Tip Income; How It Affects Your Taxes

Tip Income; How It Affects Your Taxes If you get income from tips, you should know some things about tips and taxes. Here are a few tips from the IRS to help you file and report your tip income correctly: Show all tips on your return. You must report tip income. This includes the value… Read More

2016 Depreciation Limits for passenger vehicles

Revenue Procedure 2016-23 provides guidance regarding the limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2016, amounts that must be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2016, and revised depreciation limitations and lessee inclusion… Read More

Must-Know Tips about the Home Office Deduction

Must-Know Tips about the Home Office Deduction If you use your home for business, you may be able to deduct expenses for the business use of your home. If you qualify, you can claim the deduction whether you rent or own your home. You may use either the simplified method or the regular method to… Read More

The National Taxpayer Advocate Wants to Hear from You – April 8

The National Taxpayer Advocate Wants to Hear from You:  Olson to Hold Public Forum on Taxpayer Service Needs in Harrisburg, PA, on April 8   WASHINGTON — National Taxpayer Advocate Nina E. Olson and Sen. Bob Casey, Ranking Member of the Senate Finance Subcommittee on Taxation and IRS Oversight, will hold a public forum to… Read More

Setting the Record Straight about Health Care Law Forms

Setting the Record Straight about Health Care Law Forms As you’re wrapping up your tax return, the IRS wants to help you understand the differences among forms and documents related to the Affordable Care Act. Here are five tips for individuals navigating the filing requirements related to the health care law. Don’t send health care… Read More

What You Should Know about Children with Investment Income

What You Should Know about Children with Investment Income Special tax rules may apply to some children who receive investment income. The rules may affect the amount of tax and how to report the income. Here are five important points to keep in mind if your child has investment income: 1. Investment Income. Investment income generally… Read More

Don’t be Fooled; IRS Scams Continue to Pose Serious Threat

Don’t be Fooled; IRS Scams Continue to Pose Serious Threat The Internal Revenue Service has some advice for taxpayers this April Fool’s Day that  may prevent them from being the victim of a tax scam: Don’t be fooled by scammers. Stay safe and be informed. Here are some of the most recent IRS-related scams to… Read More

Find Out How ACA affects Employers with 50 or More Employees

Find Out How ACA affects Employers with 50 or More Employees Some of the provisions of the health care law apply only to large employers, which are generally those with 50 or more full-time equivalent employees. These employers are applicable large employers – also known as ALEs – and are subject to the employer shared… Read More

“Tax Design Challenge” Begins Soon

“Tax Design Challenge” Begins Soon Public Invited to Imagine the Taxpayer Experience of the Future   SACRAMENTO – The Internal Revenue Service today announced the upcoming start of its first Tax Design Challenge crowdsourcing competition to encourage innovative ideas for the taxpayer experience of the future. The effort, being done in coordination with the Mortgage… Read More

IRS Releases FY 2015 Data Book

IRS Releases FY 2015 Data Book SACRAMENTO — The Internal Revenue Service today released the 2015 IRS Data Book, a snapshot of agency activities for the fiscal year. The 2015 Data Book describes activities conducted by the IRS from Oct. 1, 2014, to Sept. 30, 2015 and includes information about returns filed, taxes collected, enforcement,… Read More