Finance

TYPES OF SCAMS Receiving Threatening Phone CallsReceiving Unusual EmailsOffers to Collect Tax Payments in PersonRequest for a Specific Type of Payment (like a Gift Card) PROTECTING PRIVATE INFORMATION Physically Protect Your ComputerUse Strong Passwords and Change PeriodicallyUse a Secure

The map below illustrates, at a very high level, the stages of a taxpayer’s journey, from getting answers to tax law questions, all the way through audits, appeals, collection, and litigation. It shows the complexity of tax administration, with its connections and overlaps and repetitions between stages.

This publication explains your rights as a taxpayer and the processes for examination, appeal, collection, and refunds. Read the Taxpayer Bill of Rights

General Tax Planning Moves Higher income filers ($250,000 married filing joint; $125,000 single) may be subject to the additional 3.8% Net Investment Income Tax. This is based on the calculated amount of the Adjusted Gross Income. There is also the additional 0.9% Medicare tax on these high-income

WASHINGTON — The Internal Revenue Service today announced that employees in 401(k) plans will be able to contribute up to $19,500 next year. The IRS announced this and other changes in Notice 2019-59 (PDF), posted today on IRS.gov. This guidance provides cost‑of‑living adjustments affecting dollar

WASHINGTON — The Internal Revenue Service today announced the tax year 2020 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2019-44 (PDF) provides details about these annual adjustments. The tax law change

The Social Security Administration has announced the new amounts for 2020.  The gross Social Security benefits are increasing 1.6% for 2020.  Some of the other limits change by different percentages.  Here is the information for 2020 (followed by 2019 amounts): The amount of earnings