Revenue Procedure 2017-28 provides guidance to employers on the requirements for employee consent used by an employer to support a claim for refund of overpaid taxes under the Federal Insurance Contributions Act (FICA) and the Railroad Retirement Tax Act (RRTA). It clarifies the basic requirements for both a request for employee consent and for the… Read More »
Additional Staff Available Starting Tomorrow to Revalidate Your Identity; Don’t Delay If you received a Letter 5903, e-Services Revalidation, you must revalidate your identity. For a limited time, the e-Services Help Desk will have additional staff available to only assist tax professionals who need to revalidate their identity to have their e-Services registration account reinstated..… Read More »
Know these Facts Before Deducting a Charitable Donation If taxpayers gave money or goods to a charity in 2016, they may be able to claim a deduction on their federal tax return. Taxpayers can use the Interactive Tax Assistant tool, Can I Deduct my Charitable Contributions?, to help determine if their charitable contributions are deductible.… Read More »
News for Tax Professionals Issue 2017-11 1. Beware of Last-Minute Email Scams The Internal Revenue Service, state tax agencies and the tax software industry are warning tax professionals and taxpayers of last-minutephishing email scams, especially those requesting last-minute deposit changes for refunds or account updates. Although the IRS, states and industry have enacted many safeguards against… Read More »
Revenue Procedure 2017-27 provides issuers of qualified mortgage bonds, as defined in section 143(a) of the Internal Revenue Code, and issuers of mortgage credit certificates, as defined in section 25(c), with (1) nationwide average purchase prices for residences located in the United States, and (2) average area purchase price safe harbors for residences located in… Read More »
IRS, States and Tax Industry Warn of Last-Minute Email Scams WASHINGTON – The Internal Revenue Service, state tax agencies and the tax industry today warned both tax professionals and taxpayers of last-minute phishing email scams, especially those requesting last-minute deposit changes for refunds or account updates. As the 2017 tax filing season winds down… Read More »
IRS Reminds Taxpayers of April 1 Deadline to Take Required Retirement Plan Distributions WASHINGTON — The Internal Revenue Service today reminded taxpayers who turned age 70½ during 2016 that, in most cases, they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Saturday, April 1, 2017. The… Read More »
Revenue Ruling 2017-08 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, the adjusted federal long-term tax-exempt rate. These rates are determined as prescribed by § 1274. The rates are published monthly for purposes of sections 42, 382,… Read More »
Check Out Tax Benefits for Higher Education Higher education costs paid in 2016 can mean tax savings when taxpayers file their tax returns. If taxpayers, their spouses or their dependents took post-high school coursework last year, they may be eligible for a tax credit or deduction. Here are some facts from the IRS about tax… Read More »
Tax Time Guide: Still Time to Contribute to an IRA for 2016 WASHINGTON — The Internal Revenue Service today reminded taxpayers that they still have time to contribute to an IRA for 2016 and, in many cases, qualify for a deduction or even a tax credit. This is the eighth in a series of 10… Read More »