Authorized IRS e-file Providers (Providers) should ensure that the IRS has current information by reviewing and updating their IRS e-file Applications. Providers may review their IRS e-file Application information electronically via e-services. The IRS also removes Providers from participation in IRS e-file when it receives undeliverable mail or is unable to contact a Provider. Until the Provider updates the information, the IRS rejects all returns submitted by the Provider. Avoid Deactivation: Maintain e-File Application and EFIN Once the EFIN application process is complete and an EFIN has been issued, it is important to keep accounts up-to-date. This includes reviewing the e-file application periodically. The e-file application must be updated within 30 days of any changes, such as individuals involved, addresses or telephone numbers. Failure to do so may result in the inactivation of the EFIN. Check the EFIN status to ensure that it is not being used by others. The e-Services account will give practitioners the number of returns the IRS received, which can be matched to practitioner records. The statistics are updated weekly. Contact the IRS e-help Desk at 866-255-0654 if there’s a higher volume shown than the number transmitted by the practitioner.
Notice 2017-70, 2017-48 IRB The IRS has announced that employees will not be taxed when they forgo vacation, sick, or personal leave in exchange for employer contributions of amounts to charitable organizations providing relief to victims of the California wildfires that began on October 8, 2017 (the 2017 California Wildfires), and employers may deduct the amounts as business expenses. Leave-based donations: Some employers have set up or may be considering setting up programs where employees can donate their vacation, sick or personal leave in exchange for the employer making cash payments to qualified tax-exempt organizations that provide relief for the victims of the 2017 California Wildfires. In the past, under similar circumstances, IRS has provided guidance for such donations. See, for example, Notice 2016-69, 2016-48 IRB 832, which provided guidance with respect to leave-based donation programs to aid victims of Hurricane Matthew, and, more recently, Notice 2017-48, 2017-39 IRB, which provided guidance with respect to leave-based donation programs to aid victims of Hurricane Harvey, and Notice 2017-62, 2017-44 IRB, which provided guidance with respect to leave-based donation programs to aid victims of Hurricane Maria. 2017 California Wildfires relief: In Notice 2017-70, IRS has announced that it will not assert that cash payments … Read More
Taxpayers who use an Individual Taxpayer Identification Number should check to see if their number expires this year. If it does, and they need to file a return in 2018, they should submit an application now to renew their ITIN. Doing this helps avoid tax refund and processing delays next year. The IRS issues ITINs to people who are not eligible for a Social Security number, but who need to file a tax return. Taxpayers who have not used their ITIN to file a federal return at least once in the last three years will see their number expire December 31, 2017. ITINs with middle digits 70, 71, 72 or 80 will also expire at the end of the year. These taxpayers should renew their ITIN if they will have a filing requirement in 2018. Additionally, taxpayers whose ITINs have middle digits 78 or 79 that have expired should renew their ITIN if they will have a filing requirement. Other taxpayers with ITINs do not need to take any action. To renew an ITIN, a taxpayer must complete a Form W-7 and submit required documentation. There are three ways to submit this information. Taxpayers can: Mail the package to the IRS address listed on the Form … Read More
While any discussion regarding the new tax bill under consideration by both the House and the Senate is a moving target the most current update is that the House Ways and Means Committee has advanced the bill to the full House for consideration and it will be on the agenda for this week. The committee approved, along party lines, a number of amendments to the original bill. The House is expecting to hold a vote on the bill during the week of November 13, 2017. Meanwhile, the Senate Finance Committee also released their version of the Tax Cuts and Jobs Act, which in many respects varies greatly from the version approved by the House Ways and Means Committee. The Senate Finance Committee is expecting to mark up their version during the week of November 13, 2017. Possible roadblocks to ultimately getting a bill to the president’s desk before year end are unified opposition from Democrats, intense lobbying efforts to preserve tax breaks slated for elimination, and the significant differences between the House and Senate versions. See Tax Tidbits from last week for links to the full context of the bill.
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We appreciate the service given by all the veterans and active military as well as their families. Following are some of the tax considerations available for the military: Tax-free veteran benefits: Former service members can exclude certain benefits paid by the Department of Veterans Affairs (VA). Internal Revenue Service Publication 17 cites the following 10 tax-free VA benefits: Education, training, and subsistence allowances; Disability compensation and pension payments for disabilities paid either to veterans or their families; Grants for homes designed for wheelchair living; Grants for motor vehicles for veterans who lost their sight or the use of their limbs; Veterans’ insurance proceeds and dividends paid either to veterans or their beneficiaries, including the proceeds of a veteran’s endowment policy paid before death; Interest on insurance dividends left on deposit with the VA; Benefits under a dependent-care assistance program; The death gratuity paid to a survivor of a member of the Armed Forces who died after Sept. 10, 2001; Payments made under the compensated work therapy program; and Any bonus payment by a state or political subdivision because of service in a combat zone. Tax help for employers and veteran workers: There’s also the Work Opportunity Tax Credit (WOTC), which helps both employers and veterans. … Read More