Top IRS Tips to Know about the Home Office Deduction Taxpayers who use their home for business may be able to deduct expenses for the business use of it. Qualified persons can claim the deduction whether they rent or own their home. Use the simplified method or the regular method to claim a deduction. Here… Read More »
Need More Time to Pay Taxes? All taxpayers should file on time, even if they can’t pay what they owe. This saves them from potentially paying a failure to file penalty. Taxes are due by the original due date of the return. Here are four tips for those who can’t pay their taxes in full… Read More »
Issue Number: RP-2017-31 Inside This Issue Rev. Proc. 207-31 updates Rev. Proc. 2016-56 (published in December 2016) to add countries to the list of countries set forth in Section 4 of Rev. Proc. 2014-64. Section 4 lists the countries with which the Treasury Department and the IRS have determined that it is appropriate to have an… Read More »
IRS Reminder to Taxpayers Who Haven’t Filed 2013 Returns: Time is Running Out; Agency has $1 Billion in Refunds IRS YouTube Videos: Refund: Claim It or Lose It – English |Spanish | ASL WASHINGTON — The Internal Revenue Service reminded taxpayers today that unclaimed federal income tax refunds totaling more than $1 billion may be… Read More »
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 »