Tax season is right around the corner and, unfortunately, a surge in tax scams is likely to come with it. Tax scams can take many different forms, but most tax scams fall under three major categories: fraudulent returns, phone scams, and phishing. Most tax scams, though, are preventable, so here’s what you need to know…
I know how tempting it is to pull money out of a 401(k) to pay holiday bills. Just say no. Yet it’s not always true that you get nailed by Uncle Sam every time you pull money out of a 401(k) plan. The government will waive the 10% early-withdrawal penalty under certain circumstances. While generally…
CONCORD, N.H. – Employers across New England and the nation are scrambling today to meet a new end-of-month deadline that is designed to protect your income-tax refund. The change is part of the Protecting Americans from Tax Hikes or “PATH” Act, and AARP volunteer fraud-fighter Norma Boyce said the goal is to prevent tax refunds…
If you want to figure out what you’ll owe in taxes next year, then you need to know the tax brackets that the IRS puts out every year. Long before most people even start thinking about filing their taxes for 2016, the 2017 tax brackets become available for those who want to do advance planning…
WASHINGTON — Congressional Republicans are planning a massive overhaul of the nation’s tax system, a heavy political lift that could ultimately affect families at every income level and businesses of every size. Their goal is to simplify a complicated tax code that rewards wealthy people with smart accountants, and corporations that can easily shift profits…
With tax season right around the corner, it is never too early to start thinking about your 2016 tax return and avoid costly filing errors that many taxpayers make. Even if you file through electronic software or a tax professional, the return you get out is only as good as the information you put in.…
The IRS has extended the time you have to provide employees with their copies of Forms 1095-C or 1095-B to March 2, 2017. The IRS, however, is still encouraging you to provide employees with their forms by the end of this month. Since it’s extending the deadline on its own, you don’t need to apply…
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…
WASHINGTON — Time is running out for many ITIN holders who need to file a federal income tax return in 2017 and want to avoid a long wait for a refund, according to the Internal Revenue Service. An Individual Taxpayer Identification Number (ITIN) is used by anyone who has tax-filing or payment obligations under U.S.…
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…
