4 May 2017

2018 Health Savings Account Limits

May 4th, 2017|Technical Guidance|

Revenue Procedure 2017-37 provides the 2018 inflation adjusted amounts for Health Savings Accounts (HSAs) as determined under IRC §223. […]

20 Apr 2017

Guidance on Expensing Section 179 Property and Bonus Depreciation

April 20th, 2017|Technical Guidance|

Today the IRS released Revenue Procedure 2017-33 which provides guidance under the Protecting Americans for Tax Hikes Act of 2015 (PATH Act) regarding amendment to (i) expensing section 179 property, (ii) the additional first year depreciation deduction under section 168(k), and (iii) the qualified Indian reservation property depreciation provision under section 168(j). […]

24 Mar 2017

2017 Depreciation and Inclusion for Trucks and Automobiles

March 24th, 2017|Technical Guidance|

Revenue Procedure 2017-29 updates for 2017 tax years the annually published depreciation and inclusion tables for owners and lessees, respectively, of passenger vehicles, trucks, and vans. […]

20 Mar 2017

Small Business/Self-Employed Fast Track Settlement Program

March 20th, 2017|Industry News|

The IRS announced today Revenue Procedure 2017-25 which establishes the Small Business/Self Employed Fast Track Settlement program (SB/SE FTS) and provides an expedited format for resolving disputes with Small Business/Self Employed (SB/SE) taxpayers. SB/SE taxpayers that currently have unagreed factual or legal issues in at least one open year under examination can work together with SB/SE and the Office of Appeals to resolve outstanding disputed issues while the case is still in SB/SE jurisdiction.

For full details on this new program, see Revenue Procedure 2017-25.

15 Mar 2017

Winter Storm Filing Extension

March 15th, 2017|Industry News|

The IRS granted many businesses affected by severe winter storms additional time to request a six-month extension to file their 2016 federal income tax returns. The IRS is providing this relief to victims and tax professionals affected by the winter storm known as Winter Storm Stella that hit portions of the Northeast and Mid-Atlantic in mid-March. […]

13 Mar 2017

2017 Foreign Housing Limits Announced

March 13th, 2017|Technical Guidance|

IRS Notice 2017-21 provides for adjustments to the limitation on housing expenses for purposes of IRC §911. These adjustments are made on the basis of geographic differences in housing costs relative to housing costs in the United States. Further, if the limitation on housing expenses is higher for taxable year 2017 than the adjusted limitations on housing expenses provided in Notice 2016-21, qualified taxpayers may apply the adjusted limitations for taxable year 2017 to their 2016 taxable year.

For more information about the Foreign Housing Exclusion And Deduction, see Foreign Income in MetaTax.

30 Jan 2017

Tax Relief for Storm Victims in Georgia

January 30th, 2017|Industry News|

Victims of the severe storms, tornadoes, and straight-line winds that took place beginning on January 21, 2017 in parts of Georgia, may qualify for tax relief from the Internal Revenue Service.

The President has declared that a major disaster exists in the State of Georgia. Following the recent disaster declaration for individual assistance issued by the Federal Emergency Management Agency, the IRS announced today that affected taxpayers in Georgia will receive tax relief.
Individuals who reside or have a business in the following counties may qualify for tax relief:

  • Berrien
  • Cook
  • Crisp
  • Dougherty
  • Turner
  • Wilcox

This declaration permits the IRS to postpone certain deadlines for taxpayers who reside or […]

16 Dec 2016

2017 Standard Mileage Rates Announced

December 16th, 2016|Technical Guidance|

The IRS 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 cents per mile for business miles driven, down from 54 cents for 2016
  • 17 cents per mile driven for medical or moving purposes, down from 19 cents for 2016
  • 14 cents per mile driven in service of charitable organizations

For more information, see Notice 2016-79.

9 Dec 2016

IRS to Begin Accepting Returns January 23, 2017

December 9th, 2016|Industry News|

The Internal Revenue Service announced that it will begin accepting electronic tax returns staring on Monday, January 23, 2017. The filing deadline to submit 2016 tax returns is Tuesday, April 18, 2017, rather than the traditional April 15 date. In 2017, April 15 falls on a Saturday, and this would usually move the filing deadline to the following Monday – April 17. However, Emancipation Day – a legal holiday in the District of Columbia – will be observed on that Monday, which pushes the nation’s filing deadline to Tuesday, April 18, 2017. Under the tax law, legal holidays in the […]

30 Nov 2016

Tax Relief for Victims of Severe Storms and Flooding in Minnesota

November 30th, 2016|Industry News|

Victims of the severe storms and flooding that took place beginning September 21, 2016 in parts of Minnesota may qualify for tax relief from the IRS.