IR-2017-110, June 22, 2017 WASHINGTON –The Internal Revenue Service reminds small businesses of the many free products available to help them understand and comply with the law. Products ranging from online calculators, printable calendars, step-by-step guides and a series of educational webinars are all available on IRS.gov. Federal law requires most employers …
IRS Offers Help to Students, Families to Get Tax Information for Student Financial Aid Applications Update June 2, 2017: U.S. Department of Education: Data Retrieval Tool Available for Income-Driven Repayment Plan Application; Extra Security Protections Now Allow Borrowers To Automatically Transfer Tax Return Information into Repayment Applications The U.S. Department of Education today announced the …
Fringe benefits partners and more-than-2% S shareholder employees can and can’t claim Partnerships-and limited liability companies (LLCs) treated as partnerships-and S corporations have distinct tax and non-tax advantages. Some of these are the tax treatment of Fringe Benefits. Working condition fringe benefits. . . . Business-related use of a company auto, if properly substantiated. The …
FS-2017-07, April 19, 2017Many taxpayers have encountered individuals impersonating IRS officials – in person, over the telephone and via email. Don’t get scammed. We want you to understand how and when the IRS contacts taxpayers and help you determine whether a contact you may have received is truly from an IRS employee. The IRS initiates …
Issue Number: IRS Tax Tip 2017-22 There are many reasons to keep a copy of a tax return from a prior year. The IRS urges all taxpayers to keep copies of their tax returns for at least three years. Taxpayers should keep a copy of their tax return. Beginning in 2017, taxpayers using a software …
Topic 510 – Business Use of Car If you use your car in your job or business and you use it only for that purpose, you may deduct its entire cost of operation (subject to limits discussed later). However, if you use the car for both business and personal purposes, you may deduct only the …
IRS Tax Tip 2015-42, March 19, 2015 If you use your home for business, you may be able to deduct expenses for the business use of your home. If you qualify you can claim the deduction whether you rent or own your home. If you qualify for the deduction you may use either the simplified …
WASHINGTON — As tax season approaches, the Internal Revenue Service, the states and the tax industry reminded taxpayers to be on the lookout for an array of evolving tax scams related to identity theft and refund fraud. Every tax season, there is an increase in schemes that target innocent taxpayers by email, by phone and …
WASHINGTON — The Internal Revenue Service today issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 53.5 …
The Social Security Administration has announced that the wage base for computing the Social Security tax (OASDI) in 2017 will increase to $127,200. The Social Security Administration has announced that the wage base for computing the Social Security tax (OASDI) in 2017 will increase to $127,200. The Federal Insurance Contributions Act (FICA) imposes two taxes …