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…
The fiscal year 2018 budget plan the House Budget Committee approved in July calls for a radical change in the Earned Income Tax Credit (EITC) that could harm millions of low-income working families and cause serious problems for the IRS in processing tax returns. The budget would delay EITC payments indefinitely each year until the…
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…
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…
Some tax refunds that include an Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) will be held until February 15. This action is driven by the Protecting Americans from Tax Hikes Act of 2015 (PATH Act) that was enacted Dec. 18, 2015, and made several changes to the tax law to benefit…
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…
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…
The Internal Revenue Service didn’t properly implement some provisions of the PATH Act aimed at reducing improper payments for refundable tax credits, instead allowing an estimated $152 million in credits, according to a new report. The report, from the Treasury Inspector General for Tax Administration, pointed to provisions in the PATH Act that tried to reduce…
Where You Can Shop Tax-Free for Back-To-School in 2017 If you’re lucky enough to live in a state that offers tax holidays for back-to-school shopping, this is your heads up — the first of those wonderful tax-free weekends begins this Friday, July 21, and your favorite retailers are likely to be wooing you with some of the best back-to-school…
The Internal Revenue Service is planning June 18 as the tentative date for moving its e-Services platform to what it promises will be more secure and modern technology. In recent years, the IRS has experienced security breaches from identity thieves targeting several of its online self-service applications, including the Get Transcript app, the Identity Protection…
