IRS: Home Office Deduction Often Overlooked by Small Business Owners WASHINGTON — The Internal Revenue Service today reminded small business owners who work from a home office that there are two options for claiming the Home Office Deduction. The Home Office Deduction is often overlooked by small business owners. As part of National Small Business… Read More »
Registration Now Open for the 2017 IRS Nationwide Tax Forums WASHINGTON — Tax professionals can earn up to 18 Continuing Professional Education credits this summer at the IRS Nationwide Tax Forums. Nearly 40 seminars and workshops are available to enrolled agents, certified public accountants, certified financial planners, Annual Filing Season Program (AFSP) participants and other… Read More »
Revenue Procedure 2017-36 procedure provides indexing adjustments for certain provisions under sections 36B and 5000A of the Internal Revenue Code. In particular, it updates the Applicable Percentage Table in § 36B(b)(3)(A)(i) to provide the Applicable Percentage Table for 2018. This table is used to calculate an individual’s premium tax credit. This revenue procedure also updates… Read More »
Revenue Procedure 2017-37 provides the 2018 inflation adjusted amounts for Health Savings Accounts (HSAs) as determined under section 223 of the Internal Revenue Code. Revenue Procedure 2017-37 will be in IRB 2017-21, dated 05/22/2017.
Notice 2017-30 provides 180-day emergency relief for fuel removals from Milwaukee terminals due to the shutdown of the West Shore Pipeline. Once the 180-day emergency relief expires, the notice provides a temporary mechanism for refunds of the § 4081(a)(1) tax imposed upon removals of undyed diesel fuel from a Milwaukee terminal when such fuel is transported… Read More »
Revenue Ruling 2017-09 provides guidance regarding the federal tax treatment of certain transactions referred to as ‘north-south’ transactions. The guidance describes two north-south transactions: one involving steps that are respected as separate and another involving steps that are integrated. Revenue Ruling 2017-09 will be in IRB 2017-21, dated May 22, 2017.
Small Business Week Reminder: Startups Can Choose New Option for Claiming Research Credit WASHINGTON –Eligible small business startups can now choose to apply part or all of their research credit against their payroll tax liability, instead of their income tax liability, according to the Internal Revenue Service. During National Small Business Week—April 30 to May… Read More »
Hobby or Business? IRS Offers Tips to Decide Millions of people enjoy hobbies that are also a source of income. From catering to cupcake baking, crafting homemade jewelry to glass blowing — no matter what a person’s passion, the Internal Revenue Service offers some tips on hobbies. Taxpayers must report on their tax return the… Read More »
Revenue Procedure 2017-35 provides guidance with respect to the United States and area median gross income figures that are to be used by issuers of qualified mortgage bonds, as defined in § 143(a) of the Internal Revenue Code, and issuers of mortgage credit certificates, as defined in § 25(c), in computing the housing cost/income ratio… Read More »
Update: We currently are working to improve e-Services applications and security for e-Services. This summer – the tentative date is June 18 – the e-Services’ platform will move to a more modern technology. One result will be an improved look and feel of applications, including the e-File application. Use of e-Service products will not be… Read More »