Clarification on Payment of Service Tax in Transitional Period Certain transitional issues arising with respect to payment of service tax after 30th June 2017 have been clarified by CBEC vide circular dated 28-9-2017. It has been clarified that in cases where service was received before 1-7-2017 and payment for the value of the service was… Read More »
Suggestions on GST Implementation Issues A. Issue related to fundamental of GST like double taxation still happening in certain cases (i) Reverse Charge U/s 9(4) of CGST Act, 2017 As per Section 9(4) of CGST Act, 2017 if taxable person procures goods or services from unregistered person then recipient is subject to pay tax under… Read More »
Clarification regarding reflection of transitional credit arising out of payment of Service Tax on RCM basis after 30th June 2017 and by 5th/6th July 2017 Circular 207/5/2017-Service Tax F.No 137/16/2017 -Service Tax Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Service Tax Wing *** New Delhi dated 28th… Read More »
IRS Reminds Parents, Students to Explore Education Resources on IRS.gov WASHINGTON – The Internal Revenue Service today reminded parents and students that there are many tax benefits available to them, and the easiest way to learn more about them is through the education resources available on IRS.gov. Besides tax credits such as the American Opportunity Tax Credit and the Lifetime Learning… Read More »
Tax Help Available for Those Who Still Need to File for 2016 WASHINGTON — The Internal Revenue Service wants taxpayers, especially those who received tax-filing extensions, to know they can still get the tax help they need to meet the Oct. 16 extension deadline. Taxpayers can still file their returns electronically. The IRS strongly urges all taxpayers to choose the… Read More »
Drought-Stricken Farmers and Ranchers Have More Time to Replace Livestock Under IRS Relief WASHINGTON -Farmers and ranchers who previously were forced to sell livestock due to drought in an applicable region now have an additional year to replace the livestock and defer tax on any gains from the forced sales, according to the Internal Revenue Service. An applicable… Read More »
Canceled AIR Extended Maintenance September 28 – October 1, 2017 The extended AIR system maintenance that was previously scheduled for 11:59 P.M. ESTSeptember 28, 2017 to 10:00 A.M. EST October 1, 2017 has been canceled.
N-2017-53: Extension of Replacement Period for Livestock Sold on Account of Drought Notice 2017-53 provides guidance regarding an extension of the replacement period under § 1033(e) of the Internal Revenue Code for livestock sold on account of drought in specified counties. Notice 2017-53 will be published in IRB 2017-42 on 10/16/17.
N-2017-55 : Tax Relief for property temporarily stored in U.S. following Hurricane Irma or Hurricane Maria Notice 2017-55 excludes from the definition of United States property for purposes of section 956 certain property temporarily stored in the United States following Hurricane Irma or Hurricane Maria. Notice 2017-55 will be in IRB 2017-42, dated October 16, 2017.
e-News for Payroll Professionals 1. New on IRS.gov Pub. 1220, Specifications for Electronic Filing of Forms 1097, 1098, 1099, 3921, 3922, 5498, and W-2G Inst. SS-4, Instructions for Form SS-4, Application for Employer Identification Number Form SS-4, Application for Employer Identification Number Form 9783, EFTPS Individual Enrollment Form Form 9779, EFTPS Business Enrollment Form 2. Help for Victims of Hurricanes… Read More »