Tax Professionals Provide Insights on IRS Future State; Feedback Efforts Continue in 2017 as Online Account Shows Strong Early Use

WASHINGTON — As part of ongoing efforts to receive feedback from the tax community and partner groups, the Internal Revenue Service today said tax professionals attending the Nationwide Tax Forums this year highlighted a number of areas to help the agency shape Future State efforts to improve taxpayer service. “This year’s Tax Forums were an…

IRS Extends Relief For Form 1098-T Filer Penalties

In Announcement 2016-42, the IRS said that it would extend relief from penalties under Sections 6721 and 6722, related to information reporting, for qualified educational institutions required to report on Forms 1098-T, “Tuition Statement.” The relief from penalties applies to amounts to be reported on Forms 1098-T for the 2017 calendar year, and relief previously…

Form SS-8 May Help Solve Problems with IRS

You can face serious consequences if you do not know the difference between an employee and independent contractor and misclassify your workers. Business & Financial Solutions has educated companies and employees on the issues affecting both sides of the working relationship, thereby helping to prevent and/or solve unnecessary tax problems. Form SS-8 is used by individuals and firms…

Tax Preparedness Series: Plan Now to Get Full Benefit of Saver’s Credit; Tax Credit Helps Low- and Moderate-Income Workers Save for Retirement

WASHINGTON — As the tax filing season approaches, the Internal Revenue Service reminds low- and moderate-income workers that they can take steps now to save for retirement and earn a special tax credit in 2016 and years ahead. The saver’s credit helps offset part of the first $2,000 workers voluntarily contribute to IRAs and 401(k)…