NEW YORK (AP) — Each year, business owners can count on changes in tax law and other rules. For 2017, small businesses are getting a bigger deduction for equipment purchases, and those that aren’t required to provide health insurance will have an option to help staffers pay for coverage. Many companies have new filing deadlines…
WASHINGTON – The Internal Revenue Service has announced that the nation’s tax season will begin Monday, Jan. 23, 2017, and reminded taxpayers claiming certain tax credits to expect a longer wait for refunds. The IRS will begin accepting electronic tax returns that day, with more than 153 million individual tax returns expected to be filed…
Every tax season, scammers go after taxpayers on the internet, by email and over the phone to trick them into giving out their financial details. These frauds rake in billions of dollars each year. The Internal Revenue Service estimates that it prevented $22.5 billion in attempted identity-theft tax fraud, but paid out $3.1 billion in…
WASHINGTON — As tax filing season approaches, the Internal Revenue Service is reminding taxpayers free tax help is available online, by phone and in-person. The IRS encourages taxpayers to take advantage of the online tools and resources at IRS.gov. Many taxpayers, who don’t want to wait, can get answers to tax questions right away at…
WOODWARD, Okla. — The IRS and Security Summit partners are warning taxpayers to be on the lookout for phishing scams that can increase around tax season. “Each day people fall victim to phishing scams through emails, texts, or phone and mistakenly turn over important data,” according to the IRS information. “In turn, cybercriminals try to use…
By David B. Brandolph Defined benefit plans are likely to have their funding and lump-sum payment costs rise under an IRS proposed rule updating the mortality tables plans use to calculate the present value of benefits. The new tables, proposed Dec. 28, reflect the longer life expectancy of plan participants and are also used by…
As the tax filing season approaches on January 23 in the United States, the Internal Revenue Service (IRS) in Washington has reminded taxpayers of things they should do to get ready. The tax season in the U.S. means mounds of paperwork with individuals and accounting firms often overwhelmed before tax returns are due in on…
“Pay me next year” requests are common, from employees, suppliers, vendors, customers, and more. A delay of a few days might mean tax deferral for up to a year. Besides, on a cash basis, you probably assume you can’t be taxed until you receive money. Yet, if you have a legal right to payment but decide not to receive…
It’s an ideal week for taxpayers to begin gathering their war chests for the season about to dawn. The Internal Revenue Service is defining income tax season as commencing Jan. 23 and extending to April 18. The reasons for the extra few days are April 15 falling on a Saturday and a federal holiday observed…
BY MARIO H. LOPEZ, CONTRIBUTOR President-elect Donald Trump campaigned strongly against illegal immigration, but it is the fate of President Obama’s Deferred Action for Childhood Arrivals (DACA) that is one of his most anticipated early decisions. DACA, a 2012 executive order, temporarily stayed the deportation of Dreamers — the undocumented immigrants who were unwittingly brought…
