California has more than 2.7 million undocumented immigrants—about 7% of its population. Lawmakers in Democrat-controlled California are already laying the groundwork to fight President-elect Donald Trump’s conservative populist agenda. On Monday, leaders of both houses of the legislature introduced measures to protect undocumented immigrants in the state from efforts by a Trump administration to deport…
WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Jan. 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; four…
WASHINGTON — The Internal Revenue Service, the states and the tax industry today urged taxpayers to take steps to protect themselves online to help in the fight against identity theft. Scammers, hackers and identity thieves are looking to steal taxpayers’ personal information and ultimately their money. But, there are simple steps taxpayers can take to…
It can happen to the best of us. You thought you copied the right figure onto your tax form, but you mixed up a couple of digits. Or maybe you forgot about that interest payment from the bank whose statements you rarely check. It’s easy enough to make a mistake when filing your federal taxes,…
The IRS slaps stiff penalties on tardy taxpayers who miss the deadlines for filing returns or making payments. To get the feds to waive a penalty, a taxpayer has to convince them that the delay was “due to reasonable cause and not due to willful neglect.” The tax enforcers have long-standing guidelines on what this…
WASHINGTON — The Internal Revenue Service today reminded researchers that the fall 2016 issue of the Statistics of Income Bulletin is available on IRS.gov. The Statistics of Income (SOI) Division produces the online Bulletin quarterly, providing the most recent data available from various tax and information returns filed by U.S. taxpayers. This issue includes articles…
OAKLAND, Calif. — Maybe you’ve heard this story line before. With the blithe stroke of a pen and without congressional approval, President Barack Obama gave legal status to a vast population of immigrants who entered the country unlawfully — because he wanted to, and because he found a way. I’m referring to the Deferred Action…
IRS Notice N-2016-70 has extended the deadline for mailing the 2016 reporting year 1095 Forms from January 31st, 2017 to March 2nd, 2017. Importantly, the notice only extends the deadline for mailing the forms to employees and plan participants, and it does not extend the deadline for electronically transmitting the reporting data to the IRS. The…
WASHINGTON — The Internal Revenue Service announced today the launch of an online application that will assist taxpayers with straightforward balance inquiries in a safe, easy and convenient way. This new and secure tool, available on IRS.gov allows taxpayers to view their IRS account balance, which will include the amount they owe for tax, penalties…
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