Category Archives: USA

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

IRS Protect Your Client; Protect Yourself Tax

 IRS Protect Your Client; Protect Yourself Tax Tip Number 5 Safeguarding Taxpayer Data – Secure Your Office Tax professionals can help protect taxpayer data by looking around their own offices. It’s more important than ever that tax professionals take aggressive steps to protect taxpayer information. Securing office space is as important as securing computers. In… Read More »

USA- Retirement Plans Can Make Loans, Hardship Distributions to Hurricane Matthew victims

Retirement Plans Can Make Loans, Hardship Distributions to Victims of Hurricane Matthew WASHINGTON —The Internal Revenue Service today announced that 401(k)s and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Matthew and members of their families. This is similar to relief provided this summer to Louisiana flood victims. Participants… Read More »

USA- 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 disciplined by OPR and are published in IRB Number 2016-38, dated September 19, 2016, on pages… Read More »

Category: USA

USA- Applicable Federal Rates for Nov 2016 -§ 1274.

 Applicable Federal Rates Revenue Ruling 2016-26 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… Read More »

USA- Tax Relief to Victims of Hurricane Matthew -Four States Eligible

IRS Gives Expanded Tax Relief to Victims of Hurricane Matthew; Parts of Four States Eligible; Extension Filers Have Until March 15 to File IR-2016-135, Oct. 17, 2016 WASHINGTON –– Hurricane Matthew victims in much of North Carolina and parts of South Carolina, Georgia and Florida have until March 15, 2017, to file certain individual and… Read More »

US- Position on Unilateral APA Applications Involving Maquiladoras

IRS Announces Position on Unilateral APA Applications Involving Maquiladoras WASHINGTON –– The Internal Revenue Service today announced that U.S. taxpayers with maquiladora operations in Mexico will not be exposed to double taxation if they enter into a unilateral advance pricing agreement (APA) with the Large Taxpayer Division of Mexico’s Servicio de Administración Tributaria (SAT) under… Read More »

Category: USA

US- Victims of Hurricane Matthew Qualify for Late-Filing Penalty Relief

Many Victims of Hurricane Matthew Qualify for Late-Filing Penalty Relief; IRS Continues to Closely Monitor As Oct. 17 Deadline Approaches WASHINGTON  — The Internal Revenue Service today advised taxpayers affected by Hurricane Matthew but not yet covered by a federal disaster declaration with individual assistance that they may qualify for relief from penalties if they… Read More »

USA- Double Check ACA Information on Your federal tax return

Health Care Tax Tip HCTT 2016-73                                                                                            October 12, 2016   Filing Extension Deadline Almost Here Double Check ACA Information on Your Return If you received an extension of time to file your 2015 federal tax return, you have until Oct. 17 to double check your return and information on it that is related to… Read More »

Category: USA

USA- IRS Gives Tax Relief to Victims of Hurricane Matthew

IRS Gives Tax Relief to Victims of Hurricane Matthew; Many Extension Filers in North Carolina Now Affected; Relief for Other States Expected Soon WASHINGTON –– North Carolina storm victims will have until March 15, 2017, to file certain individual and business tax returns and make certain tax payments, with similar relief expected soon for Hurricane… Read More »

Category: USA

USA-WSDLs for Tax Year 2016

Subject:  Affordable Care Act Assurance Testing System (AATS) Information Returns Tax Year 2016/Processing Year 2017 Tax Year 2016 ACA AATS will open for testing on November 7, 2016 for Information Returns that will be processed in 2017. Special instructions about the functionality of AATS will be included on the AIR Program page. A2A Channel users: As a… Read More »

USA-Tax Stats-Foreign Trusts Tax Year 2014

Foreign Trusts, Tax Year 2014 Foreign Trusts, Tax Year 2014—One table from the Foreign Trust study is now available on Tax Stats. The table presents data from Form 3520-A, Annual Information Return of Foreign Trust With a U.S. Owner, and includes statistics for the number of returns, income, expenses, assets and net worth for Tax… Read More »

USA-Employer shared responsibility provisions /Health Coverage

ACA and Employers: Terms to Know about Offers of Health Coverage Under the Affordable Care Act, certain employers – known as applicable large employers – are subject to the employer shared responsibility provisions. You might be thinking about these topics as you make plans about 2017 health coverage for your employees. If you are an… Read More »

Category: USA

USA -IRS ITIN renewal reminder

IRS Now Accepting ITIN Renewal Applications; Taxpayers Encouraged to Act Soon to Avoid Processing Delays in 2017 WASHINGTON — The Internal Revenue Service reminds taxpayers affected by recent changes involving the Individual Taxpayer Identification Number (ITIN) program that they can now begin submitting their ITIN renewal applications to the IRS. Under the Protecting Americans from… Read More »

Understanding Your IRS Notice or Letter

Understanding Your IRS Notice or Letter Your notice or letter will explain the reason for the contact and give you instructions on how to handle the issue. Why was I notified by the IRS? The IRS sends notices and letters for the following reasons: You have a balance due. You are due a larger or… Read More »

Category: USA

IRS Video on Tax Transcript

How To Use Get Transcript Online Learn about the Get Transcript Online tool and its enhancements that protect you from fraud. Get started at https://www.irs.gov/transcript.

Extension Filers ? IRS Reminder-Adjusted Gross Income Amount required

IRS Has a Reminder for Extension Filers: Prior-Year Adjusted Gross Income Amount May Be Needed to File Electronically IR-2016-124, Sept. 22, 2016 WASHINGTON — The Internal Revenue Service has an important reminder for taxpayers who filed for an extension and face an Oct. 17 filing deadline: the adjusted gross income (AGI) amount from your 2014 return… Read More »

Category: USA