Category Archives: Tax News

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E-filing for 2016 individual returns will shut down soon

The news especially affects taxpayers in recent disaster areas who have received extensions until Jan. 31, 2018, to file their 2016 returns.
Source: Tax News
Read More here – E-filing for 2016 individual returns will shut down soon


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IRS announces delay in re-launching e-Services

The IRS had planned to launch by the end of the month its updated Secure Access site, which will require using a two-factor authentication process.
Source: Tax News
Read More here – IRS announces delay in re-launching e-Services


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David Kautter to be named acting IRS commissioner

President Donald Trump plans to name David Kautter as acting IRS commissioner when John Koskinen’s term expires in November.
Source: Tax News
Read More here – David Kautter to be named acting IRS commissioner


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IRS issues 2018 inflation-adjusted tax tables and many other tax provisions

The IRS issued the annual revenue procedure that updates the almost 60 tax provisions that must be adjusted for inflation each year.
Source: Tax News
Read More here – IRS issues 2018 inflation-adjusted tax tables and many other tax provisions


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2018 pension plan contribution limits are announced

The IRS released the inflation-adjusted amounts that apply to pension and 401(k) plans for 2018.
Source: Tax News
Read More here – 2018 pension plan contribution limits are announced


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IRS will enforce health coverage reporting on 2017 returns

This filing season will be the first time the IRS has enforced this requirement and will not accept tax returns that omit this information.
Source: Tax News
Read More here – IRS will enforce health coverage reporting on 2017 returns


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Social Security Administration announces small increase in 2018 wage base

The SSA said that the maximum amount of wages subject to the 6.2% Social Security tax in 2018 will rise a little more than 1%, after a much larger increase last year.
Source: Tax News
Read More here – Social Security Administration announces small increase in 2018 wage base


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IRS permits partnership basis election without partner’s signature

To ease the regulatory burden on partnerships, the IRS announced that it is eliminating the requirement that partnership elections under Sec. 754 be signed by a partner.
Source: Tax News
Read More here – IRS permits partnership basis election without partner’s signature


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Treasury to pull regulations after review of burdensome tax rules

Treasury said it intended to withdraw the Sec. 2704 valuation discount regulations and portions of the Sec. 385 corporate inversion regulations.
Source: Tax News
Read More here – Treasury to pull regulations after review of burdensome tax rules


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Republicans unveil tax reform framework

Republican leadership released a tax reform framework that calls for fewer individual tax brackets, a lower corporate tax rate, and elimination of many tax deductions.
Source: Tax News
Read More here – Republicans unveil tax reform framework