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The Tax Cuts and Jobs Act is the most sweeping update to the U.S. tax code in more than 30 years. The reforms will simplify taxpaying for many individual Americans, lower taxes on individuals and businesses, and update the business tax code so that American corporations and the people they employ can be globally competitive…

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The Internal Revenue Service reminds taxpayers with expiring Individual Taxpayer Identification Numbers (ITIN) to submit their renewal applications as soon as possible. Failing to renew them by the end of the year will cause refund and processing delays in 2018. The IRS mailed letters over the summer to more than 1 million taxpayers whose ITINs are set…

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During the online holiday shopping season, the IRS, state tax agencies, and the tax industry remind people to be vigilant with their personal information. While shopping for gifts, criminals are shopping for credit card numbers, financial account information, Social Security numbers and other sensitive data that could help them file a fraudulent tax return. Anyone…

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The Internal Revenue Service today advised taxpayers about steps they can take now to ensure smooth processing of their 2017 tax return and avoid a delay in getting their refund next year. This is the first in a series of reminders to help taxpayers get ready for the upcoming tax filing season. Gather Documents The…

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The Internal Revenue Service (IRS) announced that they would start enforcing ObamaCare’s individual mandate with the 2018 tax filing season, the first time the agency has done so since the mandate took effect back in 2014 — and a marked contrast to its policy for 2017. “For the upcoming 2018 filing season, the IRS will…

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WASHINGTON — The Internal Revenue Service today urged taxpayers who have a filing extension through Oct. 16 to check their returns for often-overlooked tax benefits. When they are ready to file, the IRS recommends they file their return electronically using IRS e-file or the Free File system. Both are still available for taxpayers who still need to file their…

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The Internal Revenue Service has announced a couple of big changes they have planned for the e-Services system in the coming months. The first is the transfer of the e-Services system to a new platform, completing a multi-year upgrade effort. The changeover is slated for Thursday, September 7. Some products will be unavailable during the…

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We have received many questions from clients and relationships, discussing casualty loss tax deduction rules. The President approved a disaster declaration for Florida on Sunday, September 10, clearing the way for more support as Hurricane Irma slammed the state with powerful winds and storm surges. Casualty loss deductions for taxpayers are a primary tax benefit…

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