IRS issues proposed regulations on foreign tax credits
WASHINGTON — The Internal Revenue Service issued proposed regulations today on foreign tax credits for businesses and individuals. The 2017 Tax Cuts and Jobs Act (TCJA), legislation passed in December 2017, made…
Read moreOct. 15 tax-filing extension deadline approaches for millions of taxpayers
WASHINGTON — The Internal Revenue Service today urged taxpayers who requested the six-month filing extension to double check their tax returns and file on or before the mid-October deadline. More…
Read moreHow to Know if the Knock on Your Door is Actually Someone from the IRS
Every Halloween, children knock on doors pretending they are everything from superheroes to movie stars. Scammers, on the other hand, don’t leave their impersonations to one day. They can happen…
Read moreStudent Loan Interest Deduction
If a taxpayer’s modified adjusted gross income (MAGI) in 2017 is less than $80,000 ($165,000 if filing a joint return), there is a special deduction allowed for paying interest on…
Read moreReconstructing Records After a Natural Disaster or Casualty Loss
Reconstructing records after a disaster may be essential for tax purposes, getting federal assistance or insurance reimbursement. After a disaster, taxpayers might need certain records to prove their loss. The…
Read moreIRS Offers Help to Hurricane Victims: A Recap of Key Tax Relief Provisions Available Following Harvey, Irma and Maria
WASHINGTON – The Internal Revenue Service today offered a rundown of key tax relief that has been made available to victims of Hurricanes Harvey, Irma and Maria. In general, the…
Read moreIRS Gives Tax Relief to Victims of Hurricane Harvey; Parts of Texas Now Eligible; Extension Filers Have Until Jan. 31 to File
WASHINGTON –– Hurricane Harvey victims in parts of Texas have until Jan. 31, 2018, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue…
Read moreBeware of Fake Charity Scams Relating to Hurricane Harvey
WASHINGTON ― The Internal Revenue Service today issued a warning about possible fake charity scams emerging due to Hurricane Harvey and encouraged taxpayers to seek out recognized charitable groups for…
Read moreAvoid Having Too Much or Too Little Federal Income Tax Withheld
WASHINGTON — The Internal Revenue Service today encouraged taxpayers to consider checking their tax withholding, keeping in mind several factors that could affect potential refunds or taxes they may owe…
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