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Taxpayers interacting with the IRS should know their rights

3/28/2019

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This is the final tip in a two-part summary of the rights granted to all taxpayers.

The Taxpayer Bill of Rights outlines the rights of taxpayers. The IRS groups theses rights into 10 categories. Taxpayers interacting with the IRS should review Publication 1, Your Rights as a Taxpayer, which explores these rights in depth.

Here are the final five rights along with more information about each one:

The Right to Finality
. Taxpayers have the right to know the maximum amount of time allowed to challenge an IRS position. They also have the right to know the maximum amount of time the IRS has to audit a particular tax year or collect a tax debt. Taxpayers have the right to know when the IRS concludes an audit.

The Right to Privacy
. Taxpayers have the right to expect that any IRS inquiry, examination or enforcement action will comply with the law and be no more intrusive than necessary. During these proceedings, the IRS will respect all due process rights, including search and seizure protections. When applicable, the IRS will provide a collection due process hearing.

The Right to Confidentiality
. Taxpayers have the right to expect that their tax information will remain confidential. The IRS will not disclose information unless authorized by the taxpayers or by law. Taxpayers should expect the IRS to take appropriate action against IRS employees, return preparers and others who wrongfully disclose return information.

The Right to Retain Representation
. Taxpayers have the right to retain an authorized representative of their choice for representation during dealings with the IRS. When a taxpayer cannot afford representation, they may seek assistance from a Low Income Taxpayer Clinic.

The Right to a Fair and Just Tax System
. Taxpayers have the right to expect fairness from the tax system. The IRS must consider all facts and circumstances that might affect any liabilities, the ability to pay or the ability to provide information timely. Taxpayers have the right to receive assistance from the Taxpayer Advocate Service. TAS can help taxpayers who are experiencing financial difficulty. They can also help when the IRS has not resolved tax issues properly and timely through normal channels.

The IRS will include Publication 1 when sending a notice on a range of issues, such as an audit or collection matter. Publication 1 is available in English and Spanish. All IRS facilities will publicly display the rights for taxpayers.

More Information:
  • What the Taxpayer Bill of Rights Means for You
  • IR-2014-72, IRS Adopts "Taxpayer Bill of Rights;" 10 Provisions to be Highlighted on IRS.gov, in Publication 1
  • IR-2014-80, IRS "Taxpayer Bill of Rights" Now Available in 6 Languages; 10 Key Rights Outlined in Updated Publication 1 

"Tax Tips" are published to provide current tax information, tax-cutting suggestions, and tax reminders. If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list to receive other tax information from time to time, please contact our office.
 
The tax information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.
 
We are trusted CPA advisors servicing Burr Ridge, Hinsdale, Willowbrook, Darien, Naperville, and all Chicagoland area. 

Do you need assistance with your business and/or personal tax returns? Would you like to have a trusted source for your accounting, allowing you additional time to focus on increasing your business? Do you use QuickBooks, or plan to in the future, for your accounting? We include these in all our service packages, customized to fit your personal or business needs.   
 
We are currently accepting new clients. Your initial consultation is free, so you have nothing to lose and everything to gain. Our experienced staff is available to help you streamline your accounting, giving you more free time for yourself. Set up an appointment today by calling (630) 320-3720 or email us at info@monarchaccountinggroup.com. 
 
For more free resources, such as Tax Rates, Tax Organizers, and Record Retention Schedules, access our website www.monarchaccountinggroup.com.

Monarch Accounting Group, Inc
145 Tower Drive, Suite 4
Burr Ridge, IL 60527
Phone (630) 320-3720
​
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Ways To Save With The New Kiddie Tax Rules

3/25/2019

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The kiddie tax isn't just child's play. Due to recent tax law changes, children with substantial income may end up paying more in taxes than before. Fortunately, you can take steps now to minimize the kiddie tax impact in future years.
 
How the kiddie tax works
 
Unearned income (e.g., investment income) above an annual threshold that is received by a dependent child under 19 years old (or a full-time student under 24 years old) is taxed differently than the child's other income. For 2018 returns, the kiddie tax threshold is $2,100.
 
For 2018 through 2025, the calculation is based on the tax rates in effect for trusts and estates. Notably, the tax brackets for estates and trusts are much more compressed than those used under prior law, when the excess income was taxed at the top tax rate of the child's parents.
 
Because you reach the higher rates faster with more compressed tax brackets, the new kiddie tax calculation may produce a higher tax than it did in the past. For example, the top 37 percent tax bracket on 2018 returns for trusts and estates kicks in when income exceeds just $12,500, while the top rate for joint filers begins at $600,000.
 
Here are some tips for reducing or eliminating the kiddie tax:
  • Keep your child's income below the 2019 threshold of $2,200.
  • Have your child make investments that provide tax-favored qualified dividends.
  • Allocate part of the child's portfolio to tax-free municipal bonds and muni bond funds.
  • Emphasize investments (e.g., growth stock) where the child's income is deferred until the age when the kiddie tax no longer applies.

Kiddie tax implications are complex. Call if you have questions about your situation.

"Tax Tips" are published to provide current tax information, tax-cutting suggestions, and tax reminders. If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list to receive other tax information from time to time, please contact our office.
 
The tax information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.
 
We are trusted CPA advisors servicing Burr Ridge, Hinsdale, Willowbrook, Darien, Naperville, and all Chicagoland area. 

Do you need assistance with your business and/or personal tax returns? Would you like to have a trusted source for your accounting, allowing you additional time to focus on increasing your business? Do you use QuickBooks, or plan to in the future, for your accounting? We include these in all our service packages, customized to fit your personal or business needs.   
 
We are currently accepting new clients. Your initial consultation is free, so you have nothing to lose and everything to gain. Our experienced staff is available to help you streamline your accounting, giving you more free time for yourself. Set up an appointment today by calling (630) 320-3720 or email us at info@monarchaccountinggroup.com. 
 
For more free resources, such as Tax Rates, Tax Organizers, and Record Retention Schedules, access our website www.monarchaccountinggroup.com.

Monarch Accounting Group, Inc
145 Tower Drive, Suite 4
Burr Ridge, IL 60527
Phone (630) 320-3720
​
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Divorced Before 2019? How New Alimony Rules Apply

3/18/2019

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Is alimony still deductible by payers and taxable to recipients? It depends. There is some confusion around recent tax law changes, but the prior rules generally remain in effect for divorce and separation agreements entered into before 2019.
 
Old alimony rules vs. new rules
 
Previously, someone paying alimony could deduct payments made under a legally-binding divorce or separation decree, and the recipient was required to report the corresponding amount as taxable income, if these main requirements were met:
  • The spouses don't file a joint return together
  • Payments are made in cash or cash-equivalents (e.g., checks or money orders)
  • Payments go to a spouse or ex-spouse under a divorce or separation instrument
  • The divorce or separation instrument doesn't designate the payments as not being alimony
  • The spouses aren't members of the same household when payments are made
  • There's no liability to make payments after the death of the recipient spouse

However, the new law repeals the deduction, and inclusion in taxable income, for alimony paid under an agreement executed after 2018. Accordingly, the prior rules continue to apply to pre-2019 agreements.
 
If you paid alimony in 2018, it's deductible on your 2018 return. Going forward, deductions can still be claimed for years in which payments are made under the agreement. Similarly, alimony recipients continue to owe tax on payments on 2018 returns and possibly beyond.
 
What happens if an existing agreement is modified in 2019 or later? The alimony generally remains deductible by the payer and taxable to the recipient. However, if the modifications expressly state that the new rules apply, future alimony is no longer deductible to the payer and taxable to the recipient.
 
This can be important information for bargaining in separation and divorce negotiations. Make sure that modifications to an agreement reflect the intent of the parties.

 
"Tax Tips" are published to provide current tax information, tax-cutting suggestions, and tax reminders. If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list to receive other tax information from time to time, please contact our office.
 
The tax information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.
 
We are trusted CPA advisors servicing Burr Ridge, Hinsdale, Willowbrook, Darien, Naperville, and all Chicagoland area. 

Do you need assistance with your business and/or personal tax returns? Would you like to have a trusted source for your accounting, allowing you additional time to focus on increasing your business? Do you use QuickBooks, or plan to in the future, for your accounting? We include these in all our service packages, customized to fit your personal or business needs.   
 
We are currently accepting new clients. Your initial consultation is free, so you have nothing to lose and everything to gain. Our experienced staff is available to help you streamline your accounting, giving you more free time for yourself. Set up an appointment today by calling (630) 320-3720 or email us at info@monarchaccountinggroup.com. 
 
For more free resources, such as Tax Rates, Tax Organizers, and Record Retention Schedules, access our website www.monarchaccountinggroup.com.

Monarch Accounting Group, Inc
145 Tower Drive, Suite 4
Burr Ridge, IL 60527
Phone (630) 320-3720
​
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Phony IRS calls increase during filing season

3/15/2019

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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 works:
  • Scammers impersonating the IRS call taxpayers telling them they owe taxes and face arrest if they don’t pay.
  • The scammer may leave a message asking taxpayers to call back to clear up a tax matter or face arrest.
  • When taxpayers call back, the scammers often use threatening and hostile language.
  • The thief demands that the taxpayers pay their tax debts with a gift card, other pre-paid cards or a wire transfer.

Taxpayers who receive these phone calls should:
  • Hang up the phone immediately.
  • Report the call to TIGTA using their IRS Impersonation Scam Reporting form or by calling 800-366-4484.
  • Report the number to phishing@irs.gov; put “IRS Phone Scam” in the subject line.

Taxpayers should remember that the IRS does not:
  • Call taxpayers demanding immediate payment using a specific payment method. Generally, the IRS first mails a bill to the taxpayer.
  • Threaten to have taxpayers arrested for not paying taxes.
  • Demand payment without giving taxpayers an opportunity to question or appeal the amount owed.

 
"Tax Tips" are published to provide current tax information, tax-cutting suggestions, and tax reminders. If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list to receive other tax information from time to time, please contact our office.
 
The tax information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.
 
We are trusted CPA advisors servicing Burr Ridge, Hinsdale, Willowbrook, Darien, Naperville, and all Chicagoland area. 

Do you need assistance with your business and/or personal tax returns? Would you like to have a trusted source for your accounting, allowing you additional time to focus on increasing your business? Do you use QuickBooks, or plan to in the future, for your accounting? We include these in all our service packages, customized to fit your personal or business needs.   
 
We are currently accepting new clients. Your initial consultation is free, so you have nothing to lose and everything to gain. Our experienced staff is available to help you streamline your accounting, giving you more free time for yourself. Set up an appointment today by calling (630) 320-3720 or email us at info@monarchaccountinggroup.com. 
 
For more free resources, such as Tax Rates, Tax Organizers, and Record Retention Schedules, access our website www.monarchaccountinggroup.com.

Monarch Accounting Group, Inc
145 Tower Drive, Suite 4
Burr Ridge, IL 60527
Phone (630) 320-3720
​
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Tax reform changes to fringe benefit deductions affect business’s bottom line

3/12/2019

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The Tax Cuts and Jobs Act includes tax law changes that affect businesses and the 2018 tax returns they file this year. One change is to fringe benefit deductions, which can affect both a business’s bottom line and its employees’ deductions.

Here is a rundown of these changes:
​
Transportation fringe benefits
The new law disallows deductions for expenses associated with qualified transportation fringe benefits or expenses incurred providing transportation for commuting, except as necessary for employee safety.
 
Bicycle commuting reimbursements
Under the new tax law, employers can deduct qualified bicycle commuting reimbursements as a business expense for 2018 through 2025. The new tax law suspends the exclusion of qualified bicycle commuting reimbursements from an employee’s income for 2018 through 2025. Employers must now include these reimbursements in the employee’s wages.
 
Moving expenses
Employers must now include moving expense reimbursements in employees’ wages. The new tax law suspends the former exclusion for qualified moving expense reimbursements. There is one exception for active duty members of the U.S. Armed Forces. They can still exclude moving expenses from their income. There is additional guidance on reimbursements for employees’ 2017 moves if an employer reimburses the expenses in 2018. Generally, reimbursements in this situation are not taxed.
 
Achievement awards
Special rules allow an employee to exclude achievement awards from wages if the awards are tangible personal property. An employer also may deduct awards that are tangible personal property, subject to certain deduction limits. The new law clarifies the definition of tangible personal property.

More information
Employer Update
 
 
"Tax Tips" are published to provide current tax information, tax-cutting suggestions, and tax reminders. If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list to receive other tax information from time to time, please contact our office.
 
The tax information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.
 
We are trusted CPA advisors servicing Burr Ridge, Hinsdale, Willowbrook, Darien, Naperville, and all Chicagoland area. 

Do you need assistance with your business and/or personal tax returns? Would you like to have a trusted source for your accounting, allowing you additional time to focus on increasing your business? Do you use QuickBooks, or plan to in the future, for your accounting? We include these in all our service packages, customized to fit your personal or business needs.   
 
We are currently accepting new clients. Your initial consultation is free, so you have nothing to lose and everything to gain. Our experienced staff is available to help you streamline your accounting, giving you more free time for yourself. Set up an appointment today by calling (630) 320-3720 or email us at info@monarchaccountinggroup.com. 
 
For more free resources, such as Tax Rates, Tax Organizers, and Record Retention Schedules, access our website www.monarchaccountinggroup.com.

Monarch Accounting Group, Inc
145 Tower Drive, Suite 4
Burr Ridge, IL 60527
Phone (630) 320-3720
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5 Itemized Deductions To Still Consider

3/11/2019

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Beginning in 2018 and lasting though 2025, new tax laws modified or eliminated itemized deductions, while increasing the standard deduction. Here are five valuable deductions still available (albeit altered) to keep in mind as you file your 2018 taxes and plan for your 2019 tax savings:

  • Medical expenses: The medical deduction threshold is reduced from 10 percent of adjusted gross income (AGI) to 7.5 percent, but only through 2018. Beginning in 2019, it reverts to 10 percent of AGI. Therefore, your 2018 return may be your last shot at a medical deduction.
 
  • SALT payments: Like before the big tax law changes, you can deduct state and local tax (SALT) payments for (a) property taxes and (b) income or sales taxes. For 2018 through 2025, however, the annual SALT deduction can't exceed $10,000.
 
  • Charitable donations: Generally, the deduction for charitable donations is preserved, while the annual limit on monetary contributions rises from 50 percent of AGI to 60 percent. But other new law changes make tax breaks for charitable gift-giving more tricky. Accordingly, you might bunch charitable donations in 2019 (combine 2-3 years worth of donations into one year) if it suits your needs.
 
  • Interest expenses: The threshold for deducting mortgage interest on acquisition debt has been lowered from $1 million to $750,000 for loans after Dec. 15, 2017. But prior debts are grandfathered. Also, you can no longer deduct mortgage interest on home equity debt unless it was used to buy, build or substantially improve your home that secures the loan. Finally, investment interest expenses are still deductible up to net investment income.
 
  • Casualty losses: The deduction for casualty and theft losses is suspended for 2018 through 2025, except for losses in a federally declared disaster area. Therefore, catastrophe victims may salvage a 2018 deduction, subject to the usual 10 percent-of-AGI floor. For disaster-area losses in 2019, you can elect to claim the loss on your 2018 return.
​
Notably, the new law also eliminates the deduction for miscellaneous expenses, in addition to the other changes. But on the positive side, itemized deductions are no longer reduced for high-income taxpayers.
 
"Tax Tips" are published to provide current tax information, tax-cutting suggestions, and tax reminders. If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list to receive other tax information from time to time, please contact our office.
 
The tax information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.
 
We are trusted CPA advisors servicing Burr Ridge, Hinsdale, Willowbrook, Darien, Naperville, and all Chicagoland area. 

Do you need assistance with your business and/or personal tax returns? Would you like to have a trusted source for your accounting, allowing you additional time to focus on increasing your business? Do you use QuickBooks, or plan to in the future, for your accounting? We include these in all our service packages, customized to fit your personal or business needs.   
 
We are currently accepting new clients. Your initial consultation is free, so you have nothing to lose and everything to gain. Our experienced staff is available to help you streamline your accounting, giving you more free time for yourself. Set up an appointment today by calling (630) 320-3720 or email us at info@monarchaccountinggroup.com. 
 
For more free resources, such as Tax Rates, Tax Organizers, and Record Retention Schedules, access our website www.monarchaccountinggroup.com.

Monarch Accounting Group, Inc
145 Tower Drive, Suite 4
Burr Ridge, IL 60527
Phone (630) 320-3720
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IRS: Choose tax preparers carefully - Tax return preparer fraud makes IRS’ 2019 ‘Dirty Dozen’ list of tax scams

3/7/2019

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IRS YouTube Videos:
Dirty Dozen – English | Spanish | ASL
Choose a Tax Preparer Wisely – English | Spanish | ASL



WASHINGTON — The Internal Revenue Service today included tax return preparer fraud on its "Dirty Dozen" list of common tax scams for 2019 and offered tips to help taxpayers avoid unscrupulous tax preparers.
With the Tax Cuts and Jobs Act, the most sweeping tax reform legislation in more than 30 years now in effect, some taxpayers may choose to have a paid professional prepare their tax returns this year even if they’ve done it themselves in years past.


The IRS reminds taxpayers to be careful when selecting a tax professional. Though most tax professionals provide honest, high-quality service, a minority of dishonest preparers operate each filing season perpetrating refund fraud, identity theft and other scams that hurt innocent taxpayers.

“Tax professionals provide an incredibly valuable service to taxpayers and our nation’s tax system,” said IRS Commissioner Chuck Rettig. “We encourage people to carefully choose who they trust with their most sensitive tax and financial information. There are some simple steps taxpayers can follow to make sure they’re getting good, professional help.“

Tax return preparers are a vital part of the U.S. tax system. During tax-year 2016, the most recent year for which complete figures are available, about 53.5 percent of taxpayers used a paid preparer. Selecting the right tax professional is vitally important. Taxpayers are ultimately responsible for the accuracy of their tax return, regardless of who prepares it.

The IRS protects taxpayers by assessing significant civil penalties against shady return preparers and working with the Justice Department to shutdown scams and prosecute the criminals behind them.

Choose return preparers wisely

It is important to choose carefully when hiring an individual or firm to prepare a tax return. Well-intentioned taxpayers can be misled by preparers who don’t understand taxes or who mislead people into taking credits or deductions they aren’t entitled to claim. Scam preparers often do this to increase their fee.

Here are a few tips to consider to help avoid fraudsters:
  • Look for a preparer who is available year-round. In the event questions come up about a tax return, taxpayers may need to contact the preparer after the filing season is over.

  • Ask if the preparer has an IRS Preparer Tax Identification Number (PTIN). Paid tax return preparers are required to register with the IRS, have a PTIN and include it on tax returns.

  • Inquire whether the tax return preparer has a professional credential (enrolled agent, certified public accountant or attorney), belongs to a professional organization or attends continuing education classes. Because tax law can be complex, competent tax preparers remain up-to-date on tax topics. The IRS website has more information regarding national tax professional organizations.

  • Check the preparer’s qualifications. Use the IRS Directory of Federal Tax Return Preparers with Credentials and Select Qualifications. This tool can help locate a preparer with the preferred qualifications. A searchable and sortable listing of tax preparers registered with the IRS, the directory includes the name, city, state and zip code of attorneys, CPAs, enrolled agents, Annual Filing Season Program participants, enrolled retirement plan agents and enrolled actuaries.

  • Check the preparer’s history. Check the Better Business Bureau website for information about the preparer. Look for disciplinary actions and the license status for credentialed preparers. For CPAs, check with the State Board of Accountancy. For attorneys, check with the State Bar Association. For Enrolled Agents, go to IRS.gov and search for “verify enrolled agent status” or check the Directory. 

  • Ask about service fees. Avoid preparers who base fees on a percentage of their client’s refund or boast bigger refunds than their competition. Don’t give tax documents, Social Security numbers or other information to a preparer if merely inquiring about their services and fees. Unfortunately, some unscrupulous preparers have used this information to improperly file returns without the taxpayer’s permission.

  • Make sure the preparer offers IRS e-file and ask to e-file the tax return. Paid preparers who do taxes for more than 10 clients generally must file electronically. Since electronic filing began in the 1980s, the IRS has processed more than 1.5 billion e-filed individual tax returns. It’s the safest and most accurate way to file.

  • Provide records and receipts. Good preparers ask to see these documents. They’ll also ask questions to determine the client’s total income, deductions, tax credits and other items. Do not hire a preparer who e-files a tax return using a pay stub instead of a Form W-2. This is against IRS e-file rules.

  • Understand representation rules. Attorneys, CPAs and enrolled agents can represent any client before the IRS in any situation. Annual Filing Season Program participants may represent taxpayers in limited situations if they prepared and signed the tax return. However, non-credentialed preparers who do not participate in this program may only represent clients on returns they prepared and signed before the end of 2015.

  • Never sign a blank or incomplete return.

  • Review the tax return before signing. Be sure to ask questions if something is not clear or appears inaccurate. Any refund should go directly to the taxpayer – not into the preparer’s bank account. Reviewing the routing and bank account number on the completed return is always a good idea.

  • Report abusive tax preparers to the IRS. Use Form 14157, Complaint: Tax Return Preparer. If a return preparer is suspected of filing or changing the return without the client’s consent, also file Form 14157-A, Return Preparer Fraud or Misconduct Affidavit. Forms are available on IRS.gov.

www.irs.gov/chooseataxpro has additional information to help taxpayers including tips on choosing a preparer, the differences in credentials and qualifications, as well as how to submit a complaint regarding an unscrupulous tax return preparer.
 
"Tax Tips" are published to provide current tax information, tax-cutting suggestions, and tax reminders. If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list to receive other tax information from time to time, please contact our office.
 
The tax information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.
 
We are trusted CPA advisors servicing Burr Ridge, Hinsdale, Willowbrook, Darien, Naperville, and all Chicagoland area. 

Do you need assistance with your business and/or personal tax returns? Would you like to have a trusted source for your accounting, allowing you additional time to focus on increasing your business? Do you use QuickBooks, or plan to in the future, for your accounting? We include these in all our service packages, customized to fit your personal or business needs.   
 
We are currently accepting new clients. Your initial consultation is free, so you have nothing to lose and everything to gain. Our experienced staff is available to help you streamline your accounting, giving you more free time for yourself. Set up an appointment today by calling (630) 320-3720 or email us at info@monarchaccountinggroup.com. 
 
For more free resources, such as Tax Rates, Tax Organizers, and Record Retention Schedules, access our website www.monarchaccountinggroup.com.

Monarch Accounting Group, Inc
145 Tower Drive, Suite 4
Burr Ridge, IL 60527
Phone (630) 320-3720
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Taxpayers can zip over to IRS.gov for answers to many tax questions

3/6/2019

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As taxpayers are filing their 2018 tax returns, they might have questions about their taxes. The IRS reminds taxpayers that they can quickly find most answers to these tax questions on IRS.gov. Here are some of the pages and resources on IRS.gov where people can go to find more information about tax topics.

IRS Services Guide
This guide provides an overview of the many IRS.gov tools available to taxpayers and tax professionals.

Interactive Tax Assistant
This tool provides answers to several tax law questions. It can help taxpayers determine if a type of income is taxable, if they are eligible to claim certain credits, and if they can deduct expenses on their tax return. It also provides answers for general questions, such as determining filing status and if they have to file a tax return.

Tax Topics and Frequently Asked Questions
The Tax Topics and FAQs both contain general information about a wide range of tax topics for individual and business taxpayers.

Tax Trails
This interactive tool helps people find answers to general tax questions.

IRS Tax Map
This tool helps people search and quickly find the information they need. It directs users to information including official guidance, forms, publications, frequently asked questions, and news relevant to several topics.

Publication 5307, Tax Reform: Basics for Individuals and Families
This publication provides information to help individual taxpayers understand how changes from the Tax Cuts and Jobs Act affect them.

Publication 5318, Tax Reform: What’s New for Your Business
This electronic publication covers many of the TCJA provisions that are important for small and medium-sized businesses, their owners, and tax professionals

Where’s My Refund?
Those who have already filed can use this tool to track their tax refund. Taxpayers get personalized information based on the processing of their tax return. The tool provides an actual refund date after the IRS has approved a refund.

IRS Withholding Calculator
Doing a Paycheck Checkup with the Withholding Calculator can help protect against having too little tax withheld and facing an unexpected tax bill and even a penalty. Some taxpayers might prefer to have less tax withheld up front and receive more in their paychecks.

Get Transcript
Taxpayers who need a transcript for tax preparation or for other purposes such as validating income can use Get Transcript. This tool to allows users to get a transcript online or by mail.
​
Account Information
Taxpayers can go to IRS.gov/account to securely access information about their federal tax account.
 
"Tax Tips" are published to provide current tax information, tax-cutting suggestions, and tax reminders. If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list to receive other tax information from time to time, please contact our office.
 
The tax information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.
 
We are trusted CPA advisors servicing Burr Ridge, Hinsdale, Willowbrook, Darien, Naperville, and all Chicagoland area. 

Do you need assistance with your business and/or personal tax returns? Would you like to have a trusted source for your accounting, allowing you additional time to focus on increasing your business? Do you use QuickBooks, or plan to in the future, for your accounting? We include these in all our service packages, customized to fit your personal or business needs.   
 
We are currently accepting new clients. Your initial consultation is free, so you have nothing to lose and everything to gain. Our experienced staff is available to help you streamline your accounting, giving you more free time for yourself. Set up an appointment today by calling (630) 320-3720 or email us at info@monarchaccountinggroup.com. 
 
For more free resources, such as Tax Rates, Tax Organizers, and Record Retention Schedules, access our website www.monarchaccountinggroup.com.

Monarch Accounting Group, Inc
145 Tower Drive, Suite 4
Burr Ridge, IL 60527
Phone (630) 320-3720
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Here’s how a name change affects a tax return

3/5/2019

0 Comments

 
When someone legally changes their name, there are tax consequences they need to know about, especially at tax time.

People change their names for several reasons:
  • Taking their spouse’s last name after a marriage
  • Hyphenating their last name with their spouse’s after getting married
  • Going back to their former name after a divorce
  • Giving an adopted child the last name of their new family

The IRS wants people experiencing a name change to remember these important things:

Reporting change to SSA. Taxpayers should notify the Social Security Administration of a name change ASAP. When a taxpayer files their taxes, the IRS checks SSA records to ensure names and social security numbers on the forms match.
​
Failing to report a name change. If a name on a taxpayer’s tax return doesn’t match SSA records, it can delay the IRS processing of that return. In that case, if the taxpayer is due a refund, it will take longer for them to get their money.
 
Name Change Due to Adoption. In the case of an adoption, if the child has a Social Security number, the taxpayer should be sure to inform the SSA of a name change. If the child does not have a Social Security number, the taxpayer may use an Adoption Taxpayer Identification Number on their tax return. An ATIN is a temporary number. Taxpayers can apply for an ATIN by filing Form W-7A, Application for Taxpayer Identification Number for Pending U.S. Adoptions. Taxpayers file this form with the IRS.
 
Getting a New SS Card. After a name change, a taxpayer should file Form SS-5, Application for a Social Security Card. The form is available on SSA.gov or by calling 800-772-1213. The taxpayer’s new Social Security card will reflect the name change.
 
"Tax Tips" are published to provide current tax information, tax-cutting suggestions, and tax reminders. If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list to receive other tax information from time to time, please contact our office.
 
The tax information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.
 
We are trusted CPA advisors servicing Burr Ridge, Hinsdale, Willowbrook, Darien, Naperville, and all Chicagoland area. 

Do you need assistance with your business and/or personal tax returns? Would you like to have a trusted source for your accounting, allowing you additional time to focus on increasing your business? Do you use QuickBooks, or plan to in the future, for your accounting? We include these in all our service packages, customized to fit your personal or business needs.   
 
We are currently accepting new clients. Your initial consultation is free, so you have nothing to lose and everything to gain. Our experienced staff is available to help you streamline your accounting, giving you more free time for yourself. Set up an appointment today by calling (630) 320-3720 or email us at info@monarchaccountinggroup.com. 
 
For more free resources, such as Tax Rates, Tax Organizers, and Record Retention Schedules, access our website www.monarchaccountinggroup.com.

Monarch Accounting Group, Inc
145 Tower Drive, Suite 4
Burr Ridge, IL 60527
Phone (630) 320-3720

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Phone: (630) 320-3720

Monarch Accounting Group Inc
145 Tower Drive, Suite 4
Burr Ridge, IL 60527-7836
Email: Info@MonarchAccountingGroup.com


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