December 22nd, 2017 by Kim Chen
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 […]
December 21st, 2017 by Kim Chen
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 […]
December 19th, 2017 by Kim Chen
On December 15, the Conference Committee—having reconciled and merged the differing House and Senate provisions into a single piece of legislation—released its Conference Report on the “Tax Cuts and Jobs Act,” a sweeping tax reform proposal. This article describes the Act’s changes that would affect individuals, including the new rates and brackets, the increased standard […]
December 19th, 2017 by Kim Chen
IR-2017-203, Dec. 13, 2017 WASHINGTON — The Internal Revenue Service today warned taxpayers and tax professionals of a new email scam targeting Hotmail users that is being used to steal personal and financial information. The phishing email subject line reads: “Internal Revenue Service Email No. XXXX | We’re processing your request soon | TXXXXXX-XXXXXXXX”. The […]
December 19th, 2017 by Kim Chen
IR-2017-201, Dec. 12, 2017 WASHINGTON – As tax filing season approaches, the Internal Revenue Service reminds taxpayers there are things they should do now to get ready for filing season. For most taxpayers, Dec. 31 is the last day to take actions that will impact their 2017 tax returns. For example, charitable contributions are deductible […]
December 1st, 2017 by Kim Chen
IR-2017-196, Nov. 29, 2017 WASHINGTON ― The number of data breaches was already on a record pace for 2017 before the reported theft of nearly 145 million Americans’ names, addresses and Social Security numbers brought the issue to the forefront. Every day, data thefts large and small put people’s personal and financial information at risk. […]
November 30th, 2017 by Kim Chen
IR-2017-194, Nov. 28, 2017 WASHINGTON ― With the approach of the holidays and the 2018 filing season, the IRS, state tax agencies and the nation’s tax industry urge people to be on the lookout for new, sophisticated email phishing scams that could endanger their personal information and next year’s tax refund. The most common way […]
November 29th, 2017 by Kim Chen
IR-2017-193, Nov. 27, 2017 WASHINGTON ― During the online holiday shopping season, the IRS, state tax agencies and the tax industry remind people to be vigilant with their personal information. While shopping for gifts, criminals are shopping for credit card numbers, financial account information, Social Security numbers and other sensitive data that could help them […]
October 27th, 2017 by Kim Chen
If you work for a corporation, you might receive nonqualified stock options (NQSOs). If the stock appreciates beyond your exercise price, you can buy shares at a price below what they’re trading for. NQSOs create compensation income taxed at ordinary-income rates on the “bargain element” (the difference between the stock’s fair market value and the […]
October 23rd, 2017 by Kim Chen
With repeal and replace efforts apparently having collapsed for now, it’s a good time for a refresher on the Affordable Care Act’s tax penalty on individuals without “minimum essential” health coverage. The 2017 penalty generally is the greater of: 1) 2.5% of household income above the taxpayer’s filing threshold, or 2) $695 ($347.50 for household […]
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