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Author Archive for Salvatore Russo

srusso

IRS launches 2018 filing season

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 traditional April 15 filing deadline moves to April 17 this year. Some early filers, however, may find their […]

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srusso

IRS instructs employers to use new withholding tables

IRS instructs employers to use new withholding tables Much-anticipated withholding tables for 2018 have been posted by the IRS. While the new withholding tables are designed to work with existing Forms W-4, the agency encouraged taxpayers to use its online withholding calculator to make adjustments if necessary. New Forms W-4, Employee’s Withholding Allowance Certificate, will […]

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srusso

President signs bill delaying three ACA taxes

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 delayed in a temporary funding bill. ACA Taxes The Affordable Care Act (ACA) created all three of […]

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FAQ: Does tax return identity theft spike at the start of the filing season?

FAQ: Does tax return identity theft spike at the start of the filing season? Yes. Identity theft is a growing problem and the start of the return filing season is one of the peak times for identity thieves filing fraudulent returns. Criminals file false returns early to get refunds and unsuspecting taxpayers are unaware their […]

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srusso

February 2018 tax compliance calendar

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 individuals, businesses and other taxpayers for the month of February 2018. February 2 Employers. Semi-weekly depositors must deposit employment taxes […]

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srusso

IRS exam staffing falls; audit coverage declines

IRS exam staffing falls; audit coverage declines IRS Exam staffing in fiscal year (FY) 2016, the latest tax year with statistics available, reached a 20-year low. As a result, the Treasury Inspector General for Tax Administration (TIGTA) has reported that the IRS undertook fewer audits. Staffing “Examination is a vitally important aspect of maintaining a […]

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How Do I? Get a payroll credit for increasing research expenses

How Do I? Get a payroll credit for increasing research expenses IRS Chief Counsel, in generic legal advice (AM-2017-003), recently described when a qualified employer may take into account the payroll tax credit for increasing research activities. The Protecting Americans from Tax Hikes Act of 2015(PATH Act) created the payroll credit aimed at start-ups with little […]

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srusso

FAQ: Can I claim the adoption credit for a foreign adoption?

FAQ: Can I claim the adoption credit for a foreign adoption? Yes, however, there are special timing rules for foreign adoptions. These rules differ from the timing rules for domestic adoptions and impact when you may claim qualified adoption expenses. The Tax Code provides a nonrefundable credit for qualified adoption expenses. The credit is subject […]

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