Category Archives: USA

USA IRS : Notice 2017-74: Section 5000A Guidance for Individuals with No Available Marketplace Bronze-Level Plan

By | December 11, 2017

Issue Number:    N-2017-74 Inside This Issue Notice 2017-74  provides that Individuals who are not eligible for coverage under an eligible employer-sponsored plan and who lack access to affordable coverage should not be denied the use of the affordability exemption under § 5000A(e)(1) of the Code and § 1.5000A-3(e) of the Regulations merely because they reside in… Read More »

USA IRS : Get to Know the Taxpayer Bill of Rights – Part 2

By | December 11, 2017

Issue Number:    IRS Tax Tip 2017-89 Get to Know the Taxpayer Bill of Rights – Part 2 This is the final tip in a two-part summary of the rights granted to all taxpayers. Every taxpayer has rights. The Taxpayer Bill of Rights takes these rights from the tax code and groups them into 10 categories. Taxpayers interacting with… Read More »

IRS USR IRS Tax Tip : 5 Signs of Small Business Identity Theft, New Protection Methods

By | December 5, 2017

Five Signs of Small Business Identity Theft, New Protection Methods Small business identity theft is a big business. Just like individuals, businesses can be victims too. Thieves use a business’s information to file fake tax returns or get credit cards. Identity thieves are more sophisticated than they used to be. They know the tax code… Read More »

USA IRS : Audit Technique Guides for Exempt Organizations

By | October 19, 2017

 1.  Audit Technique Guides for Exempt Organizations Examiners use these guides during audits of specific types of exempt organizations.     2.  The Enduring Relevance of Rev. Proc. 71-17 on IRC Section 501(c)(7) Organizations Read the IRS issue snapshot on the effect of a 501(c)(7) club’s non-member income on its unrelated business taxable income and exemption. Related IRS News

USA IRS Tax Tips for Business Owners Who Need to Reconstruct Records After a Disaster

By | October 19, 2017

Tips for Business Owners Who Need to Reconstruct Records After a Disaster After a disaster, many business owners might need to reconstruct records to prove a loss. This may be essential for tax purposes, getting federal assistance, or insurance reimbursement. Here are four tips for businesses that need to reconstruct their records: To create a… Read More »

USA IRS : RR-2017-21: Applicable Federal Rates

By | October 19, 2017

Revenue Ruling 2017-21 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, 412,… Read More »

USA IRS : Online Seminars from the 2017 IRS Nationwide Tax Forums Now Available

By | October 19, 2017

Online Seminars from the 2017 IRS Nationwide Tax Forums Now Available WASHINGTON — The Internal Revenue Service today reminded tax professionals that they can earn continuing education credits online through seminars filmed at the 2017 IRS Nationwide Tax Forums. The 17 self-study seminars are now available on the IRS Nationwide Tax Forums Online (NTFO). Self-study seminars provide… Read More »

USA IRS : Identity Theft Battle ; Prepare for 2018 Tax Season

By | October 19, 2017

Security Summit Partners Mark Progress in Identity Theft Battle; Prepare for 2018 Tax Season WASHINGTON – The IRS, state tax agencies and private-sector industry leaders today detailed their continued progress against tax-related identity theft and prepared additional safeguards for the 2018 filing season to curb refund fraud. The latest IRS data continued to show significant… Read More »

USA IRS Tax Tip 2017-61: With 2017 Extension Deadline Passed, All Eyes on 2018

By | October 19, 2017

With 2017 Extension Deadline Passed, All Eyes on 2018 Now that the tax return extension filing deadline has passed, the IRS suggests that taxpayers look ahead and get ready for next year. Taxpayers still have time to take these three actions that may affect the 2017 tax return they will file in 2018. Charitable contributions. Taxpayers… Read More »

USA IRS : Fake Insurance Tax Form Scam Aims at Stealing Data from Tax Pros, Clients 

By | October 13, 2017

Fake Insurance Tax Form Scam Aims at Stealing Data from Tax Pros, Clients  WASHINGTON – The Internal Revenue Service today alerted tax professionals and their clients to a fake insurance tax form scam that is being used to access annuity and life insurance accounts. Cybercriminals currently are combining several tactics to create a complex scheme… Read More »

Category: USA

USA IRS : Statistics of Income Data Releases

By | October 11, 2017

Statistics of Income Data Releases  1.  Individual Income Tax Percentile Tabulations, Tax Year 2015 Tabulations presenting Tax Year 2015 individual income tax percentile statistics are now available on SOI’s Tax Stats Web page. The tabulations present individual income tax return statistics on the number of returns, adjusted gross income, selected income items, credits, total income tax,… Read More »

USA IRS – Funding methods for retirement plans : RP-2017-56 & RP-2017-57

By | October 11, 2017

Funding methods for retirement plans Revenue Procedure 2017-56 updates Rev. Proc. 2000-40 to take into account the provisions of § 430 of the Internal Revenue Code, which was enacted as part of the Pension Protection Act of 2006.  This revenue procedure provides automatic approval for certain changes in funding method used for single-employer defined benefit plans… Read More »

USA IRS : e-Services Scam Alert

By | October 11, 2017

e-Services Scam Alert e-Services Users, The IRS today warned all e-Services users to beware a new phishing scam that tries to trick tax professionals into “signing” a new e-Services user agreement. The phishing scam seeks to steal passwords and data. All tax professionals should be aware that as e-Services begins its move later this month… Read More »

USA IRS : Foreign Currency Guidance under Section 987 : Notice 2017-57

By | October 6, 2017

Notice 2017-57, Foreign Currency Guidance under Section 987 Issue Number:    Notice 2017-57 Inside This Issue Foreign Currency Guidance under Section 987 Notice 2017-57 1. PURPOSE      This Notice announces that the Department of the Treasury (Treasury Department) and the Internal Revenue Service (IRS) intend to amend the regulations under section 987 to defer the applicability date of the final… Read More »

USA IRS : Mortality Tables: N-2017-60 & RP-2017-55

By | October 6, 2017

Notice 2017-60 sets forth:  (1) the mortality table to be used to determine minimum lump sums for distributions during stability periods beginning in the 2018 calendar year, and (2) updated mortality tables for 2018 determined under prior regulations.  The updated mortality tables determined under prior regulations apply to certain plans with end-of-year valuation dates, and certain… Read More »

USA IRS : Extension Filers Should Review Tax Credits Before Filing

By | October 6, 2017

Extension Filers Should Review Tax Credits Before Filing Taxpayers who requested an extension of time to file their federal tax returns have until Oct.16 to double-check their returns for tax benefits that people often overlook. These taxpayers still have time to see if they can benefit from these four credits. Earned Income Tax Credit The Earned Income… Read More »

USA IRS : AIR ISS-A2A WSDL for Filing Season 2018/Tax Year 2017 AATS is now available

By | October 6, 2017

AIR ISS-A2A WSDL for Filing Season 2018/Tax Year 2017 AATS is now available If you would like to request the AIR AATS WSDL for Filing Season 2018/Tax Year 2017, the Responsible Official or an official identified as a Contact on the ACA Application for TCC must send an email to the AIR Mailbox with “AATS WSDL for… Read More »

USA IRS : Check Eligibility for Overlooked Tax Benefits

By | October 6, 2017

Tax Filing Extension Expires Oct. 16 for Millions of Taxpayers; Check Eligibility for Overlooked Tax Benefits WASHINGTON – The Internal Revenue Service today urged taxpayers who have a filing extension through Oct. 16 to check their returns for often-overlooked tax benefits. When they are ready to file, the IRS recommends they file their return electronically using IRS e-file or… Read More »

USA IRS : Extension Filers: Deadline is Monday, Oct. 16 , Prior-Year Adjusted Gross Income Amount May Be Needed to File Electronically

By | October 6, 2017

Extension Filers: Deadline is Monday, Oct. 16; Prior-Year Adjusted Gross Income Amount May Be Needed to File Electronically YouTube Video How to Use Get Transcript Online: English WASHINGTON – The Internal Revenue Service has an important reminder for taxpayers who filed for an extension and face an Oct. 16 filing deadline: The adjusted gross income (AGI) amount from their… Read More »

USA IRS : ​2016 Statistics of Income Program Documentation: Data Items by Forms and Schedules

By | October 5, 2017

2016 Statistics of Income Program Documentation: Data Items by Forms and Schedules This document is now available on SOI’s Tax Stats Web page and contains the Federal tax forms, schedules, and information documents selected for SOI’s Tax Year 2016 studies. It is organized in the following two parts: Individual and Tax Exempt studies include data related… Read More »

USA IRS Tax Tips for Individuals Who Need to Reconstruct Records After a Disaster

By | October 5, 2017

Tips for Individuals Who Need to Reconstruct Records After a Disaster Taxpayers who are victims of a disaster might need to reconstruct records to prove their loss. Doing this may be essential for tax purposes, getting federal assistance, or insurance reimbursement. Here are 12 things taxpayers can do to help reconstruct their records after a… Read More »

USA IRS Provides Tax Relief to Residents of Puerto Rico & Virgin Islands

By | October 5, 2017

IRS Provides Tax Relief to Residents of Puerto Rico and the Virgin Islands WASHINGTON — The Internal Revenue Service today issued guidance to provide relief to residents of Puerto Rico and the U.S. Virgin Islands who evacuated or couldn’t return because of Hurricane Irma or Hurricane Maria.  The relief extends the usual 14-day absence period… Read More »

USA IRS – 7 Reminders for Taxpayers Filing Their 2016 Tax Returns by Oct. 16

By | October 1, 2017

Seven Reminders for Taxpayers Filing Their 2016 Tax Returns by Oct. 16 Every year, millions of taxpayers ask for an extra six months to file their taxes. These taxpayers should have paid the tax they owed by the April deadline, but those who requested an extension should mark Monday, Oct. 16 as the extension deadline for 2017.… Read More »

USA IRS : How Students & Parents can Explore Education Resources on IRS.gov

By | September 28, 2017

IRS Reminds Parents, Students to Explore Education Resources on IRS.gov WASHINGTON – The Internal Revenue Service today reminded parents and students that there are many tax benefits available to them, and the easiest way to learn more about them is through the education resources available on IRS.gov. Besides tax credits such as the American Opportunity Tax Credit and the Lifetime Learning… Read More »

USA IRS Tax Help Available for Those Who Still Need to File for 2016

By | September 28, 2017

Tax Help Available for Those Who Still Need to File for 2016 WASHINGTON — The Internal Revenue Service wants taxpayers, especially those who received tax-filing extensions, to know they can still get the tax help they need to meet the Oct. 16 extension deadline. Taxpayers can still file their returns electronically. The IRS strongly urges all taxpayers to choose the… Read More »

USA IRS gave time to drought-Stricken Farmers & Ranchers to Replace Livestock

By | September 28, 2017

Drought-Stricken Farmers and Ranchers Have More Time to Replace Livestock Under IRS Relief WASHINGTON -Farmers and ranchers who previously were forced to sell livestock due to drought in an applicable region now have an additional year to replace the livestock and defer tax on any gains from the forced sales, according to the Internal Revenue Service. An applicable… Read More »

USA IRS N-2017-55 : Tax Relief for property temporarily stored in U.S.

By | September 28, 2017

N-2017-55 : Tax Relief for property temporarily stored in U.S. following Hurricane Irma or Hurricane Maria Notice 2017-55 excludes from the definition of United States property for purposes of section 956 certain property temporarily stored in the United States following Hurricane Irma or Hurricane Maria.   Notice 2017-55 will be in IRB 2017-42, dated October 16, 2017.

USA IRS e-News for Payroll Professionals

By | September 28, 2017

e-News for Payroll Professionals  1.  New on IRS.gov Pub. 1220, Specifications for Electronic Filing of Forms 1097, 1098, 1099, 3921, 3922, 5498, and W-2G Inst. SS-4, Instructions for Form SS-4, Application for Employer Identification Number Form SS-4, Application for Employer Identification Number Form 9783, EFTPS Individual Enrollment Form Form 9779, EFTPS Business Enrollment Form     2.  Help for Victims of Hurricanes… Read More »

USA IRS Guidance for Allowance of Credit for Increasing Research Activities

By | September 28, 2017

IRS Issues Guidance for Allowance of Credit for Increasing Research Activities WASHINGTON–The Internal Revenue Service has issued guidance to Large Business & International (LB&I) Division examiners regarding the examination of the credit for increasing research activities under IRC Section 41 (“Research Credit”) claimed by LB&I taxpayers. Independently determining the correct amount of Research Credit claimed by LB&I taxpayers… Read More »

USA IRS e-News for Tax Professionals Issue 2017-38

By | September 28, 2017

1.  Tax Relief for Hurricane Harvey and Irma Victims As the hurricane season continues, IRS is working to provide relief to tax professionals and their clients. Extensions of time to file and other forms of tax relief are available to victims of hurricanes Harvey and Irma. Checkwww.irs.gov/hurricaneharvey and www.irs.gov/hurricaneirma for the latest updates. Back to top 2.  IRS Urges Foreign… Read More »

USA IRS N-2017-46 : Guidance for Taxpayer Identification Numbers & Dates of Birth by Financial Institutions

By | September 28, 2017

N-2017-46: Revised Guidance Related to Obtaining and Reporting Taxpayer Identification Numbers and Dates of Birth by Financial Institutions Notice 2017-46 provides guidance for financial institutions required to collect taxpayer identification numbers (TINs) and dates of birth under temporary regulations under Chapter 3 or a Model 1 Intergovernmental Agreement (IGA) as follows: (1) With respect to foreign… Read More »

USA IRS N-17-54 : 2017-2018 Special Per Diem Rates

By | September 28, 2017

Notice 2017-54 announces the special per diem rates effective October 1, 2017, which taxpayers may use to substantiate the amount of expenses for lodging, meals, and incidental expenses when traveling away from home.  This notice provides the special transportation industry rate, the rate for the incidental expenses only deduction, and the rates and list of high-cost localities… Read More »

USA IRS Waiver of Diesel Fuel Penalty

By | September 28, 2017

Update: IRS Extends Waiver of Diesel Fuel Penalty Following Continuing Shortage of Undyed Diesel Due to Hurricane Irma WASHINGTON – The Internal Revenue Service (IRS), in response to continued shortages of undyed diesel fuel caused by Hurricane Irma, will extend its waiver of penalties for dyed diesel fuel, first announced in IR-2017-149, when such fuel is sold for… Read More »

USA IRS Offers Help to Hurricane Victims : Key Tax Relief Provisions

By | September 28, 2017

IRS Offers Help to Hurricane Victims: A Recap of Key Tax Relief Provisions Available Following Harvey, Irma and Maria WASHINGTON – The Internal Revenue Service today offered a rundown of key tax relief that has been made available to victims of Hurricanes Harvey, Irma and Maria. In general, the IRS is now providing relief to individuals and businesses… Read More »

USA IRS reminder : Check Out College Tax Benefits

By | September 28, 2017

Reminder for Parents, Students: Check Out College Tax Benefits WASHINGTON ― With back-to-school season in full swing, the InternalRevenue Service reminds parents and students about tax benefits that can help with the expense of higher education. Two college tax credits apply to students enrolled in an eligible college, university or vocational school. Eligible students include the taxpayer,… Read More »

USA IRS Reminds Partnerships that Received Extensions for filing Tax Return

By | September 9, 2017

IRS Reminds Partnerships that Received Extensions: Returns Due Sept. 15 Tax Relief Available for those Affected by Hurricane Harvey; IRS Monitoring Hurricane Irma, Upcoming Deadline WASHINGTON — The Internal Revenue Service continues to monitor Hurricane Irma, but reminds calendar-year partnerships that the due date for filing a return after receiving an extension remains Sept. 15 following a… Read More »

Category: USA

USA IRS : Become a Community Tax Volunteer

By | September 9, 2017

Make a Difference, Become a Community Tax Volunteer The IRS is looking for community volunteers to provide free tax preparation and help to their neighbors and other area residents in 2018. The IRS sponsors the Volunteer Income Tax Assistance (VITA) and the Tax Counseling for the Elderly (TCE) programs. These two programs offer free tax help… Read More »

Category: USA

USA IRS Gives Tax Relief to Victims of Hurricane Harvey

By | August 29, 2017

IRS Gives Tax Relief to Victims of Hurricane Harvey; Parts of Texas Now Eligible; Extension Filers Have Until Jan. 31 to File WASHINGTON –– Hurricane Harvey victims in parts of Texas have until Jan. 31, 2018, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today. This… Read More »

Category: USA

USA IRS – Divorce or Separation May Affect Taxes

By | August 24, 2017

Divorce or Separation May Affect Taxes Taxpayers who are divorcing or recently divorced need to consider the impact divorce or separation may have on their taxes. Alimony payments paid under a divorce or separation instrument are deductible by the payer, and the recipient must include it in income. Name or address changes and individual retirement… Read More »