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.

Read more

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.

Read more

There are several different types of tax deductible car and truck expenses that individuals and business taxpayers are eligible to deduct on their return. The record-keeping requirements are the same no matter what type of tax deductible car and truck expenses you claim.

Deductible Vehicle Expenses

There are two methods of claiming car and truck expenses. You can either claim standard mileage or actual expense. The IRS standard mileage rate differs year-to-year. 

Read more

Hurricane Harvey and Irma & IRS Casualty Loss Deduction

Casualty Loss Deduction – an Overview

Harvey Disaster Areas

In Texas : Aransas, Austin, Bastrop, Bee, Bexar, Brazoria, Burleson, Caldwell, Calhoun, Chambers, Colorado, Comal, Dallas, De Witt, Fayette, Fort Bend, Galveston, Goliad, Gonzales, Grimes, Guadalupe, Hardin, Harris, Jackson, Jasper, Jefferson, Jim Wells, Karnes, Kleberg, Lavaca, Lee, Liberty, Madison, Matagorda, Milam, Montgomery, Newton, Nueces, Orange, Polk, Refugio, Sabine, San Augustine, San Jacinto, San Patricio, Tarrant, Travis, Tyler, Victoria, Walker, Waller, Washington, and Wharton Counties.

In Louisiana : The parishes of Acadia, Allen, Assumption, Beauregard, Calcasieu, Cameron, DeSoto, Iberia, Jefferson Davis, Lafayette, Lafourche, Natchitoches, Plaquemines, Rapides, Red River, Sabine, St. Charles, St. Mary, Vermilion and Vernon.

Read more