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IRS gives taxpayers relief from erroneous HSA contributions

The IRS announced on Thursday that it is modifying the annual limitation on deductions for contributions to a health savings account (HSA) allowed for taxpayers with family coverage under a high-deductible health plan (HDHP) for calendar year…
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Many corporations will pay a blended federal income tax

Many U.S. corporations elect to use a fiscal year end and not a calendar year end for federal income tax reporting purposes.  Due to a provision in the recently enacted Tax Cuts and Jobs Act (TCJA), a corporation with a fiscal year that includes…
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Se Extiende Fecha Límite para Puerto Rico y las Islas Vírgenes

Se Extiende Fecha Límite de Presentación de Impuestos Hasta el 29 de Junio para Víctimas del Huracán María en Puerto Rico y las Islas Vírgenes. El Servicio de Impuestos Internos (IRS) les recuerda a las víctimas del huracán María…
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Interest on Home Equity Loans Often Still Deductible Under New Law

The Internal Revenue Service today advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans. Responding to many questions received from taxpayers and tax professionals, the IRS said that despite…
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Avoid the Rush: Some Taxpayers May Need Prior-Year Tax Data

The Internal Revenue Service today reminded taxpayers who have changed tax software products that they may need information from their 2016 tax return to complete their taxes this year. It’s always a good idea to keep copies of previously-filed…
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IRS Issues Urgent Warning On New Tax Refund Scam

Just when you thought you'd read about all of the tax scams: The Internal Revenue Service (IRS) is warning taxpayers about a new - and growing - scam involving erroneous tax refunds being deposited into real taxpayer bank accounts. Then the…
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2017 Tax Reform Legislation: What You Should Know

The bill will affect the taxes of most taxpayers, but one key point to keep in mind is that for most people, the bill won't affect your taxes for 2017 (the one you file in 2018). If you’re wondering how you’re affected, not to worry,…
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Filing taxes in 2018: Important dates you need to know related to your taxes

In general, all businesses operating in the U.S. are required to report their activities to the IRS by filing annual tax returns. The due date and type of tax return that is filed depends on the type of business entity. If a business…
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Updated 2018 Withholding Tables Now Available

The Internal Revenue Service today released Notice 1036, which updates the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted last month. This is the first in a series of steps that IRS will…