IRS Announces 2018 Tax Filing Season Opens with April 17 Deadline; 155 Million Tax Returns Projected, 70 Percent Expect Refunds.
Jan29

IRS Announces 2018 Tax Filing Season Opens with April 17 Deadline; 155 Million Tax Returns Projected, 70 Percent Expect Refunds.

Marking the beginning of the nation’s tax season, the Internal Revenue Service said today that it successfully started accepting and processing 2017 federal individual income tax returns. More than 155 million returns are expected to be filed this year. People have until Tuesday, April 17, 2018, to file their 2017 returns and pay any taxes due. The filing tax deadline is later this year due to several factors. The usual April 15...

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IRS, Partners Across the Nation Mark Today’s EITC Awareness Day; Taxpayers May Qualify for Significant Tax Benefit
Jan27

IRS, Partners Across the Nation Mark Today’s EITC Awareness Day; Taxpayers May Qualify for Significant Tax Benefit

The Internal Revenue Service and its partners across the country remind taxpayers about the Earned Income Tax Credit (EITC) on EITC Awareness Day. Today marks the 12th year of this awareness campaign to alert millions of low- and moderate-income workers who may be missing out on this significant tax credit. There are more than 250 total outreach events and activities scheduled to promote EITC Awareness around the country. Millions of...

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Many Hurricane Victims Qualify for Earned Income Tax Credit; Special Method Can Aid Workers Whose Income Dropped.
Jan25

Many Hurricane Victims Qualify for Earned Income Tax Credit; Special Method Can Aid Workers Whose Income Dropped.

The IRS is urging victims of last year’s hurricanes, especially those who lived in areas affected by Hurricanes Harvey, Irma and Maria, to see if they qualify for the Earned Income Tax Credit (EITC). According to the IRS, many people whose incomes dropped in 2017 may be eligible to choose a special option for figuring the EITC, a credit for low- and moderate-income workers and families. A special computation method, available only to...

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IRS Issues Additional Guidance on Transition Tax on Foreign Earnings.
Jan23

IRS Issues Additional Guidance on Transition Tax on Foreign Earnings.

The Treasury Department and the Internal Revenue Service (IRS) today provided additional guidance (Notice 2018-13) for computing the “transition tax” on the untaxed foreign earnings of foreign subsidiaries of U.S. companies under the Tax Cuts and Jobs Act. On Dec. 29, 2017, the Treasury Department and the IRS provided initial guidance on computing the transition tax in Notice 2018-07. Today’s notice describes regulations that the...

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Get Ready for Taxes: Plan Ahead to Avoid Tax Refund Delays.
Jan19

Get Ready for Taxes: Plan Ahead to Avoid Tax Refund Delays.

Taxpayers can take steps to ensure smooth processing of their 2017 tax return next year. Here are three things taxpayers should know about the tax returns they will file next year. 1) It’s important to gather documents The IRS urges all taxpayers to file a complete and accurate tax return by making sure they have all the needed documents before they file. This includes: Forms W-2 from employers. Forms 1099 from banks and other payers....

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