Category Archives: International Taxation

USA IRS e-News for Tax Professionals Issue 2017-24

1.  New Phone Scam Involves Bogus Certified Letters Beware of a new scam linked to the Electronic Federal Tax Payment System (EFTPS), in which fraudsters call to demand an immediate tax payment through a prepaid debit card. This scam is being reported across the country. 2.  Orlando IRS Tax Forum Registration Deadline Is June 27 Tax professionals… Read More »

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USA IRS RR-2017-14 – Applicable federal rates

Revenue Ruling 2017-14 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, the adjusted federal long-term tax-exempt rate. These rates are determined as prescribed by § 1274. The rates are published monthly for purposes of sections 42, 382,… Read More »

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USA IRS Continues to Expand Taxpayer Services -Taxpayers Online Account

IRS Continues to Expand Taxpayer Services; Adds New Features to Taxpayers Online Account WASHINGTON — The Internal Revenue Service announced today the addition of several new features to the online account tool first introduced late last year as part of the IRS’s commitment to improve and expand taxpayer services. The online account allows individual taxpayers… Read More »

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USA IRS – Taxpayers Abroad Must File by June 15

Taxpayers Abroad Must File by June 15; Extensions Available; New Filing Deadline Now Applies to Foreign Account Reports IR-2017-105, June 12, 2017 WASHINGTON — The Internal Revenue Service today reminded taxpayers living and working abroad that they must file their 2016 federal income tax return by Thursday, June 15. The special June 15 deadline is… Read More »

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USA IRS FATCA News & Information

  1.  FATCA FFI Registration System updated for FFIs to renew their agreement with the IRS The FATCA FFI Registration system has been updated to include the ability for FFIs to renew their agreement with the IRS. From the home page link of “Renew FFI Agreement,” the FI will determine whether it must renew its FFI… Read More »

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USA IRS Approves First Group of Certified Professional Employer Organizations

IRS Approves First Group of Certified Professional Employer Organizations;  More Expected in Coming Months WASHINGTON — The Internal Revenue Service today issued notices of certification to 84 organizations that applied for voluntary certification as a Certified Professional Employer Organization (CPEO). After the IRS receives the required surety bond from an approved CPEO applicant, the IRS… Read More »

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USA IRS Face-To-Face Help Is Now By Appointment

IRS Face-To-Face Help Is Now By Appointment Taxpayers who need in-person help from an IRS Taxpayer Assistance Center (TAC) need to call to schedule an appointment. All TACs provide service by appointment. They are an essential service the IRS provides when a tax issue cannot be resolved online or by phone. Consider the self-service options… Read More »

USA IRS For Letter Rulings and Similar Requests: Electronic Payment of User Fees Starts June 15; Replaces Paying by Check

For Letter Rulings and Similar Requests: Electronic Payment of User Fees Starts June 15; Replaces Paying by Check WASHINGTON — Beginning June 15, taxpayers requesting letter rulings, closing agreements and certain other rulings from the Internal Revenue Service will need to make user fee payments electronically using the federal government’s Pay.gov system. Pay.gov allows people… Read More »

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USA IRS Spring 2017 Statistics of Income Bulletin Now Available

Spring 2017 Statistics of Income Bulletin Now Available WASHINGTON — The Internal Revenue Service today announced that the Spring 2017 Statistics of Income Bulletin is now available on IRS.gov. The Statistics of Income (SOI) Division produces the online Bulletin quarterly, providing the most recent data available from various tax and information returns filed by U.S.… Read More »

USA IRS RR-2017-12: Applicable Federal Rates

Revenue Ruling 2017-12 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, the adjusted federal long-term tax-exempt rate. These rates are determined as prescribed by § 1274. The rates are published monthly for purposes of sections 42, 382,… Read More »

USA IRS -Tips for Taxpayers Who Owe Taxes

 Tips for Taxpayers Who Owe Taxes   IRS Special Edition Tax Tip 2017-09 The IRS offers a variety of payment options where taxpayers can pay immediately or arrange to pay in installments. Those who receive a bill from the IRS should not ignore it. A delay may cost more in the end. As more time passes,… Read More »

USA IRS – e-News for Tax Professionals Issue 2017-19

Inside This Issue Nationwide Tax Forums: Bring Your Toughest Case Many Tax-Exempt Organizations Must File by May 15 YouTube: Preparing for Natural Disasters Technical Guidance   1.  Nationwide Tax Forums: Bring Your Toughest Case The Nationwide Tax Forums offer tax professionals with unresolved client cases the opportunity to meet face to face with IRS representatives in… Read More »

Category: USA

USA IRS N-2017-31: May interest rate notice

Notice 2017-31 provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates used under § 417(e)(3), and the 24-month average segment rates under § 430(h)(2) of the Internal Revenue Code.  In addition, this notice provides guidance as to the interest rate on 30-year Treasury securities under § 417(e)(3)(A)(ii)(II) as in effect… Read More »

USA IRS Offers Tips for Disaster Preparedness

IRS Offers Tips for Disaster Preparedness Hurricane Preparedness Week is May 7-13. The IRS wants to remind taxpayers to prepare for hurricanes and other natural disasters now. By taking a few steps before disaster strikes, taxpayers can reduce their stress when it comes time to file claims or rebuild after the catastrophic event. Here are… Read More »

USA IRS RP-2017-38: Rulings and Determination Letters

Revenue Procedure 2017-38 modifies Rev. Proc. 2017-3, 2017-1 I.R.B. 130, which sets forth areas of the Internal Revenue Code (Code) on which the Internal Revenue Service (Service) will not issue letter rulings or determination letters (no-rule areas). It will appear in IRB 2017-22 dated May 30, 2017.

USA IRS Many Tax-Exempt Organizations Must File by May 15; Do Not Include Social Security Numbers or Personal Data

Many Tax-Exempt Organizations Must File by May 15; Do Not Include Social Security Numbers or Personal Data IRS YouTube Videos: Do Not Include SSNs on Form 990  English | Spanish | ASL WASHINGTON — The Internal Revenue Service today reminded tax-exempt organizations that many have a filing deadline for Form 990-series information returns in mid-May.… Read More »

USA IRS – FATCA News & Information

1.  FATCA Registration System Update including Renewal of FFI Agreement An updated FFI agreement for agreements effective on or after January 1, 2017, was released on December 30, 2016.  All financial institutions (FIs) that had in effect an FFI agreement that expired on December 31, 2016, and that wish to retain their GIIN are required to… Read More »

USA IRS IR-2017-95: Registration Open for 2017 IRS Nationwide Tax Forums

Registration Now Open for the 2017 IRS Nationwide Tax Forums WASHINGTON — Tax professionals can earn up to 18 Continuing Professional Education credits this summer at the IRS Nationwide Tax Forums. Nearly 40 seminars and workshops are available to enrolled agents, certified public accountants, certified financial planners, Annual Filing Season Program (AFSP) participants and other… Read More »

USA IRS RP-2017-36: Table to calculate premium tax credit

Revenue Procedure 2017-36 procedure provides indexing adjustments for certain provisions under sections 36B and 5000A of the Internal Revenue Code.  In particular, it updates the Applicable Percentage Table in § 36B(b)(3)(A)(i) to provide the Applicable Percentage Table for 2018.  This table is used to calculate an individual’s premium tax credit.  This revenue procedure also updates… Read More »

Category: USA

USA IRS RP-2017-37: HSA inflation adjusted items

Revenue Procedure 2017-37 provides the 2018 inflation adjusted amounts for Health Savings Accounts (HSAs) as determined under section 223 of the Internal Revenue Code. Revenue Procedure 2017-37 will be in IRB 2017-21, dated 05/22/2017.

USA IRS N-2017-30: Emergency relief for fuel removals

Notice 2017-30 provides 180-day emergency relief for fuel removals from Milwaukee terminals due to the shutdown of the West Shore Pipeline.  Once the 180-day emergency relief expires, the notice provides a temporary mechanism for refunds of the § 4081(a)(1) tax imposed upon removals of undyed diesel fuel from a Milwaukee terminal when such fuel is transported… Read More »

USA IRS RR-2017-09: Distribution of Stock and Securities of Controlled Corporation

Revenue Ruling 2017-09 provides guidance regarding the federal tax treatment of certain transactions referred to as ‘north-south’ transactions. The guidance describes two north-south transactions:  one involving steps that are respected as separate and another involving steps that are integrated. Revenue Ruling 2017-09 will be in IRB 2017-21, dated May  22, 2017.

USA IRS Startups Can Choose New Option for Claiming Research Credit

Small Business Week Reminder: Startups Can Choose New Option for Claiming Research Credit WASHINGTON –Eligible small business startups can now choose to apply part or all of their research credit against their payroll tax liability, instead of their income tax liability, according to the Internal Revenue Service. During National Small Business Week—April 30 to May… Read More »

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USA IRS – Hobby or Business? IRS Offers Tips to Decide

Hobby or Business? IRS Offers Tips to Decide Millions of people enjoy hobbies that are also a source of income. From catering to cupcake baking, crafting homemade jewelry to glass blowing — no matter what a person’s passion, the Internal Revenue Service offers some tips on hobbies. Taxpayers must report on their tax return the… Read More »

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USA IRS Work Opportunity Tax Credit can Help Employers Hiring New Workers; Key Certification Requirement Applies

Small Business Week Reminder: Work Opportunity Tax Credit can Help Employers Hiring New Workers; Key Certification Requirement Applies WASHINGTON –The Internal Revenue Service today reminded employers planning to hire new workers that there’s a valuable tax credit available to those who hire long-term unemployment recipients and others certified by their state workforce agency. During National… Read More »

Controlled Foreign Corporations, Tax Year 2012

Controlled Foreign Corporations, Tax Year 2012—Two new tables presenting data from Form 5471, Controlled Foreign Corporations, and Form 8858, Information Return of U.S. Persons With Respect to Foreign Disregarded Entities, are now available on SOI’s Tax Stats Webpage. The tables present data from the estimated population of returns filed for Tax Year 2012. One table… Read More »

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USA IRS Employee or Independent Contractor? Know the Rules

Employee or Independent Contractor? Know the Rules The IRS encourages all businesses and business owners to know the rules when it comes to classifying a worker as an employee or an independent contractor. An employer must withhold income taxes and pay Social Security, Medicare taxes and unemployment tax on wages paid to an employee. Employers… Read More »

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USA IRS Small Business Week Tax Tip 2017-01: IRS Promotes Specialized Online Services during Small Business Week

IRS Promotes Specialized Online Services during Small Business Week National Small Business Week for 2017 is April 30 through May 6. During this time, the Internal Revenue Service will promote many online products to help small business owners and those who are self-employed understand their tax responsibilities. Here are just a few among dozens of… Read More »

USA IRS Seeks Nominations for Internal Revenue Service Advisory Council

IRS Seeks Nominations for the Internal Revenue Service Advisory Council WASHINGTON — The Internal Revenue Service today announced it is accepting nominations for the Internal Revenue Service Advisory Council (IRSAC). Applications will be accepted April 27 – June 16, 2017. The IRSAC provides an organized public forum for IRS officials and representatives of the public… Read More »