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 »
Ten Tax-Time IRS Tips to Consider The tax filing deadline is Tuesday, April 18 this year. This is because April 15falls on a weekend and the following Monday is a holiday in the District of Columbia. Even with an extra three days, the IRS urges taxpayers to avoid waiting until the last minute to file… Read More »
Issue Number: A-2017-03 Announcement 2017-03, the Advance Pricing and Mutual Agreement (APMA) program report. § 521(b) of Pub. L. 106-170, the Ticket to Work and Work Incentives Improvement Act of 1999 requires the Secretary of the Treasury to report annually to the public concerning advance pricing agreements (APAs) and the Advance Pricing and Mutual Agreement Program… Read More »
Announcement 2017-04 provides relief from the excise taxes under section 4975 of the Internal Revenue Code to certain individuals engaged in what are called “prohibited transactions.” The relief parallels similar relief provided by the Department of Labor to these individuals in a recently released Field Assistance Bulletin. Announcement 2017-04 will be in IRB 2017-16, dated… Read More »
Are Tips Taxable? IRS Offers ‘Tips’ on Tips Generally, income received in the form of tips is taxable. The IRS provides some information that helps taxpayers report tip income correctly: Interactive Tax Assistant Tool. The ITA tool is a tax-law resource that asks taxpayers a series of questions and provides a response based on the… Read More »
IRS Reminds Seniors to Remain on Alert to Phone Scams during Tax Season WASHINGTON – With the 2017 tax season underway, the IRS reminds seniors to remain alert to aggressive and threatening phone calls by criminals impersonating IRS agents. The callers claim to be IRS employees, but are not. These con artists can sound convincing… Read More »
Free Tax Help Available for the Military The Volunteer Income Tax Assistance program provides free tax help to military members and their families. On or off base, VITA is easy to find — even overseas. Keep these five tips in mind about free tax help for the military: 1. Armed Forces Tax Council. The… Read More »