WASHINGTON — As tax filing season approaches, the Internal Revenue Service is reminding taxpayers there are things they should do now to get ready for filing season. For most taxpayers, Dec. 31 is the last day to take actions that will impact their 2016 tax returns. For example, charitable contributions are deductible in the year…
President-elect Donald Trump has a big year ahead of him. On the policy front, two of the first tier issues will be tax reform and immigration reform. Think they don’t have much to do with each other? Think again. Let’s start with immigration. On a recent “60 Minutes” interview, in his interview with Time Magazine’s…
Dec. 13 — The Internal Revenue Service’s budget for 2017, perhaps unsurprisingly, doesn’t look too pretty. President Barack Obama on Dec. 10 signed a continuing budget resolution to fund the federal government through April 28, meaning funding will continue at 2016 levels. While a flat budget may be better than a cut, it is still…
WASHINGTON — The Internal Revenue Service today issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 53.5…
While many Americans are busy decking the halls, crooks are hard at work hatching new tax-related scams. That’s because scammers (like some eager Americans and tax preparers) are now gearing up for filing season — which each year brings a spike in schemes aimed at cheating taxpayers out of money and getting them to part…
Barring any late glitches, the federal income tax return filing season is set to begin on Monday, Jan. 23, 2017, the IRS announced last week. The nation’s tax-collection agency also cautioned taxpayers who claim certain credits that they will have to wait longer for refunds. The last day for filing 2016 tax returns without an…
“They got brought here at a very young age, they’ve worked here, they’ve gone to school here. Some were good students. Some have wonderful jobs. And they’re in never-never land because they don’t know what’s going to happen.” Which political leader made these compassionate remarks about the “dreamers” – the roughly 1.8 million children who…
While President-elect Donald Trump has been preparing to take office next month, a growing number of “sanctuary cities” have vowed to limit the scope of their assistance with his immigration policies. Trump said he would crack down on and deport millions of undocumented immigrants. He also said he would take a tough stance on so-called sanctuary…
Taxpayers who like to file early to get a quick turnaround of a refund may be disappointed this tax season. In its effort to battle fraud, the IRS has a new strategy: Delay the refunds of filers who are more likely to take certain tax credits that are frequently claimed improperly or are the target…
WASHINGTON ― The Internal Revenue Service today reminded eligible employees that now is the time to begin planning to take full advantage of their employer’s health flexible spending arrangement (FSA) during 2017. FSAs provide employees a way to use tax-free dollars to pay medical expenses not covered by other health plans. Because eligible employees need…
