Tax Tips

Student Loan Debt Consolidation

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As of March 2019, U.S. student loan debt amounted to $1.6 trillion in federal and private student loan debt.

On July 11, 2019 the President of the American Federation of Teachers, AFL-CIO filed a lawsuit against the U.S. Department of Education (ED) for gross mismanagement of the Public Service Loan Forgiveness (PSLF) and Temporary Expanded Public Service Loan Forgiveness (EPSLF) programs.

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Oklahoma 2019 Storm Victims Get Tax Relief

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President Trump declared a major disaster in Muskogee, Tulsa and Wagoner counties.

Residents who live or have a business in these counties may qualify for the following tax relief:

  • Certain deadlines falling between May 7 and September 16 are granted additional time to file through September 16th. This would include quarterly estimated tax payments that are due on June 17, and employment and excise returns due on July 31.
  • Taxpayers will qualify for penalty abatement on payroll and excise tax deposits due between May 7 and May 22.
  • If an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date that falls within the postponement period, the taxpayer should call the telephone number on the notice to have the IRS abate the penalty.
  • The IRS automatically identifies taxpayers located in the covered disaster area and applies automatic filing and payment relief. But affected taxpayers who reside or have a business located outside the covered disaster area must call the IRS disaster hotline at 866-562-5227 to request this tax relief.

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IRS is Developing a New W-4 for Tax Withholding

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The Treasury Department and the IRS are working to incorporate changes into the Form W-4, Employee’s Withholding Allowance Certificate, for 2020. The current 2019 version of the Form W-4  is similar to last year’s 2018 version.

The IRS is working closely with the payroll and the tax community as it makes additional changes to the Form W-4 for use in 2020.

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