Harless Tax Blog

Harless Tax Blog

Don’t fall for myth-leading information about tax refunds

Wednesday, April 24, 2019

Source from irs.gov | Now that the April tax-filing deadline has come and gone, many taxpayers are eager to get details about their tax refunds. When it comes to refunds, there are several common myths going around social media.

Here are five of these common myths:

Myth 1: Getting a refund this year means there’s no need to adjust withholding for 2019
To help avoid an unexpected tax outcome next year, taxpayers should make changes now to prepare for next year. One way for a taxpayer to do this is to adjust their tax withholding with their employer. The IRS encourages people to do a Paycheck Checkup using the IRS Withholding Calculator to determine whether their employer is withholding the right amount. This is especially important for anyone who got an unexpected result from filing their tax return this year. This could have happened because the taxpayer’s employer withheld too much or too little tax from the employee’s paycheck in 2018.  See More

New wire fraud scam targets your direct deposit info

Monday, April 15, 2019

Source from cnbc.com | Around two or three times per month, KVC Health Systems, a midsize nonprofit agency for child welfare based in Kansas City, receives phishing emails from criminals with the goal of rerouting an employee’s paycheck by direct deposit.

The emails look legitimate at first, as though they come from the CEO, CFO or payroll director.  See More

Taxpayers who can t pay their taxes should still file on time

Friday, April 12, 2019

Source from cnbc.com | Tax Tip 2019-39 | With the April tax filing due date just a few days away, taxpayers should remember to both file and pay any taxes they owe by the deadine. Taxpayers who do not file and pay timely will see their tax debt grow. In fact, penalties and interest can cause a taxpayer’s debt to grow by more than thirty percent in just a few months.  See More

Here’s what people should know about taking early withdrawals from retirement plans

Thursday, April 11, 2019

Source from irs.gov | IRS Tax Tip 2019-36 | Taxpayers may need to take money out of their individual retirement account or retirement plan early. However, this can trigger an additional tax on top of other income tax they may owe. Here are a few key things for taxpayers to know:  See More

IRS reminds those with foreign assets of annual April 15 FBAR deadline

Monday, April 08, 2019

Source from irs.gov | IR-2019-63 | WASHINGTON — The Internal Revenue Service today reminded U.S. citizens and resident aliens, including those with dual citizenship, that if they have a foreign bank or financial account, April 15, 2019, is the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR). They should also check to see if they have a U.S. tax liability and a federal tax return filing requirement.  See More

Tax deadline approaches: IRS dispels five myths about tax refunds

Friday, April 05, 2019

Source from irs.gov | IR-2019-64 | WASHINGTON ― As the April tax-filing deadline approaches, the Internal Revenue Service understands that taxpayers are anxious to get details about their tax refunds. This has led to a number of common myths about refunds that often circulate on social media.

While there’s no secret way for taxpayers to find out when their refund will be issued, there are some key facts that can help people understand the refund process. Taxpayers should keep in mind the IRS issues nine out of 10 tax refunds in less than 21 days. And the easiest way to check on a refund is “Where’s My Refund?,” an online tool available on IRS.gov and through the IRS2Go app.  See More

Taxpayer Bill of Rights outlines rights for all taxpayers

Wednesday, March 27, 2019

Source from irs.gov | IRS Tax Tip 2019-31 | This is the first tip in a two-part summary of the rights granted to all taxpayers.

Every taxpayer has rights when dealing with the IRS. The Taxpayer Bill of Rights takes these rights from the tax code and groups them into 10 categories. To help taxpayers interacting with the IRS understand their rights, the agency outlines them in Publication 1, Your Rights as a Taxpayer.

Here are the first five rights along with more information about each one:  See More

N-2019-25: Relief from Addition to Tax for Underpayment of Estimated Income Tax by an Individual

Friday, March 22, 2019

Source from irs.gov | Notice 2019-25 notice modifies and supersedes the guidance in Notice 2019-11, which announced the waiver of the addition to tax for underpayment of estimated income tax for certain individuals for tax year 2018. This notice increases the availability of the waiver of the addition to tax by expanding the waiver to individuals whose total withholding and estimated tax payments equal or exceed eighty percent of the tax shown on the return for the 2018 taxable year. The notice updates procedures for requesting the waiver of the addition to tax. Additionally, the notice provides procedures for taxpayers who paid additions to tax for underpayment of estimated tax but who qualify for relief under this notice to request a refund of the addition to tax.  See More

Before visiting an IRS office, taxpayers should call to make an appointment

Wednesday, March 20, 2019

Source from irs.gov | Before visiting an IRS Taxpayer Assistance Center for in-person help with their tax issues, a taxpayer needs to call 844-545-5640 to schedule an appointment. All TACs provide service by appointment. The Contact Your Local Office tool on IRS.gov helps taxpayers find the closest IRS TAC, the days and hours of operation and a list of services provided.

Once they make an appointment , taxpayers will receive an automated email to the address they provide. The email will confirm the day and time of their appointment. Taxpayers should consider the self-service options on IRS.gov before calling for an appointment. Taxpayers can resolve many questions online without taxpayers having to travel to a Tax Assistance Center.

Taxpayers checking on a tax refund status can:  See More

Phony IRS calls increase during filing sea

Friday, March 15, 2019

Source from irs.gov | The tax filing season is a busy time for taxpayers, but scammers also stay busy. Taxpayers should be aware of several types of tax scams, but phone scams start to increase during the beginning of tax season and then remain active throughout the remainder of the year. Here’s how this scam generally work:  See More