With the change of government, the policies shall also be renewed. According to the new plans, the income taxes may increase by thousands of dollars for parents belonging to a middle class, or the parents having more than three children. Trump insight for various aspects was already revealed during the election campaign, and it was…
The Internal Revenue Service (IRS) has proposed updates to the minimum present value requirements for defined benefit (DB) plan distributions. The proposed regulations would provide guidance about changes made by the Pension Protection Act of 2006 (PPA) and would provide other modifications to these rules as well. They would amend the current final regulations under…
The IRS has extended the 2017 due dates to report 2016 health care coverage information to employees and insured individuals from Jan. 31 to March 2, 2017. The new reporting requirements were enacted as part of the Affordable Care Act (ACA) and became effective for the 2015 calendar year. Applicable large employers (employers with 50…
With the arrival of Thanksgiving comes the start of the peak season for giving to charity, and Americans may well set another record in 2016, as they do most years. In 2015, Americans gave a record $373.25 billion, up from $358.38 billion the year before. This year most of the guidelines are familiar: Give to…
The Internal Revenue Service has created a new Fast Track Mediation program to resolve collection cases and issues more quickly for taxpayers with outstanding tax debts. Revenue Procedure 2016-57, issued by the IRS last week, replaces the IRS’s Fast Track Mediation procedure with a new program, Fast Track Mediation—Collection. The FTMC program provides taxpayers who…
CLÉMENT GARNIER DOESN’T know how much time he has left. Not because he’s sick or elderly. Garnier is 25 years old, and in some ways, he’s in his prime. He moved to San Francisco two years ago after finishing up his computer science degree to become one of the first five employees at a then-tiny…
WASHINGTON – As tax filing season approaches, the Internal Revenue Service wants taxpayers who are self-employed or involved in the sharing economy to know about free resources that are available to help them with their taxes. Sole proprietors and independent contractors can get helpful information from the IRS Small Business and Self-Employed Tax Center. This…
There are said to be two certainties in life: death and taxes. The latter has apparently become a cash cow for all sorts of thieves, including sophisticated criminal enterprises. Tax-related scams tend to peak during filing season, but they are a pervasive and constantly evolving threat, cheating individuals and the federal government out of millions…
WASHINGTON — As the holidays approach, the Internal Revenue Service today reminded taxpayers to remember that a new law requires the IRS to hold refunds until mid-February in 2017 for people claiming the Earned Income Tax Credit or the Additional Child Tax Credit. In addition, new identity theft and refund fraud safeguards put in place…
WASHINGTON — As a senator, Jeff Sessions became Congress’ leading advocate not only for a cracking down on illegal immigration, but also for slowing all immigration, increasing mass deportations and scrutinizing more strictly those entering the U.S. As attorney general, he’d be well positioned to turn those ideas into reality. Immigration laws are enforced by…