IRS News

New Federal Withholding Tables

The 2018 federal withholding tables, which were issued later than usual due to enactment of the Tax Cuts and Jobs Act (the Act), must be used beginning Thursday, Feb. 15, 2018. That is also the deadline for changing the optional flat rate for withholding on supplemental wage payments of $1 million or less (bonuses, commissions,

Posted in DC Updates, Federal Tax | Tagged , | Comments Off on New Federal Withholding Tables

Beware of Fake Calls to Return IRS Refund Money to a Collection Agency

The Internal Revenue Service today warned taxpayers of a quickly growing scam involving erroneous tax refunds being deposited into their bank accounts. Following up on a Security Summit alert issued Feb. 2, the IRS issued this additional warning about the new scheme. In addition, the number of potential taxpayer victims jumped from a few hundred

Posted in DC Updates, Federal Tax | Tagged , | Comments Off on Beware of Fake Calls to Return IRS Refund Money to a Collection Agency

How to avoid a surprise tax burden for 2016

As you come to the end of 2016, ask yourself a few simple questions in regard to your tax position. What will I do if my return is prepared and there is a large balance due that I am not prepared to pay? What can I do now to estimate what my tax liability may

Posted in DC Updates, Federal Tax | Tagged , | Comments Off on How to avoid a surprise tax burden for 2016
The Internal Revenue Service hasn't accurately cataloged all the components of its highest value hardware and software systems and doesn't have a clear count of who has privileged access to those systems, according to an audit released Monday. [...]
Tue, May 22, 2018
Source: IRS News
In Revenue Procedure 2018-30, the IRS announced the 2019 inflation-adjusted limits for health savings accounts (HSAs). These include the maximum annual HSA contribution amount, the minimum annual deductible for high-deductible health plans (HDHPs) and the ... [...]
Tue, May 22, 2018
Source: IRS News
I got a text from a friend of mine telling me about four phone calls he has received — all claiming to be from the IRS about supposed lawsuits that are being filed against him. And he's not the only one getting these calls. Every day, more and more ... [...]
Tue, May 22, 2018
Source: IRS News
When “Pharma Bro” Martin Shkreli finally pays for his fraud, the federal government argues its coffers should be filled first. Shkreli, who was convicted of securities fraud and is serving a seven-year prison sentence, owes the IRS more than $1.6 ... [...]
Tue, May 22, 2018
Source: IRS News
SAN FRANCISCO (Legal Newsline) – A federal judge granted a motion to dismiss a lawsuit filed by Facebook against the Internal Revenue Service for allegedly denying its right to an independent forum. U.S. Magistrate Judge Laurel Beeler filed the May 14 ... [...]
Tue, May 22, 2018
Source: IRS News
For plan years beginning in 2019, the Code Sec. 36B required contribution percentage for purposes of Code Sec. 36B(c)(2)(C)(i)(II) and Reg. § 1.36B-2(c)(3)(v)(C) is 9.86% (up from 9.56% for 2018). And, IRS has determined that the failsafe exception ... [...]
Mon, May 21, 2018
Source: IRS News
It was an unwelcome telephone call for a Central Ohio business owner from a man identifying himself as an agent of the Internal Revenue Service. "Ten percent of me thought it was a scam, but 90-percent of me took it serious," says Derrick Clay. He was ... [...]
Mon, May 21, 2018
Source: IRS News
The IRS has announced (IR-2018-121) that it is accepting grant applications through June 27 for Low Income Taxpayer Clinics for the 2019 grant cycle (Jan. 1 - Dec. 31, 2019): The LITC program is a federal grant program administered by the Office of the ... [...]
Mon, May 21, 2018
Source: IRS News
Fox Business Network's Maria Bartiromo doubled down on a claim that former President Obama "masterminded" a plot to unearth disparaging information on President Trump, voicing a theory that government agencies were politically weaponized during a Monday ... [...]
Mon, May 21, 2018
Source: IRS News
Fox Business Network host Maria Bartiromo said Monday that then-President Obama "politicized all of his agencies" in an effort "to take down Donald Trump Donald John Trump Juan Williams: Trump gives life to the left Kennedy retirement rumors shift into ... [...]
Mon, May 21, 2018
Source: IRS News