Can your tax clients claim dependents who reside in Mexico?

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Original article written by LatinoTaxPro.org

The Tax Cuts & Jobs Act has created massive changes across the Internal Revenue Code. One of the most impactful of these changes is the reduction of the personal exemption to $0. In previous years, the personal exemption reduced taxable income which in turn reduced the amount of tax owed. As more personal exemptions are made, less taxable income is generated, and thus less tax is paid. An exemption was allowed for any qualifying dependent, including those who lived in Mexico. Now that the exemption amount is $0 however, can you still claim dependents in Mexico?

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IRS kicks off 2019 tax-filing season as tax agency reopens; Use IRS.gov to avoid phone delays

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WASHINGTON ― The Internal Revenue Service successfully opened the 2019 tax-filing season today as the agency started accepting and processing federal tax returns for tax year 2018. Despite the major tax law changes made by the Tax Cuts and Jobs Act, the IRS was able to open this year’s tax-filing season one day earlier than the 2018 tax-filing season.

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IRS confirms tax filing season to begin January 28

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WASHINGTON ― Despite the government shutdown, the Internal Revenue Service today confirmed that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled.
 
“We are committed to ensuring that taxpayers receive their refunds notwithstanding the government shutdown. I appreciate the hard work of the employees and their commitment to the taxpayers during this period,” said IRS Commissioner Chuck Rettig.
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Taxpayers can now instantly get tax info on Instagram

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Taxpayers can now get tax tips and helpful news from the IRS on Instagram. The agency just debuted it’s official Instagram account, IRSNews, which users can access at www.instagram.com/irsnews or on their smartphone using the Instagram app.

Last year’s tax reform law brought many tax law changes that will affect virtually every taxpayer. The IRS Instagram account will share taxpayer-friendly information to help people better understand these changes.

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Here’s how tax preparers can protect themselves and their clients

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Cybercriminals are stepping up their attacks on tax professionals. Because of this, the IRS urges tax preparers to take steps to protect client data and their computer networks from these threats.

Thieves search for client data so they can create a fraudulent tax return that looks legit and might bypass IRS filters. They also impersonate tax professionals, using stolen Electronic Filing Identification Numbers, Preparer Tax Identification Numbers, and Centralized Authorization File numbers.

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Tips for tax preparers on how to create a data security plan

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IRS Tax Tip 2018-151, September 27, 2018

The IRS reminds tax preparers that protecting taxpayer information isn’t just good for their clients and good for business – it’s also the law. The Federal Trade Commission’s Safeguards Rule requires that tax preparers create and enact security plans.

Although the IRS and its partners in the Security Summit are making progress against tax-related identity theft, cybercriminals continue to evolve. In fact, data thefts at tax professionals’ offices are on the rise. Thieves use stolen data from tax preparers to create fraudulent returns that are harder to detect.

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Strong passwords help protect accounts against cybercriminals

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The IRS urges everyone with any type of online account to review new, stronger standards to protect their passwords. Doing so will help protect against savvy cybercriminals who wants to access people’s accounts and steal their identities.

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IRS.gov has many resources for tax preparers

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IRS.gov has many resources for tax preparers

As 2018 comes to a close, tax professionals around the country are getting ready for the 2019 tax filing season. Many of them will have questions, and many of these questions can be answered on IRS.gov. Here is a rundown of the tools and resources available on IRS.gov that will help tax preparers be prepared for 2019:

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Tool on IRS.gov helps taxpayers research charities before making donations

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Tool on IRS.gov helps taxpayers research charities before making donations

When people are done giving thanks at the dinner table, many start another kind of giving. The annual Giving Tuesday happens the week after Thanksgiving to kick off the season of charitable giving. This year, Giving Tuesday falls on Tuesday, November 27.

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Tax pros should remember to renew their PTIN

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Tax pros should remember to renew their PTIN

Federal tax return preparers must renew their preparer tax identification numbers for 2019 as all current PTINs will expire Dec. 31, 2018. Here are several facts about PTINs and the PTIN renewal process:

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