Five Signs of Small Business Identity Theft, New Protection Methods Small business identity theft is a big business. Just like individuals, businesses can be victims too. Thieves use a business’s information to file fake tax returns or get credit cards. Identity thieves are more sophisticated than they used to be. They know the tax code… Read More »
Five Things to Know about Estimated Taxes and Withholding With 10 million taxpayers a year facing estimated tax penalties, the IRS offers some simple tips to help prevent a surprise at tax time. People pay taxes on income through withholding on their paycheck or through estimated tax payments. Taxpayers who pay enough tax throughout the year… Read More »
1. Audit Technique Guides for Exempt Organizations Examiners use these guides during audits of specific types of exempt organizations. 2. The Enduring Relevance of Rev. Proc. 71-17 on IRC Section 501(c)(7) Organizations Read the IRS issue snapshot on the effect of a 501(c)(7) club’s non-member income on its unrelated business taxable income and exemption. Related IRS News
What Taxpayers Can Do Now Before Filing Their Return in 2018 While taxpayers will not start filing their tax returns for a few months, there are a few things they can do to make the process easier next year. Here are two things that could affect the 2017 returns they will file in 2018. Report… Read More »
Tips for Business Owners Who Need to Reconstruct Records After a Disaster After a disaster, many business owners might need to reconstruct records to prove a loss. This may be essential for tax purposes, getting federal assistance, or insurance reimbursement. Here are four tips for businesses that need to reconstruct their records: To create a… Read More »
Revenue Ruling 2017-21 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, 412,… Read More »
Taxpayers Can Look to the IRS for Tax Help After a Disaster When a hurricane or other disaster strikes, the IRS wants taxpayers to know they can count on the agency for help. Here are six resources taxpayers can access on IRS.gov: Tax information about federally declared disasters. Special tax law provisions apply when the federal… Read More »
Online Seminars from the 2017 IRS Nationwide Tax Forums Now Available WASHINGTON — The Internal Revenue Service today reminded tax professionals that they can earn continuing education credits online through seminars filmed at the 2017 IRS Nationwide Tax Forums. The 17 self-study seminars are now available on the IRS Nationwide Tax Forums Online (NTFO). Self-study seminars provide… Read More »
Security Summit Partners Mark Progress in Identity Theft Battle; Prepare for 2018 Tax Season WASHINGTON – The IRS, state tax agencies and private-sector industry leaders today detailed their continued progress against tax-related identity theft and prepared additional safeguards for the 2018 filing season to curb refund fraud. The latest IRS data continued to show significant… Read More »
With 2017 Extension Deadline Passed, All Eyes on 2018 Now that the tax return extension filing deadline has passed, the IRS suggests that taxpayers look ahead and get ready for next year. Taxpayers still have time to take these three actions that may affect the 2017 tax return they will file in 2018. Charitable contributions. Taxpayers… Read More »