WASHINGTON –The Internal Revenue Service today released an updated Withholding Calculator on IRS.gov and a new version of Form W-4 to help taxpayers check their 2018 tax withholding following passage of the Tax Cuts and Jobs Act in December. The IRS urges taxpayers to use these tools to make sure they have the right amount […]
Do you Owe Back Taxes? Don’t Let the IRS Deny or Revoke your Passport
If you owe the IRS more than $50,000 in back taxes, your passport could be revoked or denied. Last month, the IRS announced that the State Department shall deny new passport applications and/or may revoke current passports for those individuals that have seriously delinquent tax debt. According to the IRS, your tax debt is considered […]
IR-2018-32: Interest on Home Equity Loans Often Still Deductible Under New Law
The Internal Revenue Service today advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans. Responding to many questions received from taxpayers and tax professionals, the IRS said that despite newly-enacted restrictions on home mortgages, taxpayers can often still deduct interest on a home equity loan, home equity […]
State Tax Day – Current,S.7,Georgia—Corporate, Personal Income Taxes: Governor’s IRC Conformity Bill Introduced
Georgia’s governor introduced legislation that would update the income tax federal Internal Revenue Code (IRC) conformity date to January 1, 2018, with certain exceptions. The current IRC conformity date is January 1, 2017. The governor states the legislation mirrors recently adopted federal tax legislation by adopting a 10 year time frame. Further, taxpayers could use […]
Users Beware – Keep a skeptical “AUDITOR” mind at all times
We at LARGE & GILBERT take our clients’ trust and confidential information seriously! If you receive a phone call after emailing a request for us to send information to someone, understand that we are verifying the request to ensure your computer/email has not been compromised. Below is helpful information we recommend to help safeguard your […]
New Overtime Rule: Increased Salary Threshold for White Collar Exemption
Under the Fair Labor Standards Act’s “Final Rule” (or “Overtime Rule”), the salary threshold required for the executive, administrative and professional (“white collar”) exemption from overtime pay to apply more than doubles from the current threshold of $23,660 per year to the new threshold of $47,476 per year. Generally, employees whose salaries are under the […]
