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As Tax Season Kicks Off, Here’s What’s New On Your 2017 Tax Return

There has been a great deal of information about the new tax reform law and what it means for the current tax year. But with tax season for the 2017 tax year just around the corner, taxpayers want to know what’s new for 2017. Here’s what you need to know about changes to your 2017 tax returns: > More…


Posted on: January 31, 2018

 

Tip reporting: What you need to know about filing IRS Form 8027 for 2017

As you tie up loose ends on your 2017 records in preparation for filing taxes, don’t forget about your tip-reporting paperwork.

Many large food and beverage operations are required to file an annual report of gross receipts and tips with the Internal Revenue Service, and for some, to allocate tips to certain employees for the 2017 calendar year.

Form 8027, the Employer’s Annual Information Return of Tip Income and Allocated Tips, for 2017 is due at the end of February 2018 for operators who file in paper format, and a month later for restaurateurs who file electronically.

The IRS uses this form to flag restaurants where tip income may have been underreported and where tips may have to be allocated. The IRS has also indicated in recent years that they’re on the lookout for businesses that are required to file the form but fail to do so.

As you assemble your records, here’s what you need to consider about Form 8027: > More…


Posted on: January 29, 2018

 

New Year, New Tax Law (Infographic)


Posted on: January 18, 2018

 

2018 Tax Filing Season Begins Jan. 29, Tax Returns Due April 17; Help Available for Taxpayers

 

The Internal Revenue Service announced yesterday that the nation’s tax season will begin Monday, Jan. 29, 2018 and reminded taxpayers claiming certain tax credits that refunds won’t be available before late February.

The IRS will begin accepting tax returns on Jan. 29, with nearly 155 million individual tax returns expected to be filed in 2018. The nation’s tax deadline will be April 17 this year – so taxpayers will have two additional days to file beyond April 15.

Many software companies and tax professionals will be accepting tax returns before Jan. 29 and then will submit the returns when IRS systems open. Although the IRS will begin accepting both electronic and paper tax returns Jan. 29, paper returns will begin processing later in mid-February as system updates continue. The IRS strongly encourages people to file their tax returns electronically for faster refunds. > More…


Posted on: January 05, 2018

 

Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act legislation was signed into law on December 22, 2017. The Act makes extensive changes that affect both individuals and businesses. Some key provisions of the Act are discussed below. Most provisions are effective for 2018. Many individual tax provisions sunset and revert to pre-existing law after 2025; the corporate tax rates provision is made permanent. Comparisons below are generally for 2018. > More…


Posted on: December 28, 2017

 

Taxpayers Should Protect Data All Year Round

With the online holiday shopping season in full swing, it’s the perfect time for all taxpayers to take steps to protect their identities and personal data. This year, the IRS kicked off this annual event with National Tax Security Awareness Week. The IRS partnered with state tax agencies, the tax industry and other groups across the country to encourage all taxpayers to think about data protection.

While the week is over, information on these five topics remains relevant year-round: > More…


Posted on: December 18, 2017

 

Plan Ahead – 2017 Tax Season

Taxpayers can take steps to ensure smooth processing of their 2017 tax return next year. Here are three things taxpayers should know about the tax returns they will file next year.

1) It’s important to gather documents

The IRS urges all taxpayers to file a complete and accurate tax return by making sure they have all the needed documents before they file. This includes:

  • Forms W-2 from employers.
  • Forms 1099 from banks and other payers.
  • Forms 1095-A from the Marketplace for those claiming the Premium Tax Credit.

Typically, these forms start arriving by mail in January. Taxpayers should check them over carefully, and if any of the information shown is wrong, contact the payer right away for a correction.

2) Taxpayers with expiring ITINs should renew promptly

Some people with an Individual Taxpayer Identification Number may need to renew it before the end of the year to avoid a refund delay and possible loss of key tax benefits. These ITINs expire Dec. 31, 2017: > More…


Posted on: December 08, 2017

 

Get Ready for Taxes: IRS.gov Offers Free Tax Help

As tax filing season approaches, the Internal Revenue Service encourages taxpayers to visit IRS.gov first for tax tools and resources before calling. Nearly every tax issue can be resolved online.

The recent IRS website redesign makes it easier for people to navigate IRS.gov. The front page is more task-based so actions like paying a tax bill, getting a tax record or checking refund status are easily accessible.

The IRS has also simplified the main navigation tool, added more drop-down menus and made it more mobile-device friendly.

Additionally, the IRS has a special page on IRS.gov with steps to take now for the 2018 tax filing season.

IRS.gov provides many self-service tools and features, including: > More…


Posted on: December 04, 2017

 

IRS Offers Small Businesses a One-Stop Resource Center for Help Preparing, Filing and Paying Taxes

WASHINGTON — Small businesses across the country are preparing for their special day — Small Business Saturday – taking place on Nov. 25. The Internal Revenue Service wants new small business owners, including those involved in the sharing economy, to know that IRS.gov has an online resource center to help them learn all they need to know about the tax implications of running a small business. The Small Business and Self-Employed Tax Center offers a variety of useful tools that small business owners can access to prepare, file and pay taxes. > More…


Posted on: November 27, 2017

 

Individual Taxpayers: Seven Things to Do When an IRS Letter Arrives

The IRS mails millions of letters to taxpayers every year for many reasons. Here are seven simple suggestions on how individuals can handle a letter or notice from the IRS:

  1. Don’t panic. Simply responding will take care of most IRS letters and notices.
  2. Read the entire letter carefully. Most letters deal with a specific issue and provide specific instructions on what to do.
  3. Compare it with the tax return. If a letter indicates a changed or corrected tax return, the taxpayer should review the information and compare it with their original return.
  4. Only reply if necessary. There is usually no need to reply to a letter unless specifically instructed to do so, or to make a payment.
  5. Respond timely. Taxpayers should respond to a letter with which they do not agree. They should mail a letter explaining why they disagree. They should mail their response to the address listed at the bottom of the letter. The taxpayer should include information and documents for the IRS to consider. The taxpayer should allow at least 30 days for a response.

When a specific date is listed in the letter, there are two main reasons taxpayers should respond by that date:

        • To minimize additional interest and penalty charges.
        • To preserve appeal rights if the taxpayers doesn’t agree.
  1. Don’t call. For most letters, there is no need to call the IRS or make an appointment at a taxpayer assistance center. If a call seems necessary, the taxpayer can use the phone number in the upper right-hand corner of the letter. They should have a copy of the tax return and letter on hand when calling.
  2. Keep the letter. A taxpayer should keep copies of any IRS letters or notices received with their tax records.


Posted on: November 21, 2017

 

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