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IRS Issues Notice on State and Local Tax Deductions
The U.S. Department of the Treasury and the Internal Revenue Service issued a notice today stating that proposed regulations will be issued addressing the deductibility of state and local tax payments for federal income tax purposes. Notice 2018-54 also informs taxpayers that federal law controls the characterization of the payments for federal income tax purposes…
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Spring is Finally in Full Swing!
Summer will be here before we know it! And with June comes the Second Quarter Estimated Tax Filing for individuals with self-employment income. Updates from Cook and Company Nonprofit tax-exempt organizations using the calendar year as their tax year must file information returns by May 15. New IRS online tool offers expanded access to information…
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Arab Alabama says Goodbye to Local Bank
When I came to Arab in 1986, I opened a bank account at Security Bank & Trust two doors down from the office on Main Street. You see, Al LaGrone, the founder at my firm, was also one of the original founders of the bank. I had a good relationship with all of the bank…
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Crooks Direct Taxpayers to IRS.gov to Verify Calls
The Internal Revenue Service has warned of a new twist on an old phone scam as criminals use telephone numbers that mimic IRS Taxpayer Assistance Centers (TACs) to trick taxpayers into paying non-existent tax bills. I urge taxpayers to remain alert to tax scams year-round, especially immediately after the tax filing season ends. Even after…
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Didn’t file by April 18?
There is no penalty for filing a late return after the tax deadline if a refund is due. Penalties and interest only accrue on unfiled returns if taxes are not paid by April 18. The IRS provided taxpayers an additional day to file and pay their taxes following system issues that surfaced early on the…
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IRS Processing Systems Back Online
We got everyone’s returns or extensions filed today without delay or interruption. The IRS system outage did NOT impact any of our clients. At 8:08 pm the IRS sent an email to me stating the following: IRS Provides Additional Day to File and Pay for Taxpayers Through Wednesday, April 18 …. The Internal Revenue Service…
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After Tax-Season Hours
Our office will close at 5:00 pm Central time today. We will reopen Monday April 23rd at 9:00 am. After Tax-Season Hours: 9-5 Mon-Thu We will be closed on Fridays and Saturdays for the balance of the year.
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The Week Ahead
On this day of rest, I reflect on last week, our tenth and final full week of the 2017-18 tax filing season. And I look ahead to the coming week and the Tuesday deadline. We will close the office at 5:00 pm on Tuesday and reopen Monday April 23rd, when we will be on after…
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Tax Filing Deadline Extended to April 17th
This year, Tax Day falls on Tuesday, April 17, a full two days later than normal. April 15 falls on a Sunday in 2018, which would normally push Tax Day to Monday, April 16. That date, though, happens to be when Washington, D.C., is observing Emancipation Day. That holiday honors the 1862 passage of the…
