As reported by Reuters, President Donald Trump and congressional Republicans are now tackling tax reform. Tax staffers are meeting in the House of Representatives and the Senate through the August break to work on legislation that is expected to be unveiled next month. What Congress and President Trump are working on. Here are some of the key issues that Congressional staffers and the White House are working on: Cutting, simplifying individual taxes. Americans pay a top individual tax rate of 39.6%. The White House wants to cut that top rate to 35%; House Republican leaders have proposed cutting it to 33%. In proposals to simplify taxes, the White House wants to shrink the number of tax brackets to three from seven and double the standard deduction. The latter move, analysts say, would sharply reduce the number of taxpayers who can claim certain deductions, such as the ones for mortgage interest and charitable donations. The White House has also proposed more help for families with child and dependent care expenses and to eliminate targeted tax breaks that benefit wealthy people. Estate tax, AMT. In two proposals that would help mainly high-income and wealthy taxpayers, the White House and congressional Republicans want … Read More
Reporting of Foreign Bank and Financial Accounts on the Electronic FBAR Wednesday, August 30, 2017 2:00 p.m. Eastern; 1:00 Central; noon Mountain; 11:00 a.m. Pacific Just in time for those who need to file the FBAR by the October 15, 2017 extension date Free one-hour broadcast for: • Tax practitioners Topics include: • Identifying who must file the FBAR • Determining what accounts must be reported on the FBAR • Knowing when to file the FBAR • Explaining how to file the FBAR • Sharing answers to frequently asked questions • Answering your questions during live Q&A session Register for the webinar Earn one continuing education credit – category: federal tax To receive a certificate of completion and CE credit, you must: • View the live presentation on 8/30/17 for at least 50 minutes from the start of the program. • To confirm your attendance and receive your certificate of completion, view the presentation while signed in using the same email address used to register; you will not receive credit by watching this webinar on someone else’s computer. • Groups cannot register with one email address and receive separate certificates; each person must register separately. • Look for your certificate of … Read More
Identity theft happens when someone steals personal information for financial gain. Tax-related identity theft happens when someone uses another person’s stolen Social Security number (SSN) or Employer Identification Number (EIN) to file a tax return to obtain a fraudulent refund. Many people first find out they are victims of identity theft when they submit their tax returns. That’s because the IRS lets them know someone else already used their SSN to file. The IRS continues to work hard to stop identity theft with a strategy of prevention, detection and victim assistance. So far, the agency has stopped millions of dollars from getting into the hands of thieves. Check out these eight tips on how to protect against identity theft: 1. Taxes. Security. Together. The IRS, the states and the tax industry need everyone’s help. The IRS launched The Taxes. Security. Together. awareness campaign in 2015 to inform people about ways to protect their personal, tax and financial data. Learn more at www.IRS.gov/TaxesSecurityTogether. 2. Protect Personal and Financial Records. Taxpayers should not carry their Social Security card in their wallet or purse. They should only provide their Social Security number if it’s necessary. Protect personal information at home and protect personal … Read More
The Internal Revenue Service began mailing letters this month to more than 1 million taxpayers with expiring Individual Taxpayer Identification Numbers and urges recipients to renew them as quickly as possible to avoid tax refund and processing delays. ITINs with middle digits 70, 71, 72 or 80 are set to expire at the end of 2017. The notice being mailed — CP-48 Notices, You must renew your Individual Taxpayer Identification Number (ITIN) to file your U.S. tax return — explains the steps taxpayers need to take to renew the ITIN if it will be included on a U.S. tax return filed in 2018. The notices will be issued over a five-week period beginning in early August. Taxpayers who receive the notice but have acted to renew their ITIN do not need to take further steps unless another family member is affected. “We urge people who receive this letter to renew their ITIN as quickly as possible to avoid tax refund and processing delays next year,” said IRS Commissioner John Koskinen. “Taking steps now and renewing early will make things go much more smoothly for ITIN holders when it comes time to file their taxes.” Under the Protecting Americans from Tax Hikes (PATH) Act, … Read More
There will be a planned outage of all e-Services tools from 6 p.m. Thursday, August 17 through 6 a.m. Monday August 21. During this period, users will be unable to access the Transcript Delivery System (TDS) and Secure Object Repository (SOR), Registration and TIN Matching. All applications also will be offline until August 22. Affordable Care Act Information Return (AIR) filers may resume submission of applications for Transmitter Control Codes starting on August 22. The application process for AIR users has been offline since July because of the e-Services platform transition. Also on August 21, a redesigned landing page for e-Services will launch with a new look and feel. The scheduled outage will allow the Service to complete the transition of e-Services to a new platform that will improve the look and feel of applications and complete a multi-year technological upgrade. They will also perform testing during that four-day period.