IRS Advisory: Prepaid Real Property Taxes May Be Deductible in 2017 if Assessed and Paid in 2017.
Dec29

IRS Advisory: Prepaid Real Property Taxes May Be Deductible in 2017 if Assessed and Paid in 2017.

The Internal Revenue Service advised tax professionals and taxpayers today that pre-paying 2018 state and local real property taxes in 2017 may be tax deductible under certain circumstances. The IRS has received a number of questions from the tax community concerning the deductibility of prepaid real property taxes. In general, whether a taxpayer is allowed a deduction for the prepayment of state or local real property taxes in 2017...

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IRS Statement – Withholding for 2018
Dec27

IRS Statement – Withholding for 2018

December 26, 2017 The IRS is working to develop withholding guidance to implement the tax reform bill signed into law on December 22.  We anticipate issuing the initial withholding guidance in January, and employers and payroll service providers will be encouraged to implement the changes in February. The IRS emphasizes this information will be designed to work with the existing Forms W-4 that employees have already filed, and no...

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May Peace And Happiness Be Yours This Holiday Season. Merry Christmas, Happy Holidays
Dec24

May Peace And Happiness Be Yours This Holiday Season. Merry Christmas, Happy Holidays

All of us at Account On Us would like to express our sincerest appreciation for the trust you have placed in us. This holiday season, we at Account On Us pause and take advantage of the season to express our gratitude and appreciation to you for doing business with us. Wishing you a year full of happiness and success. Account on Us offers many services for individuals such as income tax preparation, estate tax preparation, gift tax...

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IRS Criminal Investigation Releases Fiscal Year 2017 Annual Report.
Dec22

IRS Criminal Investigation Releases Fiscal Year 2017 Annual Report.

The Internal Revenue Service today announced the release of the Criminal Investigation Division’s (CI) annual report, reflecting significant accomplishments and criminal enforcement actions taken in fiscal year 2017. Focusing on employment tax, refund fraud, international tax enforcement, tax-related identity theft, public corruption, cybercrime, terrorist financing and money laundering, CI initiated 3,019 cases in FY 2017.  The...

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Standard Mileage Rates for 2018 Up from Rates for 2017
Dec19

Standard Mileage Rates for 2018 Up from Rates for 2017

The Internal Revenue Service today issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 54.5 cents for every mile of business travel driven, up 1 cent from the rate for 2017. 18 cents per mile driven...

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