The Internal Revenue Service today reminded the nation’s more than 768,000 federal tax return preparers that they must renew their Preparer Tax Identification Numbers (PTINs) for 2019. All current PTINs will expire Dec. 31, 2018. Anyone who prepares or helps prepare any federal tax return, or claim for refund, for compensation must have a valid…
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The Treasury Department and the Internal Revenue Service today issued proposed regulations and other published guidance for the new Opportunity Zone tax incentive. Opportunity Zones, created by the 2017 Tax Cuts and Jobs Act, were designed to spur investment in distressed communities throughout the country through tax benefits. Under a nomination process completed in June,…
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On December 22, 2017, the President signed the Tax Cuts and Jobs Act of 2017, the most sweeping change to the tax code in 31 years. What effect might the new law have on the amount you pay? The Act focuses most of its effort on corporate taxes, with a new flat rate of just…
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NO PERMITAN QUE SUS REMBOLSOS DE IMPUESTOS SUFRAN RETRASO WASHINGTON – El Servicio de Impuesto Internos, IRS, ya comenzó a recibir solicitudes de renovación para aquellos Números de Identificación Personal del Contribuyente, ITINs por sus siglas en inglés, programados para expirar a fines de este año. La agencia urge a los contribuyentes afectados por los…
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WASHINGTON ― President Donald Trump claimed in his speech to Congress last week that he could “save countless dollars, raise workers’ wages and help struggling families” with one trick: switching to a “merit-based” immigration system, like Canada’s or Australia’s. He made a similar case several days later in a tweet. First, he promoted Green Card Warrior,…
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Last year was a difficult one for the IRS with respect to security issues, and the agency is determined to improve security during this year’s filing. Electronic filing is particularly vulnerable because of the speed of the process — it is a favorite method among thieves who steal information from taxpayers and file fraudulent tax…
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Undisclosed foreign accounts or income can trigger significant civil penalties. They can even carry potential criminal penalties. Since 2009, many U.S. persons with foreign accounts and income have come within the IRS’s enormous offshore enforcement efforts. Not everyone has entered the IRS Offshore Voluntary Disclosure Program (OVDP). Still, it can be the safest move, and the only…
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President Donald Trump discussed immigration policy with Laurene Powell Jobs, the widow of Apple Inc. co-founder Steve Jobs and a critic of Trump’s travel ban, at the White House on Wednesday, according to an administration official. The meeting comes after the president issued a second executive order temporarily barring travel and immigration from six predominantly…
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The IRS has confirmed that tax audits are way down, caused by budget cuts and fewer IRS personnel. In fact, the number of audits dropped 16% just from the previous year, and that was the sixth year in a row for fewer audits. The chances of audit have always been low, but they have gotten even lower, considerably…
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WASHINGTON ― The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning April 1, 2017. The rates will be: four (4) percent for overpayments [three (3) percent in the case of a corporation]; 1 and one-half (1.5) percent for the portion of a corporate overpayment exceeding $10,000;…
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