IRS Encourages Taxpayers to Check Their Withholding; Checking Now Helps Avoid Surprises at Tax Time.
Oct31

IRS Encourages Taxpayers to Check Their Withholding; Checking Now Helps Avoid Surprises at Tax Time.

As the end of 2017 approaches, the Internal Revenue Service today encouraged taxpayers to consider a tax withholding checkup. Taking a closer look at the taxes being withheld now can help ensure the right amount is withheld, either for tax refund purposes or to avoid an unexpected tax bill next year. The withholding review takes on even more importance given a tax law change that started last year. This change requires the IRS to hold...

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Changes To The ITIN Program
Oct30

Changes To The ITIN Program

Your ITIN may expire before you file a tax return in 2018. All ITINs not used on a federal tax return at least once in the last three years will expire on December 31, 2017. Additionally, all ITINs issued before 2013 with middle digits of 70, 71, 72 or 80 are expiring. If you need to file a tax return in 2018, IRS recommends you renew your ITIN. The IRS has developed outreach products and additional information on the ITIN program in...

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IRS Warns Taxpayers of Surge in Automated Phone Scam Calls; Requests for Fake Tax Payments Using iTunes Gift Cards.
Oct27

IRS Warns Taxpayers of Surge in Automated Phone Scam Calls; Requests for Fake Tax Payments Using iTunes Gift Cards.

The Internal Revenue Service today warned taxpayers to stay vigilant against an increase of IRS impersonation scams in the form of automated calls and new tactics from scammers demanding tax payments on iTunes and other gift cards. The IRS has seen an increase in “robo-calls” where scammers leave urgent callback requests through the phone telling taxpayers to call back to settle their “tax bill.” These fake calls generally claim to be...

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In 2018, Some Tax Benefits Increase Slightly Due to Inflation Adjustments, Others Unchanged.
Oct24

In 2018, Some Tax Benefits Increase Slightly Due to Inflation Adjustments, Others Unchanged.

The Internal Revenue Service today announced the tax year 2018 annual inflation adjustments for more than 50 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2017-58 provides details about these annual adjustments. The tax year 2018 adjustments generally are used on tax returns filed in 2019. The tax items for tax year 2018 of greatest interest to most taxpayers include the following dollar...

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IRS Announces 2018 Pension Plan Limitations; 401(k) Contribution Limit Increases to $18,500 for 2018
Oct22

IRS Announces 2018 Pension Plan Limitations; 401(k) Contribution Limit Increases to $18,500 for 2018

The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2018.  The IRS today issued technical guidance detailing these items in Notice 2017-64. Highlights of Changes for 2018 The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased...

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