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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.
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10 Nov 2016

Due Diligence Training Now Available Online

November 10th, 2016|Industry News|

Congress recently expanded the Earned Income Tax Credit due diligence requirements to include two additional refundable credits – the Child Tax Credit/Additional Child Tax Credit and the American Opportunity Tax Credit.

Tax preparers can take a seminar presented at the 2016 Nationwide Tax Forums to help navigate through the new procedures, the new form and the additional refundable credits that have now come under the due diligence requirements.

Tax preparers taking the course can earn one continuing education credit for an additional fee, or they can choose to audit the seminar free of charge.

28 Oct 2016

Reminder: New Jan 31 W-2 Filing Deadline for Employers

October 28th, 2016|Industry News|

The Protecting Americans from Tax Hikes (PATH) Act, enacted in December 2015, includes a new requirement for employers. Employers are now required to file their copies of Form W-2, submitted to the Social Security Administration, by January 31. (Previously, the deadline was the end of February or March, depending on the method of filing.) The new January 31 filing deadline also applies to certain Forms 1099-MISC reporting non-employee compensation such as payments to independent contractors.
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27 Oct 2016

2017 COLA Announced; 401(k) Contribution Limit Remains $18,000

October 27th, 2016|Technical Guidance|

The IRS today released its list of 2017 dollar limitations that apply to qualified retirement plans, as adjusted for cost-of-living adjustments. Among the limits released was an announcement that the contribution limit for 401(k) retirement plans will remain unchanged at $18,000 in 2017.
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25 Oct 2016

2017 Inflation Adjustments Announced

October 25th, 2016|Technical Guidance|

The IRS announced the tax year 2017 annual inflation adjustments for more than 50 tax provisions, including the tax rate schedules, and other tax changes. Among the highlights are:
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14 Oct 2016

Tax Relief for Victims of Hurricane Matthew in North Carolina

October 14th, 2016|Industry News|

The IRS announced that North Carolina storm victims will have until March 15, 2017, to file certain individual and business tax returns and make certain tax payments, with similar relief expected soon for Hurricane Matthew victims in other states. All workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization also qualify for relief.
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14 Oct 2016

Updated Rules for Deducting Disaster Loss in the Preceding Year

October 14th, 2016|Technical Guidance|

Revenue Procedure 2016-53 contains rules and procedures making and revoking an election under IRC §165(i) to deduct a loss from a federally declared disaster for the taxable year immediately preceding the taxable year in which the disaster occurred.

The IRS also issued temporary regulations that extend the date by which a taxpayer must make a §165(i) election to six months after the due date of the taxpayer’s federal income tax return for the disaster year (without regard to any extension of time to file). The temporary regulations also extend the time for revoking a §165(i) election to ninety […]

7 Oct 2016

Paid Preparer Due Diligence Requirements Expanded

October 7th, 2016|Industry News|

In the Protecting Americans from Tax Hikes (PATH) Act of 2015, Congress expanded the Earned Income Tax Credit (EITC) due diligence requirements to include two additional refundable credits – the Child Tax Credit (CTC)/Additional Child Tax Credit (ACTC) and the American Opportunity Tax Credit (AOTC). These requirements are in effect for the 2016 tax year.

One of four due diligence requirements is completion and submission of Form 8867, Paid Preparer’s Due Diligence Checklist. Form 8867 requires paid tax preparers certify they have confirmed their clients’ eligibility for each of the credits – EITC, CTC/ACTC and AOTC. The draft […]