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

The tax effects of divorce and separation

If you are divorcing or recently divorced, taxes may be the last thing on your mind. However, these events can have a big impact on your wallet. Alimony and a name or address change are just a few items you may need to consider. Here are some key tax tips to keep in mind: •… Read More

Tax Filing Extension Expires Oct. 16 for Millions of Taxpayers; Check Eligibility for Overlooked Tax Benefits

SACRAMENTO – The Internal Revenue Service today urged taxpayers who have a filing extension through Oct. 16 to check their returns for often-overlooked tax benefits. When they are ready to file, the IRS recommends they file their return electronically using IRS e-file or the Free File system. Both are still available for taxpayers who still… Read More

Extension Filers Should Review Tax Credits Before Filing

Taxpayers who requested an extension of time to file their federal tax returns have until Oct.16 to double-check their returns for tax benefits that people often overlook. These taxpayers still have time to see if they can benefit from these four credits. Earned Income Tax Credit The Earned Income Tax Credit – also known as… Read More

Taxpayers Should Be Wary of Unsolicited Calls from the IRS

Taxpayers who get an unexpected or unsolicited phone call from the IRS should be wary – it’s probably a scam. Phone calls continue to be one of the most common ways that thieves try to get taxpayers to provide personal information. These scammers then use that information to gain access to the victim’s bank or… Read More

IRS Reminds Educators of Tax Benefits

SACRAMENTO — As teachers, administrators and aides have launched into their fall semester, taxes may not be on the top of their list. However, knowing what to keep track of now can help reduce the burden at tax time. The Internal Revenue Service reminds educators that there are three key work-related tax benefits that may… Read More

Don’t Take the Bait, Step 9: Make Data Security an Everyday Priority; Key Steps Can Help

SACRAMENTO CPA – The IRS, state tax agencies and the tax industry today urged tax professionals to make data security an everyday priority, noting a few simple steps can go far in protecting taxpayer information from cybercriminals. Cybersecurity experts often refer to the 90/10 rule. This rule states that 10% of cybersecurity is reliant upon… Read More

Summer 2017 Statistics of Income

SACRAMENTO — The Internal Revenue Service today announced that the Summer 2017 Statistics of Income Bulletin is available on IRS.gov. The Statistics of Income (SOI) Division produces the online Bulletin quarterly, providing the most recent data available from various tax and information returns filed by U.S. taxpayers. This issue includes articles on the following topics:… Read More

IRS Provides Penalty Relief for Partnerships that Filed Late Returns in 2017

SACRAMENTO — The Internal Revenue Service today issued guidance providing penalty relief for certain partnerships that did not file the required returns by the new due date for tax years beginning in 2016. Partnerships file Form 1065 or Form 1065-B or request an automatic extension by filing Form 7004. The Surface Transportation and Veterans Health… Read More

IRS Issues Urgent Warning to Beware IRS/FBI-Themed Ransomware Scam

SACRAMENTO – The Internal Revenue Service today warned people to avoid a new phishing scheme that impersonates the IRS and the FBI as part of a ransomware scam to take computer data hostage. The scam email uses the emblems of both the IRS and the Federal Bureau of Investigation. It tries to entice users to… Read More