Income Tax—IRS Provides Safe Harbors for Determining Casualty and Theft Losses:

Posted by Kim Chen on January 3rd, 2018

In a set of Revenue Procedures, the IRS has provided safe harbor methods that taxpayers may use in determining the amount of their casualty and theft losses for their homes and personal belongings. Rev. Proc. 2018-8 offers four safe harbor methods that apply to any qualifying casualty or theft loss, as well as three methods […]

IRS Provides Safe Harbors to Help Taxpayers Suffering Property Losses, Including Losses from Hurricanes

Posted by Kim Chen on December 28th, 2017

IR-2017-202, Dec. 13, 2017 WASHINGTON – As part of a wider effort to help victims of natural disasters, the Internal Revenue Service today issued guidance providing safe harbor methods that individuals may use in determining the amount of their casualty and theft losses for their homes and personal belongings, including losses from recent hurricanes. Revenue […]

National Tax Security Awareness Week No. 5: Small Businesses: Be Alert to Identity Theft

Posted by Kim Chen on December 23rd, 2017

IR-2017-198, Dec. 1, 2017 WASHINGTON — The IRS, state tax agencies and the nation’s tax industry joined together to warn small businesses to be on-guard against a growing wave of identity theft against employers. Small business identity theft is a big business for identity thieves. Just like individuals, businesses may have their identities stolen and […]

National Tax Security Awareness Week No. 4: Employers, Payroll Officials, Avoid the W-2 Email Scam

Posted by Kim Chen on December 22nd, 2017

WASHINGTON — The IRS, state tax agencies and private-sector tax groups warned the nation’s business, payroll and human resource communities about a growing W-2 email scam that threatens sensitive tax information held by employers. These emails may start with a simple, “Hey, you in today?” and, by the end of the exchange, all of an […]

Get Ready for Taxes: Taxpayers with Expiring ITINs Should Submit Renewal Applications by Dec. 31

Posted by Kim Chen on December 21st, 2017

IR-2017-199, Dec. 5, 2017 WASHINGTON— The Internal Revenue Service reminds taxpayers with expiring Individual Taxpayer Identification Numbers (ITINs) to submit their renewal applications as soon as possible. Failing to renew them by the end of the year will cause refund and processing delays in 2018. The IRS mailed letters over the summer to more than […]