On May 16, 2019, IRS reported that they have found an error in the 2018 version of the Schedule D Tax Worksheet that they released to the tax software community in January of this year. As such, capital gains of some taxpayers were not taxed at the correct tax rate. IRS is stating that they […]
The 2019 tax filing season has officially begun and individual taxpayers will soon be seeing that the good ole 1040 “ain’t what it used to be”! Pages 1 and 2 are not full pages and at first pass, may look simpler. But don’t stop there! Most of what previously appeared on pages 1 and 2 […]
Michigan recently issued the following press release regarding their ongoing security measures related to 2018 individual income tax returns: “In order to stop tax-related identity theft, some individual income tax returns may be selected for identity confirmation. If a return has been selected for identity confirmation, the taxpayer will receive a letter from Treasury asking […]
Ever wonder where your tax return fits it with rest of your fellow tax filers? IRS has just released preliminary data for the 2014 1040 returns filed. A couple of quick observations…..”middle class” returns represent aprx 39% of all returns filed and aprx 37% of total tax paid in; whereas those with AGI (adjusted gross […]