The IRS urges taxpayers who make payments or receive payments to check out Publication 1281, Backup Withholding for Missing and Incorrect Name/TIN(s). The newly revised publication helps taxpayers understand how tax reform affects backup withholding. Backup withholding can apply to most kinds of payments reported on Form 1099. Last year’s Tax Cuts and Jobs Act dropped the backup withholding tax rate from 28 percent to 24 percent. This affects taxpayers […]

WASHINGTON — The Internal Revenue Service today urged taxpayers who requested the six-month filing extension to double check their tax returns and file on or before the mid-October deadline. IRS e-file and Free File are excellent filing options and are still available. More than 14 million taxpayers filed for an extension in 2018 and, although Oct. 15 is the last day for most people to file, some may have more […]