Information You Need to Know

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Tax News & Industry Updates

Check out this tax industry update for the latest on changes that may affect your taxes in 2020

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New Tax Law (TCJA)

Tax Law changes under the Tax Cuts & Jobs Act (TCJA) that may affect you.

Uber & Lyft Drivers

Information on reporting income and deductible expenses for Uber & Lyft drivers.  Find out more information on tax responsibilities at IRS Gig Economy Tax Center.

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Gambling Loss Deduction

Gambling losses can be deductible up to gambling winnings for most taxpayers on Schedule A.  You must keep good records as proof of both.  Read more in the attached.

Tax Scams

Beware of scammers!  Here's some information on what to do if you have been contacted by a scammer posing as an IRS employee.  Don't be a victim!

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Identity Theft

If you are the victim of tax-related identity theft, the IRS may issue you an Identity Protection PIN (IP PIN) to file your taxes.  See the attached for details. 


Update: Starting for 2020 filing season, taxpayers in some states can opt-in to this program, even if you have not been a victim of tax-related identity theft, as an extra layer of protection.  Illinois is one of those states.  Get an IP PIN at IRS.gov/IPPN.  More information in the new IRS publication -Publication 5367, Identity Protection PIN Opt-In Program for Taxpayers 

Recordkeeping for Tax Purposes

If you are audited, the IRS can disallow deductions claimed with no support.  Here is some information on types of records you should maintain for your taxes each year and how long you should keep them.

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