3 Midyear Tax Planning Strategies for Individuals
Posted by Kim Chen on October 20th, 2017
In the quest to reduce your tax bill, year end planning can only go so far. Tax-saving strategies take time to implement, so review your options now. Here are three strategies that can be more effective if you begin executing them midyear: 1. Consider your bracket The top income tax rate is 39.6% for taxpayers […]
Sec. 503. Disaster-Related Employment Relief
Posted by Kim Chen on October 19th, 2017
Employee Retention Credit for Employers Affected by Hurricane Irma.— (1)In general.— For purposes of section 38 of the Internal Revenue Code of 1986, in the case of an eligible employer, the Hurricane Irma employee retention credit shall be treated as a credit listed in subsection (b) of such section. For purposes of this subsection, the […]
Penalties—IRS Extends Penalty Relief to REMICs
Posted by Kim Chen on October 18th, 2017
In Notice 2017-47, the IRS granted penalty relief for partnerships that failed to file their tax returns or extension requests by the new March 15 deadline. Partnerships qualified for relief if (1) they filed returns with the IRS and furnished copies to partners (as appropriate) by the date that would have been timely before amendment […]
IRS Warns of Insurance Tax Form Scam
Posted by Kim Chen on October 16th, 2017
The IRS has issued an alert on a scam aimed at accessing annuity and life insurance accounts. Cybercriminals seek to obtain the email credentials of tax professionals by impersonating cloud-based storage providers. Emails that appear to come from practitioners are then sent to clients. The messages ask clients to complete a fake IRS insurance form, […]
§ 139 Disaster Relief Payments
Posted by Kim Chen on October 11th, 2017
(a) General rule. Gross income shall not include any amount received by an individual as a qualified disaster relief payment. (b) Qualified disaster relief payment defined. For purposes of this section , the term “qualified disaster relief payment” means any amount paid to or for the benefit of an individual- (1) to reimburse or pay […]
