ASAP: Taxpayers should check withholding

NSTPInternal Revenue Service (IRS), Paycheck Checkup

ASAP: Taxpayers Should Check Withholding

ASAP: Taxpayers should check withholding All taxpayers should check their withholding – also known as doing a Paycheck Checkup – as soon as possible. They should do a checkup even if they did one last year. By checking their withholding, taxpayers can make sure enough is being taken out of their paychecks or other income to cover the tax owed. Here are some things taxpayers should know about withholding and why checking it is important: Taxpayers should check their withholding as early in the year as possible. If someone still has not done a Paycheck Checkup, there’s still time to get their withholding on track. They should do a checkup ASAP. Taxpayers should also check their withholding when life changes occur. These changes include things like: Marriage or divorce Birth or adoption of a child Purchase of a home Retirement Chapter 11 bankruptcy New job or loss of job Some taxable income is not subject to withholding. People with this income who also have income from a job may want to adjust the amount of tax their employer withholds from their paycheck. This includes income from things like: Interest Dividends Capital gains Self-employment and gig economy income IRA distributions, including … Read More

National Taxpayer Advocate, Nina Olson, Announces Her Retirement

NSTPInternal Revenue Service (IRS)

National Taxpayer Advocate, Nina Olson, Announces Her Retirement

On Friday, March 1, Nina Olson, National Taxpayer Advocate (NTA), posted her farewell message on the NTA’s blog. In it, she announces that she will retire on July 31, 2019, after eighteen years of service. During her tenure as the NTA, the IRS adopted the Taxpayer Bill of Rights, a concept she both advocated for, and played a major part in designing. Ms. Olson hopes to further develop the services surrounding the Taxpayer Bill of Rights prior to her retirement. Among her goals for the Taxpayer Bill of Rights are: the addition of mandatory employee training on identification and public disclosure of Program Manager Technical Advice (PMTA) memoranda; and developing rights-based notices of math errors, collections, and more. Ms. Olson’s voice as the champion for the individual taxpayer will be missed. The National Society of Tax Professionals (NSTP) appreciates her years of service with the IRS and wishes her every success in her future endeavors. Ms. Olson’s retirement blog entry can be read in its entirety here.