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TIGTA Urges Taxpayers to Beware IRS Impersonators

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TIGTA Urges Taxpayers to Beware IRS Impersonators

Federal Tax Day – Current, T.1, TIGTA Urges Taxpayers to Beware of IRS Impersonators (TIGTA Press Release), (Dec. 29, 2017) The Treasury Inspector General for Tax Administration (TIGTA) has urged taxpayers to beware of IRS impersonators and avoid becoming victims of fraudulent scams and solicitations during the upcoming filing season. Federal charges have been filed […]

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sgrgas

Standard mileage rates increase, while higher depreciation limits kick in

Standard mileage rates increase, while higher depreciation limits kick in The IRS has released the 2018 optional standard mileage rates to be used to calculate the deductible costs of operating an automobile for business, medical, moving and charitable purposes. Beginning on January 1, 2018, the standard mileage rates for the use of a car, van, […]

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sgrgas

New year brings new tax code

New year brings new tax code January 1, 2018 not only brings a new year, it brings a new federal Tax Code. The just-passed Tax Cuts and Jobs Act makes sweeping changes to the nation’s tax laws. Many of these changes take effect January 1. Everyone – especially individuals and business owners – needs to […]

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tzanata

Top 10 tax developments with impact on 2018

Top 10 tax developments with impact on 2018 The start of a New Year presents a time to reflect on the past 12 months and, based on what has gone before, predict what may happen next. Here is a list of the top 10 developments from 2017 that may prove particularly important as we move […]

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sgrgas

How Do I? Use Section 529 plans for elementary and secondary school tuition

How Do I? Use Section 529 plans for elementary and secondary school tuition The Tax Cuts and Jobs Act modifies Section 529 qualified tuition plans to allow the plans to distribute up to $10,000 in tuition expenses incurred during the tax year for designated beneficiaries enrolled at a public, private, or religious elementary or secondary […]

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sgrgas

FAQ: Can I still convert regular IRAs into Roth IRAs?

FAQ: Can I still convert regular IRAs into Roth IRAs? Yes, conversions from regular (traditional) tax-deferred individual retirement accounts (IRAs) to Roth IRAs are still allowed after enactment of the Tax Cuts and Jobs Act. In fact, in some instances, such Roth conversions are more beneficial than they were prior to 2018, since the tax […]

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sgrgas

January 2018 tax compliance calendar

January 2018 tax compliance calendar January 4 Employers. Semi-weekly depositors must deposit employment taxes for Dec 27–Dec 29.   January 5 Employers. Semi-weekly depositors must deposit employment taxes for Dec. 30 and Dec. 31, Jan 1 and Jan 2.   January 10  Employees who work for tips. Employees who received $20 or more in tips during December must […]

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wnaegele

Tax debate touches every individual, business

Tax debate touches every individual, business Small business taxation, corporate tax rates, and changes to popular deductions are just some of the many complex changes to the Tax Code being debated in Congress. At the time this article was posted, the Senate is expected to approve, along party-lines, a sweeping overhaul of the Tax Code […]

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ekoumniotes

Year-end planning for capital gains and losses

Year-end planning for capital gains and losses As an economic incentive for individuals to save and invest, gains from the sale of capital assets held for at least one year unless offset by losses, as well qualified dividends received during the year, may be taxed at rates lower than ordinary income tax rates. The tax […]

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aaguanno

Information reporting deadlines coming up fast

Information reporting deadlines coming up fast Information reporting has become a growing part of IRS’s enforcement and compliance strategy. Data matching, or even the inference that the IRS has the data to do so, statistically has increased overall income reporting nine-fold. Use of information returns, either in the form of Forms W-2, 1098s or 1099s, […]

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