Avoid Common Tax-Filing Errors; IRS Encourages e-filing, Careful Review WASHINGTON — As the April 18 income tax filing deadline approaches, millions of taxpayers may be rushing to complete their taxes and many may realize they’re going to need more time. The IRS encourages taxpayers to take extra time to complete their tax return if needed.… Read More »
1. IRS Issues Extension for QI/WP/WT Agreement Renewals (and QDD Applicants) Due Date The deadline of 3/31/17 for submitting a qualified intermediary (QI)/ foreign withholding partnership (WP)/foreign withholding trust (WT) request for renewal as well as for submitting a new application is fast approaching. In order to allow time for these entities to become better acquainted… Read More »
Keep in Mind These Basic Tax Tips for the Sharing Economy If taxpayers use one of the many online platforms to rent a spare bedroom, provide car rides or a number of other goods or services, they may be involved in the sharing economy. The IRS now offers a Sharing Economy Tax Center. This site… Read More »
For Small Business Startups, IRS Explains New Option for Claiming Research Credit; Option Still Available for Those That Already Filed WASHINGTON –The Internal Revenue Service today issued interim guidance explaining how eligible small businesses can take advantage of a new option enabling them to apply part or all of their research credit against their payroll… Read More »
IRS Releases FY 2016 Data Book Showing Range of Tax Data, Including Service and Enforcement Changes WASHINGTON — The Internal Revenue Service today released the 2016 IRS Data Book, a snapshot of agency activities for the fiscal year. The 2016 IRS Data Book describes activities conducted by the IRS from Oct. 1, 2015, to Sept.… Read More »
Get Credit for Retirement Savings Contributions Taxpayers who contribute to a retirement plan, like a 401(k) or an IRA, may be able to claim the Saver’s Credit. This credit can help a person save for retirement and reduce taxes at the same time. Here are some key facts about the Retirement Savings Contributions Credit: Nonrefundable… Read More »
Notice 2017-17 requests comments on a proposed revenue procedure that, if finalized, will provide procedures on how a taxpayer may request automatic consent to change a method of accounting for recognizing income when the change is made for the same taxable year as the taxpayer adopts the new financial accounting revenue recognition standards. These standards… Read More »
A dangerous email scam currently is circulating nationwide and targeting employers, including tax exempt entities, universities and schools, government and private-sector businesses. The scammer poses as an internal executive requesting employee Forms W-2 and Social Security Number information from company payroll or human resources departments. They may even send an initial “Hi, are you in… Read More »
Free File Tops 50 Million Users; Saves Taxpayers $1.5 Billion Since Inception WASHINGTON – The Internal Revenue Service announced today that Free File – the pioneering public-private partnership that makes free tax software available to 70 percent of taxpayers – recently surpassed 50 million users since the program started. Since 2003, the 50 million taxpayers… Read More »
Common errors on Form 1042-S; IRS webcasts on the responsibilities of Tribal casinos IRS Clarifies Form 1042-S Requirements and Outlines Common Errors Changes made to the Form 1042-S and its instructions may help withholding agents more accurately report income and withholding information on payments made to non-resident aliens. This article also includes common errors made… Read More »