General Topics Archives

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

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

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

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

Trump’s Tax Reform Priorities Unveiled

The White House on Wednesday issued President Donald Trump’s goals and key features for tax reform, including slashed corporate tax rates, flattened individual marginal income tax brackets, and repeal of the estate and alternative minimum taxes. Trump outlined his proposals in a one-page sheet of bullet points headed “2017 Tax Reform for Economic Growth and …read more

IRS Explains How Offer in Compromise Works

Taxpayers who have a tax debt they cannot pay may have heard that they can settle their tax debt for less than the full amount owed. It’s called an Offer in Compromise. Before applying for an Offer in Compromise, here are some things to know: In general, the IRS cannot accept a settlement offer if …read more

IRS Issues Tips on What to do After the Tax-Filing Deadline

IRS Issues Tips on What to do After the Tax-Filing Deadline Tax day has come and gone for most people, but some taxpayers may still be dealing with their taxes. The IRS offers these tips for handling some typical after-tax-day issues: Didn’t File by April 18? There is no penalty for filing a late return …read more

Tax Tips to Help You Determine What Makes a Gift Taxable

Tax Tips to Help You Determine What Makes a Gift Taxable Taxpayers who give money or property to others may wonder about the federal gift tax and if it applies. Most gifts are not subject to the gift tax. Here are seven tax tips about the gift tax and giving: 1. Nontaxable Gifts. The general …read more