IRS Provides Safe Harbors to Help Taxpayers Suffering Property Losses, Including Losses from Hurricanes

As part of a wider effort to help victims of natural disasters, the Internal Revenue Service today issued guidance providing safe harbor methods that individuals may use in determining the amount of their casualty and theft losses for their homes and personal belongings, including losses from recent hurricanes. Revenue Procedure 2018-08 provides safe harbor methods that [...]

By | December 15th, 2017|Tax News|0 Comments

Get Ready for Taxes: What to Do Before the Tax Year Ends Dec. 31

As tax filing season approaches, the Internal Revenue Service reminds taxpayers there are things they should do now to get ready for filing season. For most taxpayers, Dec. 31 is the last day to take actions that will impact their 2017 tax returns. For example, charitable contributions are deductible in the year made. Donations charged [...]

By | December 14th, 2017|Tax News|0 Comments

IRS Statement – Secure Access

IRS Statement The Internal Revenue Service today announced that taxpayers may resume creating new accounts for Get Transcript Online and certain other online tools that are protected by Secure Access authentication. Taxpayers also may use their IRS2Go app to access their accounts by using a new “Security” feature. This “Security” feature will allow the app [...]

By | December 13th, 2017|Tax News|0 Comments

Interest Rates Remain the Same for the First Quarter of 2018

The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2018.  The rates will be: four (4) percent for overpayments [three (3) percent in the case of a corporation]; 1 and one-half (1.5) percent for the portion of a corporate overpayment exceeding $10,000; four (4) [...]

By | December 12th, 2017|Tax News|0 Comments

Taxpayers with Expiring ITINs Should Submit Renewal Applications by Dec. 31

The Internal Revenue Service reminds taxpayers with expiring Individual Taxpayer Identification Numbers (ITINs) to submit their renewal applications as soon as possible. Failing to renew them by the end of the year will cause refund and processing delays in 2018. The IRS mailed letters over the summer to more than 1 million taxpayers  whose ITINs are set [...]

By | December 8th, 2017|Tax News|0 Comments

Small Businesses: Be Alert to Identity Theft

The IRS, state tax agencies and the nation’s tax industry joined together to warn small businesses to be on-guard against a growing wave of identity theft against employers. Small business identity theft is a big business for identity thieves. Just like individuals, businesses may have their identities stolen and their sensitive information used to open [...]

By | December 5th, 2017|Tax News|0 Comments

Employers, Payroll Officials, Avoid the W-2 Email Scam

The IRS, state tax agencies and private-sector tax groups warned the nation’s business, payroll and human resource communities about a growing W-2 email scam that threatens sensitive tax information held by employers. These emails may start with a simple, “Hey, you in today?” and, by the end of the exchange, all of an organization’s Forms [...]

By | December 4th, 2017|Tax News|0 Comments

Get Ready for Taxes: Donations May Cut Tax Bills

The Internal Revenue Service reminds taxpayers looking to maximize their tax savings before the end of the year to consider charitable giving. Many taxpayers may already be planning on doing so for #GivingTuesday on Nov. 28. Giving money or goods to a tax-exempt charity before Dec. 31 can usually be deducted on that year’s federal [...]

By | December 1st, 2017|Tax News|0 Comments

Victims of Data Breaches Should Consider These Steps

The number of data breaches was already on a record pace for 2017 before the reported theft of nearly 145 million Americans’ names, addresses and Social Security numbers brought the issue to the forefront. Every day, data thefts large and small put people’s personal and financial information at risk. There are steps that data theft [...]

By | November 30th, 2017|Tax News|0 Comments

Don’t Take the Bait; Avoid Phishing Emails by Data Thieves

With the approach of the holidays and the 2018 filing season, the IRS, state tax agencies and the nation’s tax industry urge people to be on the lookout for new, sophisticated email phishing scams that could endanger their personal information and next year’s tax refund. The most common way for cybercriminals to steal bank account [...]

By | November 29th, 2017|Tax News|0 Comments
Load More Posts