Category Archives: International Taxation

USA IRS : Drought-stricken farmers and ranchers have more time to replace livestock

By | October 7, 2018

Drought-stricken farmers and ranchers have more time to replace livestock Farmers and ranchers who were forced to sell livestock due to drought may get extra time to replace the livestock and defer tax on any gains from the forced sales. Here are some facts about this to help farmers understand how the deferral works and… Read More »

USA IRS : Information to help taxpayers understand the different tax filing statuses to file your taxes

By | October 7, 2018

Information to help taxpayers understand the different tax filing statuses to file your taxes   Taxpayers usually do not think about their marital status until they file their taxes. However, the marital status of a taxpayer could change during the year, so it is always a good time for a taxpayer to know the different… Read More »

USA IRS : IRS issues guidance on changes in Employment Law and Tax Reduction deductions for business expenses for meals – entertainment

By | October 7, 2018

IRS issues guidance on changes in Employment Law and Tax Reduction deductions for business expenses for meals, entertainment WASHINGTON – The Internal Revenue Service, IRS today issued guidelines on the deduction of business expenses for meals and entertainment, after changes in Employment Law and Tax Reduction (TCJA). The TCJA 2017, eliminated the deduction for any… Read More »

USA IRS : Taxpayers who haven’t checked their withholding  should use the Withholding Calculator ASAP

By | October 7, 2018

Taxpayers who haven’t checked their withholding  should use the Withholding Calculator ASAP The IRS recommends taxpayers use the Withholding Calculator to do a “Paycheck Checkup” as soon as possible. This will help taxpayers check that they are having the correct amount of income tax withheld from their paychecks. Earlier this year the IRS updated the Withholding Calculator… Read More »

USA IRS : Tips for tax preparers on how to create a data security plan

By | October 7, 2018

Tips for tax preparers on how to create a data security plan The IRS reminds tax preparers to protect taxpayer information is not only good for customers and for businesses – is also the law. The protection rule of the Federal Trade Commission (FTC, for its acronym in English) requires tax preparers believe and enact security plans.… Read More »

USA IRS : New credits benefit employers who provide paid family and medical leave

By | October 7, 2018

New credits benefit employers who provide paid family and medical leave Eligible employers who provide their employees paid family and medical leave during the tax years 2018 and 2019 may qualify for a new tax credit for business. This new credit employer for family and medical leave is part of the law tax reform approved in December… Read More »

USA IRS : Tax preparers should look out for these signs that a criminal stole information

By | October 5, 2018

Tax preparers should look out for these signs that a criminal stole information   Tax professionals should be alert to the subtle signs of data theft. The IRS and its Security Summit partners note that there are many cases where preparers are victims of theft and don’t even know it. Cybercriminals often leave very few signs of… Read More »

USA IRS : Tips for tax preparers on how to create a data security plan

By | October 5, 2018

Tips for tax preparers on how to create a data security plan   The IRS reminds tax preparers that protecting taxpayer information isn’t just good for their clients and good for business – it’s also the law. The Federal Trade Commission’s Safeguards Rule requires that tax preparers create and enact security plans. Although the IRS and its… Read More »

USA IRS : Organizations seeking volunteers to help taxpayers

By | October 5, 2018

Organizations across the country seeking volunteers to help taxpayers The IRS and its community partners are seeking people across the country to become volunteers certified by the IRS on their sites for free tax preparation. Volunteers can begin now to join one of these programs that offer valuable taxpayers US aid. Voluntary Assistance Program Taxpayers (VITA acronym in English): VITA… Read More »

USA IRS : Victims of natural disasters can visit IRS.gov for useful resources

By | October 5, 2018

Victims of natural disasters can visit IRS.gov for useful resources Following a natural disaster, many people have questions about how the situation might affect your taxes. People who experience a disaster, or anyone who knows someone who has suffered from a disaster, visit IRS.gov for information to answer your questions. Here we present a summary… Read More »

USA IRS : New tax credit for employer-paid family and medical leave available for 2018 and 2019

By | October 5, 2018

New tax credit for employer-paid family and medical leave available for 2018 and 2019 IR-2018-191SP, September 24, 2018 WASHINGTON – The Internal Revenue Service announced today that eligible employers who provide paid family and medical leave to their employees can qualify for a new commercial credit for tax years 2018 and 2019. In addition, eligible… Read More »

USA IRS : IRS Refunds Employer 2018 by employees in 2017 removals are generally tax-free

By | October 5, 2018

IRS Refunds Employer 2018 by employees in 2017 removals are generally tax-free WASHINGTON – The employer payments or reimbursements in 2018 for employee moving expenses incurred before 2018 are excluded from the employee’s wages for wage and tax purposes, today announced the Internal Revenue Service. Law Jobs and Tax Reduction (TCJA) 2017 suspended the income… Read More »

USA IRS : Taxpayers can connect to the IRS via IRS2Go application for mobile phones

By | October 5, 2018

Taxpayers can connect to the IRS via IRS2Go application for mobile phones Those taxpayers who need tax help can simply take your cell phone and download the mobile application, IRS2Go which is free and available for use with any iOS or Android system. Taxpayers can use IRS2Go for: Check the status of your refund. Taxpayers can check the… Read More »

USA IRS : Data that help taxpayers understand personal savings plans for retirement (IRA)

By | October 5, 2018

Data that help taxpayers understand personal savings plans for retirement (IRA) Personal savings plans for retirement – better known simply as IRAs (English) – are savings plans to provide financial security in retirement. A taxpayer can establish an IRA with: bank or other financial institution life insurance company Investment fund broker Here are some terms and definitions… Read More »

USA IRS : IRS warns of scams related to natural disasters

By | October 5, 2018

IRS warns of scams related to natural disasters IR-2018-188SP, September 18, 2018 WASHINGTON – Following Hurricane Florence, the Internal Revenue Service reminds taxpayers that criminals and fraudsters try to take advantage of the generosity of taxpayers who want to help victims of major disasters. Fraudulent schemes typically start with unsolicited phone, social networks, email or… Read More »

USA IRS : Facts to help taxpayers understand Individual Retirement Arrangements

By | October 5, 2018

Facts to help taxpayers understand Individual Retirement Arrangements Individual Retirement Arrangements – better known simply as IRAs – are accounts into which someone can deposit money to provide financial security when they retire. A taxpayer can set up an IRA with a: bank or other financial institution life insurance company mutual fund stockbroker Here are some terms… Read More »

USA IRS : IRS wants taxpayers know that they have rights when interacting with the agency

By | October 5, 2018

IRS wants taxpayers know that they have rights when interacting with the agency Taxpayers interact with the IRS for many reasons. In all these meetings with the IRS, even if taxpayers simply asked a representative about taxes or respond to a letter from the IRS, taxpayers have fundamental rights. These are described in the Taxpayer… Read More »

USA IRS : Tips for Getting Unclaimed 2014 Tax Refunds 

By | April 14, 2018

Tips for Getting Unclaimed 2014 Tax Refunds  The IRS reminds taxpayers they may have money waiting for them. About 1 million taxpayers who did not file a 2014 federal income tax return have unclaimed tax refunds totaling about $1.1 billion. Here are some things taxpayers should know about these unclaimed refunds: To collect the money,… Read More »

USA IRS : IRS Dirty Dozen: Watch Out for these 12 Scams 

By | April 14, 2018

IRS Dirty Dozen: Watch Out for these 12 Scams  The IRS reminds taxpayers to watch out for scams and schemes that put them and their personal information at risk. Each year, the IRS releases the top 12 scams, known as the Dirty Dozen. The schemes run the gamut from simple refund inflation to technical tax… Read More »

USA IRS : Members of the Armed Forces and families can get free tax help

By | April 14, 2018

Members of the Armed Forces and families can get free tax help The IRS provides free tax assistance to military members (in English) and their families through the volunteer program Taxpayers (VITA acronym). In the military or off base, VITA is easy to find, even abroad. The Tax Council of the Armed Forces directs the military tax… Read More »

USA IRS : The right to reach a resolution – Taxpayer Bill of Rights No. 6

By | March 27, 2018

The right to reach a resolution – Taxpayer Bill of Rights No. 6 Taxpayers who interact with the IRS are entitled to the resolution. This right comes into play for taxpayers who are going through an audit. These taxpayers have the right to know when the IRS has completed a review (audit). This is one of the… Read More »

USA IRS : IRS.gov tax help available

By | March 27, 2018

IRS.gov tax help available Taxpayers can visit IRS.gov/espanol for quick access to tax information and useful tools that can help them with their taxes. The following are some things taxpayers can do when visiting IRS.gov/espanol: Use the IRS Free File. Prepare and submit your taxes electronically with IRS Free File . Taxpayers with incomes of $ 66,000 or less may… Read More »

USA IRS : How Taxpayers Can Avoid the Rush Ahead of Presidents Day

By | February 17, 2018

How Taxpayers Can Avoid the Rush Ahead of Presidents Day The IRS reminds taxpayers to avoid the rush. As with previous years, the agency expects taxpayers to submit a surge of tax returns during the upcoming Presidents Day weekend. Here are some tips and resources to get taxpayers the help that they need. Go online. IRS.gov… Read More »

USA IRS : Avoid busyness: Taxpayers should have on hand information from your 2016 taxes

By | February 16, 2018

Avoid busyness: Taxpayers should have on hand information from your 2016 taxes IR-2018-30SP, February 16, 2018 WASHINGTON – The Internal Revenue Service, IRS, today reminded taxpayers who this year changed tax software product that might need information from your 2016 tax return to complete your return this year. It is always a good idea to keep copies of your… Read More »

USA IRS : Steps to help people protect their data from thieves

By | January 11, 2018

Steps to help people protect their data from thieves Taxpayers can follow a few simple to protect your personal and financial data online and at home steps. Criminals continue to steal large amounts of personal data of taxpayers and tax preparers. Thieves use this information to file fraudulent tax returns or commit other crimes to impersonate victims. All taxpayers… Read More »

USA IRS – Taxpayers and tax preparers can connect to the IRS through social media

By | December 24, 2017

Taxpayers and tax preparers can connect to the IRS through social media The IRS uses social media tools to share the latest information concerning taxes and the services offered to taxpayers. With just a couple of months before people begin to file your taxes, this is the perfect time for taxpayers and tax preparers to… Read More »

USA IRS – Criminal Investigation Division of IRS publishes report FY 2017

By | December 24, 2017

Criminal Investigation Division of the IRS publishes report FY 2017 IR-2017-208SP, December 20, 2017 WASHINGTON – The Internal Revenue Service (IRS) announced today the publication of the annual report of the Criminal Investigation Division (CI, for its acronym in English), which reflects the significant achievements and actions of criminal execution carried out in FY 2017 . Focusing on employment… Read More »

USA IRS – Tax professionals need a PTIN 2018; continuing education for tax season annual program expires at the end of the year

By | December 24, 2017

IRS: Tax professionals need a PTIN 2018; continuing education for tax season annual program expires at the end of the year IR-2017-207SP, December 20, 2017 WASHINGTON – The Internal Revenue Service (IRS) reminds preparers federal tax that must renew their Preparer Identification Number (PTIN) which expires on December 31, 2017. Anyone who charges for preparing or assisting in the… Read More »

USA IRS – Strong passwords help with data security

By | December 24, 2017

Strong passwords help with data security Passwords are often the key to protecting access to personal information and data stored on computers or e – mailed. Because most taxpayers file their returns electronically and have access to account information online, it is essential that taxpayers not only create strong passwords for all accounts related to taxes, but they do everything in… Read More »

USA IRS – Prepare for taxes: Filing electronically is easy and secure

By | December 24, 2017

Prepare for taxes: Filing electronically is easy and secure IR-2017-206SP, December 19, 2017 WASHINGTON – The Internal Revenue Service said today it expects more than 90 percent of all individual tax returns for 2017 are prepared using tax software. Most of these will be presented by e-file . Since 1986 when the IRS began accepting tax returns… Read More »

 IRS Tax Tip for Tax Professional : Data Protection Resources

By | December 24, 2017

Issue Number:    IRS Tax Tip 2017-94 Inside This Issue Tax Professionals: Visit IRS.gov for Data Protection Resources Tax professionals increasingly are targeted by cybercriminals seeking to steal sensitive client data. Thieves use stolen information to file fraudulent tax returns. These criminals are based both here and abroad. They are highly sophisticated, well-funded and technologically adept. Because… Read More »

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 »