In February 2018, the IRS modified the federal income tax withholding tables as a result of the reduced 2018 Federal income tax rates incorporated by the 2017 Tax Cuts and Jobs Act (TCJA). This modification may produce one of the following for you: (1) you are under-withheld, which will result in unexpected tax liabilities upon the filing of your 2018 returns, and perhaps the imposition of penalties for under-withholding; OR (2) you may be over-withheld, which means you are paying… Read more ›
Planning on calling the IRS this year for answers to some of your tax questions? If so, be prepared to be patient. In 2013, the IRS was only able to answer 61% of the calls that came through; those callers who actually got through experienced lengthy wait times. Due to budget cuts every year since fiscal year 2010, the IRS has fewer resources and less money to spend on training.