IRS launches 2018 filing season
The 2018 filing season for 2017 tax-year returns officially
launched on January 27. On the other end of the filing season,
taxpayers have two additional days to file their 2017 returns: the
President signs bill delaying three ACA taxes
President Trump signed legislation on January 22 to delay the
medical device excise tax, the health insurance provider fee and
the excise tax on high-dollar health plans. All three taxes were
February 2018 tax compliance calendar
As an individual or business, it is your responsibility to be aware
of and to meet your tax filing/reporting deadlines. This calendar
summarizes important federal tax reporting and filing data for
FAQ: What is the self-rental rule?
Under Code Sec. 469, passive losses can only be used to offset
passive income. Taxpayers who have losses from a passive
activity cannot use losses from a passive activity to offset
How do I? Prove business expenses
Everyone in business must keep records. Among other things, good
records will help a business prepare the business tax returns, and
will support items reported on tax returns. Taxpayers also must
FAQ…do I need a receipt for every gift to charity
The IRS requires that taxpayers substantiate their donations to
charity. Whatever the donation is, whether money or a household
item or clothing, the substantiation rules must be followed. The
FAQ: What is an information document request (IDR)?
When an IRS is conducting a detailed audit of a taxpayer, it may
want to see documents and records retained by the taxpayer. The
examiner will ask the taxpayer what type of documents are
Coming soon: greater tax-wise retirement options
Retired employees often start taking benefits by age 65 and, under
the minimum distribution rules, must begin taking distributions
from their retirement plans when they reach age 70 ½. Accordin...
How do I… Guard against taxpayer identity theft?
The number of tax return-related identity theft incidents has
almost doubled in the past three years to well over half a million
reported during 2011, according to a recent report by the Treasury
Common IRA contribution and distribution mistakes
Individual retirement accounts (IRAs) -- both traditional and Roth
IRAs -- are among the most popular retirement savings vehicles
today. Protecting the value of your IRA (and other retirement
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