Notice 2017-29 extends the due date for participants filing disclosures under Notice 2017-10 (relating to syndicated conservation easement transactions) and clarifies that for purposes of Notice 2017-10, a donee described in § 170(c) is not a material advisor. Notice 2017-29 will be in IRB 2017-20, dated May 15, 2017.
IRS Promotes Specialized Online Services during Small Business Week National Small Business Week for 2017 is April 30 through May 6. During this time, the Internal Revenue Service will promote many online products to help small business owners and those who are self-employed understand their tax responsibilities. Here are just a few among dozens of… Read More »
For Small Business Week, IRS Highlights Products for Established and Emerging Businesses WASHINGTON — In recognition of National Small Business Week — April 30 to May 6 — the Internal Revenue Service is highlighting products to help small business owners and self-employed individuals understand and meet their tax obligations. Some of these tools focus on… Read More »
IRS Seeks Nominations for the Internal Revenue Service Advisory Council WASHINGTON — The Internal Revenue Service today announced it is accepting nominations for the Internal Revenue Service Advisory Council (IRSAC). Applications will be accepted April 27 – June 16, 2017. The IRSAC provides an organized public forum for IRS officials and representatives of the public… Read More »
IRS Explains How Offer in Compromise Works Taxpayers who have a tax debt they cannot pay may have heard that they can settle their tax debt for less than the full amount owed. It’s called an Offer in Compromise. Before applying for an Offer in Compromise, here are some things to know: In general, the… Read More »
IRS Sees Millions of Tax Returns Last Days of Tax Filing Season WASHINGTON — The Internal Revenue Service today announced that the agency has received 135.6 million returns this year following a late surge of filings last week. During the week ending April 21, the IRS received more than 17 million tax returns. The vast… Read More »
IRS Issues Tips on What to do After the Tax-Filing Deadline WASHINGTON — Tax day has come and gone for most people, but some taxpayers may still be dealing with their taxes. The IRS offers these tips for handling some typical after-tax-day issues: Didn’t File by April 18? There is no penalty for filing a… Read More »
N-2017-28: Public Comment Invited on Recommendations for 2017-2018 Priority Guidance Plan Notice 2017-28 solicits suggestions for the 2017-2018 published guidance plan. Notice 2017-28 will be in IRB 2017-19, dated May 8, 2017.
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 »
Important Facts about Filing Late and Paying Penalties April 18 was this year’s deadline for most people to file their federal tax return and pay any tax they owe. If taxpayers are due a refund, there is no penalty if they file a late tax return. Taxpayers who owe tax, and failed to file and… Read More »