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IRS Urges Taxpayers with Expiring ITINs to Submit Renewal Applications as Year-End Deadline Approaches

Last updated on Wednesday, November 1, 2017

WASHINGTON— The Internal Revenue Service reminds taxpayers with expiring Individual Taxpayer Identification Numbers (ITINs) to submit their renewal applications as soon as possible. Failing to renew them by the end of the year will cause refund and processing delays in 2018. The IRS mailed more than 1 million letters to taxpayer households that include an […]

Four Things to Know about Taxes and Starting a Business

Last updated on Tuesday, October 31, 2017

New business owners have tax-related things to do before launching their companies. IRS.gov has resources to help. Here are some items to consider before scheduling a ribbon-cutting event. Choose a business structure When starting a business, an owner must decide what type of entity it will be. This type determines which tax forms a business […]

IRS Announces 2018 Pension Plan Limitations; 401(k) Contribution Limit Increases to $18,500 for 2018

Last updated on Friday, October 20, 2017

WASHINGTON — The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2018. The IRS today issued technical guidance detailing these items in Notice 2017-64. Highlights of Changes for 2018 The contribution limit for employees who participate in 401(k), 403(b), most 457 […]

Tips for Individuals Who Need to Reconstruct Records After a Disaster

Last updated on Thursday, October 5, 2017

Taxpayers who are victims of a disaster might need to reconstruct records to prove their loss. Doing this may be essential for tax purposes, getting federal assistance, or insurance reimbursement. Here are 12 things taxpayers can do to help reconstruct their records after a disaster: Taxpayers can get free tax return transcripts by using the […]

Low-Income Housing Units Nationwide May be Offered to Displaced Victims of Hurricanes Harvey, Irma and Other Recent Disasters

Last updated on Thursday, September 28, 2017

WASHINGTON — The Internal Revenue Service has provided temporary relief from certain requirements of the Internal Revenue Code to allow owners and operators of low-income housing projects located anywhere in the United States and its possessions to provide temporary emergency housing to individuals who are displaced by a major disaster from their principal residences, regardless […]

Reminder for Parents, Students: Check Out College Tax Benefits

Last updated on Wednesday, September 27, 2017

WASHINGTON ― With back-to-school season in full swing, the Internal Revenue Service reminds parents and students about tax benefits that can help with the expense of higher education. Two college tax credits apply to students enrolled in an eligible college, university or vocational school. Eligible students include the taxpayer, their spouse and dependents. American Opportunity […]

IRS Gives Tax Relief to Victims of Hurricane Irma; Like Harvey, Extension Filers Have Until Jan. 31 to File; Additional Relief Planned

Last updated on Wednesday, September 13, 2017

WASHINGTON –– Hurricane Irma victims in parts of Florida and elsewhere have until Jan. 31, 2018, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today. Today’s relief parallels that granted last month to victims of Hurricane Harvey. This includes an additional filing extension for taxpayers […]

IRS Waives Diesel Fuel Penalty in Florida Due to Hurricane Irma

Last updated on Wednesday, September 13, 2017

WASHINGTON — The Internal Revenue Service (IRS), in response to shortages of undyed diesel fuel caused by Hurricane Irma, will not impose a penalty when dyed diesel fuel is sold for use or used on the highway in the state of Florida. This relief is effective as of Sept. 6, 2017. Consistent with the Environmental […]

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