Four Things to Know about Taxes and Starting a Business

New business owners have tax-related things to do before launching their companies. IRS.gov has resources to help. Here are some items to consider before scheduling a ribbon-cutting event. Choose a business structure When starting a business, an owner must decide what type of entity it will be. This type determines which tax forms a business… Read More

How to Know if the Knock on Your Door is Actually Someone from the IRS

Every Halloween, children knock on doors pretending they are everything from superheroes to movie stars. Scammers, on the other hand, don’t leave their impersonations to one day. They can happen any time of the year. People can avoid taking the bait and falling victim to a scam by knowing how and when the IRS does… Read More

IRS Announces 2018 Pension Plan Limitations; 401(k) Contribution Limit Increases to $18,500 for 2018

SACRAMENTO — The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2018. The IRS today issued technical guidance detailing these items in Notice 2017-64. Highlights of Changes for 2018 The contribution limit for employees who participate in 401(k), 403(b), most 457… Read More

Trump names Kautter as acting IRS commissioner

Kautter formerly worked for the accounting firms RSM US and Ernst & Young and was confirmed for his position at the Treasury Department in August (see RSM’s Kautter confirmed in Treasury tax post). He will succeed John Koskinen when Koskinen’s term ends on November 12. The designation will take effect on November 13. Treasury Secretary… Read More

Fake Insurance Tax Form Scam Aims at Stealing Data from Tax Pros, Clients

SACRAMENTO – The Internal Revenue Service today alerted tax professionals and their clients to a fake insurance tax form scam that is being used to access annuity and life insurance accounts. Cybercriminals currently are combining several tactics to create a complex scheme through which both tax professionals and taxpayers have been victimized. There may be… Read More

IRS Gives Tax Relief to Victims of California Wildfires; Extension Filers Have Until Jan. 31 to File

SACRAMENTO –– Victims of wildfires ravaging parts of California now have until Jan. 31, 2018, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today. This includes an additional filing extension for taxpayers with valid extensions that run out this coming Monday, Oct. 16. Currently, the… Read More

IRS Issues Reminder to Taxpayers as Scams Continue Across the Nation

sacramento — The Internal Revenue Service today warned taxpayers to remain vigilant to scams as they continue to be reported around the country. Phishing, phone scams and identity theft top the list of items normally reported. However, following hurricanes and other disasters, the IRS urged taxpayers to be on the lookout for schemes stemming from… Read More

Gifts to Charity: Six Facts About Written Acknowledgements

Throughout the year, many taxpayers contribute money or gifts to qualified organizations eligible to receive tax-deductible charitable contributions. Taxpayers who plan to claim a charitable deduction on their tax return must do two things: • Have a bank record or written communication from a charity for any monetary contributions. • Get a written acknowledgment from… Read More