News

IRS Now Accepting Renewal Applications for ITINs Set to Expire by End of 2017

The Internal Revenue Service is now accepting renewal applications for the Individual Taxpayer Identification Numbers (ITINs) set to expire at the end of 2017. The agency urges taxpayers affected by changes to the ITIN program to submit their renewal applications as soon as possible to avoid the rush. In the second year of the renewal …read more

IRS Warns of New Phone Scam Involving Bogus Certified Letters; Reminds People To Remain Vigilant Against Scams, Schemes This Summer

The Internal Revenue Service today warned people to beware of a new scam linked to the Electronic Federal Tax Payment System (EFTPS), where fraudsters call to demand an immediate tax payment through a prepaid debit card. This scam is being reported across the country, so taxpayers should be alert to the details. In the latest …read more

Interest Rates Remain The Same For The Third Quarter of 2017

  The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning July 1, 2017.  The rates will be: four (4) percent for overpayments (three (3) percent in the case of a corporation); 1 and one-half (1.5) percent for the portion of a corporate overpayment exceeding $10,000; four …read more

Keys to Unlocking the Home-Office Deduction

The IRS recently reminded small business owners – especially individuals who are self-employed – that there are two methods of deducting home-office expenses. A lesser-known “simplified” method can provide a flat-dollar write-off without the usual recordkeeping hassles. But what the IRS didn’t say is this: Many taxpayers will be in line for a bigger deduction if …read more

IRS Face-To-Face Help Is Now By appointment

Taxpayers who need in-person help from an IRS Taxpayer Assistance Center (TAC) need to call to schedule an appointment. All TACs provide service by appointment. They are an essential service the IRS provides when a tax issue cannot be resolved online or by phone. Consider the self-service options on IRS.gov before calling for an appointment. …read more

The 7 Things To Do Right Now To Save on Taxes This Year

The beginning of summer is a great time to take stock of your financial picture and make any necessary changes. Why? You have a number of 2017 pay periods under your belt and you’ve had several months to work through any changes from 2016. A quick review now can save hundreds (or thousands) of dollars …read more

IRS: Home Office Deduction Often Overlooked by Small Business Owners

The Internal Revenue Service today reminded small business owners who work from a home office that there are two options for claiming the Home Office Deduction. The Home Office Deduction is often overlooked by small business owners. As part of National Small Business Week (April 30-May 6), the IRS is highlighting a series of tips …read more

Tips for Taxpayers Who Owe Taxes

The IRS offers a variety of payment options where taxpayers can pay immediately or arrange to pay in installments. Those who receive a bill from the IRS should not ignore it. A delay may cost more in the end. As more time passes, the more interest and penalties accumulate. Here are some ways to make …read more

Many Tax-Exempt Organizations Must File by May 15; Do Not Include Social Security Numbers or Personal Data

The Internal Revenue Service today reminded tax-exempt organizations that many have a filing deadline for Form 990-Series Information Returns in Mid-May With the May 15 filing deadline fast approaching, the IRS cautions these groups not to include Social Security numbers or other unnecessary personal information on their Form 990. The agency also asks them to …read more

Employee or Independent Contractor? Know the Rules

The IRS encourages all businesses and business owners to know the rules when it comes to classifying a worker as an employee or an independent contractor. An employer must withhold income taxes and pay Social Security, Medicare taxes and unemployment tax on wages paid to an employee. Employers normally do not have to withhold or …read more