1. Tax Relief for Hurricane Harvey and Irma Victims As the hurricane season continues, IRS is working to provide relief to tax professionals and their clients. Extensions of time to file and other forms of tax relief are available to victims of hurricanes Harvey and Irma. Checkwww.irs.gov/hurricaneharvey and www.irs.gov/hurricaneirma for the latest updates. Back to top 2. IRS Urges Foreign… Read More »
N-2017-46: Revised Guidance Related to Obtaining and Reporting Taxpayer Identification Numbers and Dates of Birth by Financial Institutions Notice 2017-46 provides guidance for financial institutions required to collect taxpayer identification numbers (TINs) and dates of birth under temporary regulations under Chapter 3 or a Model 1 Intergovernmental Agreement (IGA) as follows: (1) With respect to foreign… Read More »
Notice 2017-54 announces the special per diem rates effective October 1, 2017, which taxpayers may use to substantiate the amount of expenses for lodging, meals, and incidental expenses when traveling away from home. This notice provides the special transportation industry rate, the rate for the incidental expenses only deduction, and the rates and list of high-cost localities… Read More »
Update: IRS Extends Waiver of Diesel Fuel Penalty Following Continuing Shortage of Undyed Diesel Due to Hurricane Irma WASHINGTON – The Internal Revenue Service (IRS), in response to continued shortages of undyed diesel fuel caused by Hurricane Irma, will extend its waiver of penalties for dyed diesel fuel, first announced in IR-2017-149, when such fuel is sold for… Read More »
IRS Offers Help to Hurricane Victims: A Recap of Key Tax Relief Provisions Available Following Harvey, Irma and Maria WASHINGTON – The Internal Revenue Service today offered a rundown of key tax relief that has been made available to victims of Hurricanes Harvey, Irma and Maria. In general, the IRS is now providing relief to individuals and businesses… Read More »
Reminder for Parents, Students: Check Out College Tax Benefits WASHINGTON ― With back-to-school season in full swing, the InternalRevenue Service reminds parents and students about tax benefits that can help with the expense of higher education. Two college tax credits apply to students enrolled in an eligible college, university or vocational school. Eligible students include the taxpayer,… Read More »
IRS Reminds Partnerships that Received Extensions: Returns Due Sept. 15 Tax Relief Available for those Affected by Hurricane Harvey; IRS Monitoring Hurricane Irma, Upcoming Deadline WASHINGTON — The Internal Revenue Service continues to monitor Hurricane Irma, but reminds calendar-year partnerships that the due date for filing a return after receiving an extension remains Sept. 15 following a… Read More »
Make a Difference, Become a Community Tax Volunteer The IRS is looking for community volunteers to provide free tax preparation and help to their neighbors and other area residents in 2018. The IRS sponsors the Volunteer Income Tax Assistance (VITA) and the Tax Counseling for the Elderly (TCE) programs. These two programs offer free tax help… Read More »
IRS Gives Tax Relief to Victims of Hurricane Harvey; Parts of Texas Now Eligible; Extension Filers Have Until Jan. 31 to File WASHINGTON –– Hurricane Harvey victims in parts of Texas have until Jan. 31, 2018, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today. This… Read More »
Divorce or Separation May Affect Taxes Taxpayers who are divorcing or recently divorced need to consider the impact divorce or separation may have on their taxes. Alimony payments paid under a divorce or separation instrument are deductible by the payer, and the recipient must include it in income. Name or address changes and individual retirement… Read More »