taxpayers who filed an extension that the Oct. 15 due date to file their 2019 tax return is near. Taxpayers should file […]
An overview of excise tax
In general, an excise tax is a tax is imposed on the sale of specific goods or services, or on certain uses. Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and […]
IRS issues final regulations on the deduction for meals and entertainment
WASHINGTON — The Internal Revenue Service issued final regulations on the business expense deduction for meals and entertainment following changes made by the Tax Cuts and Jobs Act (TCJA). The 2017 TCJA generally eliminated the deduction for any expenses related […]
Redesigned IRS.gov page helps people closing a business; page features steps to navigate final tax actions
WASHINGTON – The Internal Revenue Service today launched a redesigned page on IRS.gov to help business owners navigate the federal tax steps when closing a business. During this difficult and challenging time, the IRS streamlined the “Closing a Business” page […]
Terms to help taxpayers better understand Individual Retirement Arrangements
Many taxpayers may have heard of Individual Retirement Arrangements, or IRAs, but some don’t know how IRAs help them save for retirement.People can set up an IRA with a bank or other financial institution, a life insurance company, mutual fund […]
IRS provides tax relief for victims of Hurricane Sally; Oct. 15 deadline, other dates extended to Jan. 15
IRS provides tax relief for victims of Hurricane Sally; Oct. 15 deadline, other dates extended to Jan. 15 WASHINGTON — Victims of Hurricane Sally that began on Sept. 14 now have until Jan. 15, 2021 to file various individual and […]
Idaho Labor Update 09/24/2020
What do I do if my employees refuse to return to work?Please email details including when the employee was asked to return to work and how the offer was made at Work.Refusal@labor.idaho.gov. Do not include the employee’s Social Security number to […]
IRS highlights employer credits for businesses during Small Business Week
WASHINGTON —During Small Business Week, the Internal Revenue Service reminds business owners and self-employed individuals of the employer credits available to them during COVID-19. These credits were specially created to help small business owners during this unprecedented time. During Small […]
Six tips for people starting a new business
Understanding the tax responsibilities that come with starting a business venture can save taxpayers money and help set them up for success. IRS.gov has the resources and answers to help people through the process of starting a new business. Here […]
IRS reminds taxpayers of the home office deduction rules during Small Business Week
WASHINGTON — During Small Business Week, Sept. 22-24, the Internal Revenue Service wants individuals to consider taking the home office deduction if they qualify. The benefit may allow taxpayers working from home to deduct certain expenses on their tax return. […]