Category Archives: International Taxation

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 »

Category: USA

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 »

Category: USA

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 »

Category: USA

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 »

Category: USA

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 »

USA IRS RP-2017-33: Additional first year depreciation

Revenue Procedure 2017-33 provides guidance under the Protecting Americans for Tax Hikes Act of 2015 (PATH Act) regarding amendment to (i) expensing section 179 property, (ii) the additional first year depreciation deduction under section 168(k), and (iii) the qualified Indian reservation property depreciation provision under section 168(j). Revenue Procedure 2017-33 will be in IRB 2017-19,… Read More »

USA IRS Seeks Applications for Information Reporting Program Advisory Committee

IRS Seeks Applications for Information Reporting Program Advisory Committee WASHINGTON – The Internal Revenue Service is requesting membership nominations for the Information Reporting Program Advisory Committee (IRPAC), a federal advisory committee that provides recommendations to the IRS on various tax administration issues. Members are appointed to three-year terms, but terms are staggered so that approximately… Read More »

USA IRS- Announcement of Disciplinary Sanctions from Office of Professional Responsibility

Announcement of Disciplinary Sanctions from the Office of Professional Responsibility Announcement of Disciplinary Sanctions from the Office of Professional Responsibility The Office of Professional Responsibility (OPR) publishes all disciplinary actions in the Internal Revenue Bulletin (IRB). Published sanctions include censure, suspension or disbarment from practice before the Internal Revenue Service. The below listed individuals have recently been… Read More »

USA IRS -RR-2017-11: Applicable Federal Rates

Revenue Ruling 2017-11 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 Reminds Taxpayers of April 18 Tax-Filing Deadline

IRS Reminds Taxpayers of April 18 Tax-Filing Deadline WASHINGTON — The Internal Revenue Service has received 103.6 million 2016 individual income tax returns as of April 7 and expects millions more to be filed by the April 18 deadline. Special filing deadline rules apply to members of the military serving in combat zones, those living… Read More »

USA IRS – Some Taxpayers Get Extensions without Asking

Some Taxpayers Get Extensions without Asking; Taxpayers Abroad, in Combat Zones and Disaster Areas Qualify IRS YouTube Videos: Need More Time to File Your Tax Return? English | Spanish | ASL IR-2017-83, April 14, 2017 WASHINGTON — Even though April 18 is the tax-filing deadline for most people, some taxpayers in special situations qualify for… Read More »

USA IRS Notice 2017-27- April Rates

Notice 2017-27 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 »