Category Archives: USA

USA IRS Announces Taxpayer Advocacy Panel Members Selected for 2017;Recruits Members for 2018

IRS Announces Taxpayer Advocacy Panel Members Selected for 2017; Recruits Members for 2018 WASHINGTON — The Internal Revenue Service announced today the selection of 24 new members to serve on the nationwide Taxpayer Advocacy Panel. The TAP is a federal advisory committee charged with providing taxpayer suggestions to improve IRS customer service. The new TAP… Read More »

USA-IRS -Claim for refund under FICA

Revenue Procedure 2017-28 provides guidance to employers on the requirements for employee consent used by an employer to support a claim for refund  of overpaid taxes under the Federal Insurance Contributions Act (FICA) and the Railroad Retirement Tax Act (RRTA).  It clarifies the basic requirements for both a request for employee consent and for the… Read More »

USA-IRS- Tax professionals need to revalidate their identity

Additional Staff Available Starting Tomorrow to Revalidate Your Identity; Don’t Delay If you received a Letter 5903, e-Services Revalidation, you must revalidate your identity. For a limited time, the e-Services Help Desk will have additional staff available to only assist tax professionals who need to revalidate their identity to have their e-Services registration account reinstated..… Read More »

Category: USA

USA IRS News for Tax Professionals Issue 2017-11

News for Tax Professionals Issue 2017-11 1.  Beware of Last-Minute Email Scams The Internal Revenue Service, state tax agencies and the tax software industry are warning tax professionals and taxpayers of last-minutephishing email scams, especially those requesting last-minute deposit changes for refunds or account updates. Although the IRS, states and industry have enacted many safeguards against… Read More »

Category: USA

USA _IRS – Qualified mortgage bond – Revenue Procedure 2017-27

Revenue Procedure 2017-27 provides issuers of qualified mortgage bonds, as defined in section 143(a) of the Internal Revenue Code, and issuers of mortgage credit certificates, as defined in section 25(c), with (1) nationwide average purchase prices for residences located in the United States, and (2) average area purchase price safe harbors for residences located in… Read More »

USA- IRS Warn of Last-Minute Phishing Email Scams

IRS, States and Tax Industry Warn of Last-Minute Email Scams   WASHINGTON – The Internal Revenue Service, state tax agencies and the tax industry today warned both tax professionals and taxpayers of last-minute phishing email scams, especially those requesting last-minute deposit changes for refunds or account updates. As the 2017 tax filing season winds down… Read More »

USA IRS Reminds Taxpayers of April 1 Deadline , Retirement Plan Distributions

IRS Reminds Taxpayers of April 1 Deadline to Take Required Retirement Plan Distributions WASHINGTON — The Internal Revenue Service today reminded taxpayers who turned age 70½ during 2016 that, in most cases, they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Saturday, April 1, 2017. The… Read More »

USA -RR-2017-08: Applicable Federal Rates

Revenue Ruling 2017-08 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-Tax Benefits for Higher Education

Check Out Tax Benefits for Higher Education  Higher education costs paid in 2016 can mean tax savings when taxpayers file their tax returns. If taxpayers, their spouses or their dependents took post-high school coursework last year, they may be eligible for a tax credit or deduction. Here are some facts from the IRS about tax… Read More »

USA- IRS- Winter Storm Extension: Businesses have Extra Time to Request 6-Month Extension

Winter Storm Extension: Many Businesses Have Extra Time to Request A Six-Month Extension WASHINGTON — The Internal Revenue Service today granted many businesses affected by this week’s severe winter storm additional time to request a six-month extension to file their 2016 federal income tax returns.  The IRS is providing this relief to victims and tax… Read More »

USA -IRS -Low Income Taxpayer Clinic List

Program Report and 2017 Publication 4134, Low Income Taxpayer Clinic List LITC Program Report The Internal Revenue Service’s Low Income Taxpayer Clinic (LITC) Program Office has issued its annual program report, which details how LITCs have provided representation, education, and advocacy for taxpayers who are low income or speak English as a second language (ESL).… Read More »

USA -IRS Interest Rates Remain Same for Second Quarter of 2017

Interest Rates Remain the Same for the Second Quarter of 2017 WASHINGTON ― The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning April 1, 2017.  The rates will be: four (4) percent for overpayments [three (3) percent in the case of a corporation]; 1 and one-half… Read More »

USA -IRS 5 Tax Tips on Unemployment Benefits

Five Tax Tips on Unemployment Benefits Taxpayers who received unemployment benefits need to remember that it may be taxable. Here are five key facts about unemployment: Unemployment is Taxable. Include all unemployment compensation as income for the year. Taxpayers should receive a Form 1099-G, Certain Government Payments, by Jan. 31. This form shows the amount… Read More »

USA -IRS – 9 Common Filing Errors to Avoid

Nine Common Filing Errors to Avoid The IRS encourages taxpayers to file an accurate tax return. If a taxpayer makes an error on their return, it will likely take longer for the IRS to process it. This could delay a refund. Avoid many common errors by filing electronically. IRS e-file is the most accurate way… Read More »

USA- IRS -Debt Cancellation May be Taxable

Debt Cancellation May be Taxable If a lender cancels part or all of a debt, a taxpayer must generally consider this as income. However, the law allows an exclusion that may apply to homeowners who had their mortgage debt canceled in 2016. Here are 10 tips about debt cancellation: Main Home. If the canceled debt… Read More »

U.S. Master Tax Guide (2017) 100th Edition – CCH Tax Law Editors

U.S. Master Tax Guide (2017) 100th Edition by CCH Tax Law Editors The U.S. Master Tax Guide provides helpful and practical guidance on today’s federal tax law. This 100th Edition reflects all pertinent federal taxation changes that affect 2016 returns and provides fast and reliable answers to tax questions affecting individuals and business income tax. The… Read More »

USA- IRS -Free Help Preparing Tax Returns Available Nationwide

Free Help Preparing Tax Returns Available Nationwide IRS YouTube Videos: Free Help Preparing Your Tax Return: English | Spanish | ASL                                                          WASHINGTON –– The Internal Revenue Service reminded taxpayers today that they may be eligible to receive free tax help at nearly 12,000 preparation sites nationwide. The sites, generally located at community and neighborhood centers,… Read More »

USA- IRS Criminal Investigation Releases Fiscal Year 2016 Annual Report

IRS Criminal Investigation Releases Fiscal Year 2016 Annual Report IR-2017-47, Feb. 27, 2017 WASHINGTON — The Internal Revenue Service today announced the release of its IRS Criminal Investigation (CI) annual report, reflecting the significant accomplishments and criminal enforcement actions taken in fiscal year 2016. IRS CI initiated 3,395 cases in FY 2016 that focused on… Read More »

Category: USA

USA- IRS Can Help Taxpayers Get Form W-2

IRS Can Help Taxpayers Get Form W-2 Most taxpayers got their W-2 Forms by the end of January. Form W-2, Wage and Tax Statement, shows the income and taxes withheld from an employee’s pay for the year. Taxpayers need it to file an accurate tax return. If a taxpayer hasn’t received their form by mid-February,… Read More »

J.K. Lasser’s Your Income Tax Professional Edition 2017 – Book for USA Income Tax

J.K. Lasser’s Your Income Tax Professional Edition 2017 by J.K. Lasser Institute Hardcover: 1032 pages Publisher: Wiley; 1 edition (December 19, 2016) J.K. Lasser’s Your Income Tax: Professional Edition 2017 offers individual taxpayers and tax professionals the latest, most up to date tax information. Completely annotated, this authoritative text guides you toward the case law, IRS code… Read More »

USA – IRS- Name Change? How It Impacts Taxes

Name Change? How It Impacts Taxes   A name change can have an impact on taxes. All the names on a taxpayer’s tax return must match Social Security Administration records. A name mismatch can delay a tax refund. Here’s what taxpayers should know if they changed their name: Reporting Name Changes. Got married and now using… Read More »

USA- Resources for 403(b) retirement plans

Remedial amendment period for 403(b) plans ends March 31, 2020  (Rev. Proc. 2017-18) Universal availability: Issue Snapshot explains and gives cites, resources and audit tips Watch these webinars: Understanding the Universal Availability Rules in a 403(b) Retirement Plan Clarifying the Universal Availability and Other 403(b) Retirement Plan Requirements

USA- IRS Makes Approved Form 1023-EZ Data Available Online

IR-2017-41, Feb. 22, 2017 WASHINGTON — The Internal Revenue Service announced today that publicly available information from approved applications for tax exemption using Form 1023-EZ, Streamlined Application for Recognition of Exemption, is now available electronically for the first time. The data on IRS.gov is available in spreadsheet format and includes information for approved applications beginning… Read More »

USA- IRA/Retirement Plan 60-Day Rollover Waivers

IRA/Retirement Plan 60-Day Rollover Waivers Find out how you can get a waiver if you missed the 60-day deadline through no fault of your own to roll over an IRA or retirement plan. For more information, go to https://www.irs.gov/rollovers

Category: USA

USA -Retirement Plan and IRA Rollovers

Retirement Plan and IRA Rollovers Find out how you can roll over funds in an IRA or retirement plan into another account. For more information, go to https://www.irs.gov/rollovers

Category: USA

USA- Applicable Federal Interest Rates for March 2017 -Revenue Ruling 2017-07

Revenue Ruling 2017-07 provides various prescribed rates for federal income tax purposes for March 2017, 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. Revenue Ruling 2017-07 will be in IRB 2017-10,… Read More »

Category: USA

U.S. Master Tax Guide 2017

U.S. Master Tax Guide 2017 CCH’s U.S. Master Tax Guide – Hardbound Edition provides helpful and practical guidance on today’s federal tax law. This 100th Edition reflects all pertinent federal taxation changes that affect 2016 returns and provides fast and reliable answers to tax questions affecting individuals and business income tax. 1008 pages Publisher: Cch… Read More »

USA- Six Tax Tips for the Self-Employed

Six Tax Tips for the Self-Employed Self-employed taxpayers normally earn income by carrying on a trade or business. Here are six important tips from the IRS for the self-employed: Self-Employed Taxpayers. Sole proprietors and independent contractors are two types of self-employment. Taxes can be complex for the self-employed. Check out the IRS Self Employed Individuals… Read More »

Category: USA

USA- IRS Guide to Free Tax Preparation

IRS Guide to Free Tax Preparation Each year, programs Voluntary Aid Taxpayers (VITA) and Tax Counseling for the Elderly (TCE) help people. Through these programs sponsored by the IRS, millions of individuals of low to moderate income and their families get free help preparing your taxes. The IRS is working with local community groups to… Read More »

Category: USA

USA- IRS-How Exemptions & Dependents Can Reduce Taxable Income

How Exemptions and Dependents Can Reduce Taxable Income Most taxpayers can claim an exemption for themselves and reduce their taxable income on their tax return. They may also be able to claim an exemption for each of their dependents. Each exemption normally allows them to deduct $4,050 on their 2016 tax return. Here are seven… Read More »

Category: USA