November 2016

Tax Preparedness Series: Tax Help for Self-Employed and Sharing Economy

November 2016 IRS Newswire Tax Preparedness Series: Tax Help for Self-Employed and Sharing Economy WASHINGTON – As tax filing season approaches, the Internal Revenue Service wants taxpayers who are self-employed or involved in the sharing economy to know about free resources that are available to help them with their taxes. Sole proprietors and independent contractors …read more

Employers that hire Holiday Help: Understand the Health Care Law’s Rules Around Seasonal Workers

IRS Tax Tips November 2016 Employers that hire Holiday Help: Understand the Health Care Law’s Rules Around Seasonal Workers As an employer, your size – for purposes of the Affordable Care Act –  is determined by the number of your employees. If you hire seasonal or holiday workers, you should know how these employees are …read more

Renewing Your Individual Taxpayer Identification Number?

IRS ITIN Tax Tax Tip 2016 Renewing Your ITIN? Here’s Where to Get Help As the year-end draws near, taxpayers with an Individual Taxpayer Identification Number set to expire are encouraged to start the renewal process now. This will help to avoid delays at tax time. The IRS issues ITINs to people with a federal …read more

Take Advantage of Business Equipment Tax Incentives for 2016

Do you need to replace outmoded or worn-down equipment used in your small business? Thanks to the Protecting Americans from Tax Hikes (PATH) Act, which was signed into law late last year, you may be entitled to double-barreled tax relief. However, to ensure that you qualify for the tax benefits on your 2016 return, you …read more

Deciphering Education Tax Incentives

Deciphering Education Tax Incentives     In the latter part of the year, we begin conducting year-end planning meetings with clients. For the ones with children or grandchildren, invariably part of the meeting focuses on planning and saving for college and possibly graduate school expenses.Most clients have a difficult time developing a strategy based on their …read more

IRS Warns Tax Professionals of New e-Services Email Scam

IRS Tax Tips November 4, 2016 IRS Warns Tax Professionals of New e-Services Email Scam WASHINGTON – The Internal Revenue Service today issued an urgent alert to tax professionals who use IRS e-services to beware of an email asking them to update their accounts and directing them to a fake website. The subject line for …read more

Renewing Your ITIN? Things You’ll Need

IRS Tax Tips November 2016 Renewing Your ITIN? Things You’ll Need Some Individual Taxpayer Identification Numbers (ITIN) expire at the end of 2016. The IRS issues an ITIN to those who have a filing or reporting requirement but don’t have and are not eligible to get a Social Security number. If you need to renew …read more

IRS, Security Summit Partners Expand Identity Theft Safeguards for 2017 Filing Season, Build on 2016 Successes

IRS, Security Summit Partners Expand Identity Theft Safeguards for 2017 Filing Season, Build on 2016 Successes WASHINGTON – The Internal Revenue Service, state tax agencies and industry partners today finalized plans for 2017 to improve identity theft protections for individual and business taxpayers after making significant inroads this year against fraudulent returns. Public and private …read more

IRS Previews Audit Techniques for Tangible Property Regulations

IRS Previews Audit Techniques for Tangible Property Regulations The IRS’s recent Audit Techniques Guide for the Tangible Property Regulations can help business taxpayers avoid problems with IRS examiners in interpreting the 2014 regulations on how to treat expenses incurred for materials, supplies, repairs and maintenance. Most taxpayers have finalized implementation of the Tangible Property Regulations …read more

IRS Issues 2017 Inflation Adjustments for Many Tax Provisions

IRS Issues 2017 Inflation Adjustments for Many Tax Provisions The IRS issued the annual inflation adjustments for 2017 for more than 50 tax provisions as well as the 2017 tax rate tables for individuals and estates and trusts (Rev. Proc. 2016-55). These provisions are used to file tax year 2017 returns in 2018. One of …read more