Category Archives: USA

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 »

USA IRS Reminds Those with Foreign Assets of U.S. Tax Obligations; New Filing Deadline Now Applies to Foreign Account Reports

IRS Reminds Those with Foreign Assets of U.S. Tax Obligations; New Filing Deadline Now Applies to Foreign Account Reports WASHINGTON — The Internal Revenue Service today reminded U.S. citizens and resident aliens, including those with dual citizenship, to check if they have a U.S. tax liability and a filing requirement. At the same time, the… Read More »

USA IRS Urges Taxpayers Not to Rush; Choose Return Preparers Wisely

IRS Urges Taxpayers Not to Rush; Choose Return Preparers Wisely WASHINGTON – As the tax filing season deadline approaches, the Internal Revenue Service is reminding taxpayers to select who will prepare their 2016 federal tax return carefully. With the filing deadline less than two weeks away, appointments with some tax professionals may be limited. A… Read More »

USA IRS- FATCA News and Information

1.  IRS Publishes New FAQs The IRS published new FAQs to the FATCA-FAQs General page. The FAQs can be found in the General Compliance area.

Category: USA

USA- IRS updates Rev. Proc. 2016-56 (published in December 2016) to add countries to the list of countries set forth in Section 4 of Rev. Proc. 2014-64

Issue Number:    RP-2017-31 Inside This Issue Rev. Proc. 207-31 updates Rev. Proc. 2016-56 (published in December 2016) to add countries to the list of countries set forth in Section 4 of Rev. Proc. 2014-64.  Section 4 lists the countries with which the Treasury Department and the IRS have determined that it is appropriate to have an… Read More »

USA IRS Reminder to Taxpayers Who Haven’t Filed 2013 Returns

IRS Reminder to Taxpayers Who Haven’t Filed 2013 Returns: Time is Running Out; Agency has $1 Billion in Refunds IRS YouTube Videos: Refund: Claim It or Lose It – English |Spanish | ASL  WASHINGTON — The Internal Revenue Service reminded taxpayers today that unclaimed federal income tax refunds totaling more than $1 billion may be… Read More »

USA IRS -Avoid Common Tax-Filing Errors

Avoid Common Tax-Filing Errors; IRS Encourages e-filing, Careful Review WASHINGTON — As the April 18 income tax filing deadline approaches, millions of taxpayers may be rushing to complete their taxes and many may realize they’re going to need more time. The IRS encourages taxpayers to take extra time to complete their tax return if needed.… Read More »

USA – IRS Issues Extension for QI/WP/WT Agreement Renewals (and QDD Applicants) Due Date

  1.  IRS Issues Extension for QI/WP/WT Agreement Renewals (and QDD Applicants) Due Date The deadline of 3/31/17 for submitting a qualified intermediary (QI)/ foreign withholding partnership (WP)/foreign withholding trust (WT) request for renewal as well as for submitting a new application is fast approaching. In order to allow time for these entities to become better acquainted… Read More »

Category: USA

USA -IRS Explains New Option for Claiming Research Credit for Small Business Startups

For Small Business Startups, IRS Explains New Option for Claiming Research Credit; Option Still Available for Those That Already Filed WASHINGTON –The Internal Revenue Service today issued interim guidance explaining how eligible small businesses can take advantage of a new option enabling them to apply part or all of their research credit against their payroll… Read More »

USA- 2016 IRS Data Book

IRS Releases FY 2016 Data Book Showing Range of Tax Data, Including Service and Enforcement Changes WASHINGTON — The Internal Revenue Service today released the 2016 IRS Data Book, a snapshot of agency activities for the fiscal year. The 2016 IRS Data Book describes activities conducted by the IRS from Oct. 1, 2015, to Sept.… Read More »

USA-Request for comment regarding change of accounting

Notice 2017-17 requests comments on a proposed revenue procedure that, if finalized, will provide procedures on how a taxpayer may request automatic consent to change a method of accounting for recognizing income when the change is made for the same taxable year as the taxpayer adopts the new financial accounting revenue recognition standards.  These standards… Read More »

Category: USA

USA -Important Information on W-2/SSN Data Theft Scam

A dangerous email scam currently is circulating nationwide and targeting employers, including tax exempt entities, universities and schools, government and private-sector businesses. The scammer poses as an internal executive requesting employee Forms W-2 and Social Security Number information from company payroll or human resources departments. They may even send an initial “Hi, are you in… Read More »

USA -IRS Free File Tax Software

Free File Tops 50 Million Users; Saves Taxpayers $1.5 Billion Since Inception WASHINGTON – The Internal Revenue Service announced today that Free File – the pioneering public-private partnership that makes free tax software available to 70 percent of taxpayers – recently surpassed 50 million users since the program started. Since 2003, the 50 million taxpayers… Read More »

USA -Common Errors on Form 1042-S; Responsibilities of Tribal casinos

Common errors on Form 1042-S; IRS webcasts on the responsibilities of Tribal casinos IRS Clarifies Form 1042-S Requirements and Outlines Common Errors Changes made to the Form 1042-S and its instructions may help withholding agents more accurately report income and withholding information on payments made to non-resident aliens. This article also includes common errors made… Read More »

USA -10 Tax-Time IRS Tips to Consider

Ten Tax-Time IRS Tips to Consider The tax filing deadline is Tuesday, April 18 this year. This is because April 15falls on a weekend and the following Monday is a holiday in the District of Columbia. Even with an extra three days, the IRS urges taxpayers to avoid waiting until the last minute to file… Read More »

USA- IRS- Advance Pricing and Mutual Agreement (APMA) program report

Issue Number:    A-2017-03 Announcement 2017-03, the Advance Pricing and Mutual Agreement (APMA) program report.  § 521(b) of Pub. L. 106-170, the Ticket to Work and Work Incentives Improvement Act of 1999  requires the Secretary of the Treasury to report annually to the public concerning advance pricing agreements (APAs) and the Advance Pricing and Mutual Agreement Program… Read More »

USA IRS Relief from excise taxes under section 4975 -A-2017-04

Announcement 2017-04 provides relief from the excise taxes under section 4975 of the Internal Revenue Code to certain individuals engaged in what are called “prohibited transactions.”  The relief parallels similar relief provided by the Department of Labor to these individuals in a recently released Field Assistance Bulletin. Announcement 2017-04 will be in IRB 2017-16, dated… Read More »

Category: USA