See What is Available with Your Personal my Social Security Account

NSTPInternal Revenue Service (IRS), Taxpayer

See What is Available with Your Personal my Social Security Account

my Social Security Account my Social Security is a secure portal that gives you immediate access to important information and tools that allow you to verify and manage your benefits. With your free, personal my Social Security account, you can receive personalized estimates of future benefits based on your real earnings, see your latest Statement, and review your earnings history. It even makes it easy to request a replacement Social Security Card or check the status of an application, from anywhere! If you are receiving benefits or have Medicare, you can also: Review Social Security and Medicare benefit details Get a Benefit Verification Letter Change your address and telephone number Start or change direct deposit of your benefit payment Review or print your Social Security Earnings Record and contact Social Security about errors Request a replacement Medicare card View and print your SSA-1099 Access to online services is being expanded all the time, so check back often to see new choices being offered.

IRS Now Seeking Volunteers for Taxpayer Advocacy Panel

NSTPInternal Revenue Service (IRS)

IRS Now Seeking Volunteers for Taxpayer Advocacy Panel

The Internal Revenue Service is seeking civic-minded volunteers to serve on the Taxpayer Advocacy Panel (TAP). The TAP is a federal advisory committee that listens to taxpayers, identifies major taxpayer concerns and makes recommendations for improving IRS service and customer satisfaction. Taxpayers interested in serving on the panel may apply through May 3, 2019. To the extent possible, the TAP includes members from all 50 states, the District of Columbia, Puerto Rico and one international member who represents U.S. taxpayers working, living or doing business abroad or in a U.S. territory. Each member is appointed to represent the interests of taxpayers in their geographic location as well as taxpayers overall. “In trying to comply with an increasingly complex tax system, taxpayers may find they need different services than the IRS is currently providing,” said Nina E. Olson, the National Taxpayer Advocate. “The TAP is vital because it provides the IRS with the taxpayers’ perspective as well as recommendations for improvement. This helps the IRS deliver the best possible service to assist taxpayers in meeting their tax obligations.” The TAP reports annually to the Secretary of the Treasury, the IRS Commissioner and the National Taxpayer Advocate. The Office of the Taxpayer … Read More

IRS Nationwide Tax Forums Coming to a City Near You

NSTPInternal Revenue Service (IRS)

2019 IRS Nationwide Tax Forums Coming to a City Near You

NSTP is pleased to once again be presenting during the IRS Tax Forums. Be sure to come hear the two timely topics we will be discussing, visit us in the National Tax Forum (NTF) Exhibit Hall and follow us on Twitter to discuss your questions, observations and concerns. Tax Cuts and Jobs Act: Things Learned During the 2019 Filing Season This course discusses the experiences realized after actually applying the provisions that were changed, created, repealed and temporarily suspended as a result of enacting TCJA. The course will review the winners, the losers, updated forms and challenges encountered. The course will discuss planning issues and federal tax policy issues dealing with individuals, corporations, partnerships and the underlying investors. Learning Objectives: At the completion of the course, participants will understand the impact of the changes made by the TCJA and the need to provide more tax planning opportunities for individuals, partnership and corporate clients. Presented by the National Society of Tax Professionals. Properly Substantiating the §199A Qualified Business Income This presentation provides tax professionals with information to educate their clients on the importance of understanding what is required for substantiating the §199A deduction. The course will discuss the proper substantiation for … Read More

The Basics of Estimated Taxes for Individuals

NSTP2019 Tax Season

The Basics of Estimated Taxes for Individuals

The U.S. tax system operates on a pay-as-you-go basis. This means that taxpayers need to pay most of their tax during the year, as the income is earned or received. Taxpayers must generally pay at least 90 percent (however, see 2018 Penalty Relief, below) of their taxes throughout the year through withholding, estimated or additional tax payments or a combination of the two. If they don’t, they may owe an estimated tax penalty when they file. The IRS has seen an increasing number of taxpayers subject to estimated tax penalties, which apply when someone underpays their taxes. The number of people who paid this penalty jumped from 7.2 million in 2010 to 10 million in 2017, an increase of nearly 40 percent. The penalty amount varies but can be several hundred dollars. The Tax Cuts and Jobs Act, enacted in December 2017, changed the way tax is calculated for most taxpayers, including those with substantial income not subject to withholding. As a result, many taxpayers may need to adjust the amount of tax they pay each quarter through the estimated tax system. Here are some simple tips to help taxpayers: Who May Need to Pay Estimated Taxes: Individuals, including sole … Read More

IRS Dispels Five Myths About Tax Refunds

NSTP2019 Tax Season

IRS Dispels Five Myths About Tax Refunds

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. People can use “Where’s My Refund?” to check on the status of their tax return within 24 hours after the IRS receives an e-filed return or four weeks after a mailed paper return. The “Where’s My Refund?” tool is updated no more than once every 24 hours, usually overnight, so there’s no need to check the status more often. Taxpayers should only call the IRS tax help hotline to talk to a representative if it has been: 21 days or more since their tax return was e-filed, Six … Read More

With New SALT Limit, IRS Explains Tax Treatment of State and Local Tax Refunds

NSTPTax Exempt and Government Entities Division

With New SALT Limit, IRS Explains Tax Treatment of State and Local Tax Refunds

The Internal Revenue Service has issued clarification of the tax treatment of state and local tax refunds arising from any year in which the new limit on the state and local tax (SALT) deduction is in effect. In Revenue Ruling 2019-11, available on IRS.gov,  the IRS provided four examples illustrating how the long-standing tax benefit rule interacts with the new SALT limit to determine the portion of any state or local tax refund that must be included on the taxpayer’s federal income tax return. Today’s announcement does not affect state tax refunds received in 2018 for tax returns currently being filed. The Tax Cuts and Jobs Act (TCJA), enacted in December 2017, limited the itemized deduction for state and local taxes to $5,000 for a married person filing a separate return and $10,000 for all other tax filers. The limit applies to tax years 2018 to 2025. As in the past, state and local tax refunds are not subject to tax if a taxpayer chose the standard deduction for the year in which the tax was paid. But if a taxpayer itemized deductions for that year on Schedule A, Itemized Deductions, part or all of the refund may be subject to … Read More