January 1st doesn’t just mean a new year; it also means a new tax season. This coming tax season comes with a few changes taxpayers should know. The 2017 individual income tax filing season for 2016 opens January 23, 2017. While you can file your taxes before this date, the IRS won’t accept or start processing the return until their systems open on Jan. 23rd. However, you will have a few extra days to file your 2016 return. This year’s filing deadline is April 18, 2017. Changes to this year’s tax season also include potential delays in tax return processing. New identity theft and fraud safeguards put in place by Congress means those claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) may face Read More...
Federal Judge Blocks Overtime Rule
Federal Judge Blocks Overtime Rule An employee’s exempt status is based on duties performed, not wages paid. A U.S. District Judge issued a nationwide injunction stopping implementation of the Department of Labor’s rule on overtime pay for exempt employees. It was set to take effect on December 1. According to the Washington Times, the judge ruled: “Congress defined the … exemption with regard to duties, which does not include a minimum salary level,” Judge Mazzant wrote. “The Department’s role is to carry out Congress’s intent. If Congress intended the salary requirement to supplant the duties test, then Congress, and not the Department, should make that change.” The full ruling is 20 pages, but this paragraph captures the essence Read More...
Tax Newsletter 8/1/2016
About Your IRS Notice or Letter The IRS normally sends correspondence in the mail and they mail millions of letters to taxpayers every year. This is a follow up to last week’s newsletter with some points to keep in mind if you, or your client, get a letter or notice. Don’t ignore it. Most notices can be responded to quickly and easily. Follow instructions. Read the notice carefully. It will tell you if you need to take any action. Follow the instructions. The letter will have contact information if you have questions. Focus on the issue. IRS notices usually deal with a specific issue about the tax return or tax account. The notice or letter will explain the reason for the contact and give instructions on how to handle the Read More...
- « Previous Page
- 1
- …
- 5
- 6
- 7