e-News for Tax Professionals October 20, 2017

irs logo white bg e-News for Tax Professionals
Issue Number: 2017-42

Inside this issue ...More>>


In 2018, Some Tax Benefits Increase Slightly Due to Inflation Adjustments, Others Unchanged

irs logo white bg  IRS Newswire-2017-177, October 19, 2017

WASHINGTON — The Internal Revenue Service today announced the tax year 2018 annual inflation adjustments for more than 50 tax provisions, including the tax rate schedules and other tax changes. ...More>>


IRS Announces 2018 Pension Plan Limitations; 401(k) Contribution Limit Increases to $18,500 for 2018

irs logo white bg  IRS Newswire-2017-177, October 19, 2017

WASHINGTON — 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. ...More>>


Security Summit Partners Mark Progress in Identity Theft Battle; Prepare for 2018 Tax Season

irs logo white bg  IRS Newswire-2017-176, October 17, 2017

WASHINGTON – The IRS, state tax agencies and private-sector industry leaders today detailed their continued progress against tax-related identity theft and prepared additional safeguards for the 2018 filing season to curb refund fraud. ...More>>


Online Seminars from the 2017 IRS Nationwide Tax Forums Now Available

irs logo white bg  IRS Newswire-2017-175, October 16, 2017

WASHINGTON — The Internal Revenue Service today reminded tax professionals that they can earn continuing education credits online through seminars filmed at the 2017 IRS Nationwide Tax Forums. ...More>>


IRS Makes Electing Step-up Easier

October 16, 2017 by Paul Neiffer
Partnership taxation has some unique tax calculations. There is both a cost basis inside and outside for each partner in a partnership. ...More>>


 

IRS will enforce health coverage reporting on 2017 returns

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By Sally P. Schreiber, J.D.
October 16, 2017

On Friday, the IRS updated its page on health care reporting requirements to inform taxpayers and tax practitioners that it will not accept electronically filed 2017 individual income tax returns unless taxpayers indicate that they and everyone on their return had health care coverage, qualified for an exemption from coverage, or will make a shared-responsibility payment (under Sec. 5000A). ...More>>


e-News for Tax Professionals October 13, 2017

irs logo white bg e-News for Tax Professionals
Issue Number: 2017-41

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Social Security Administration announces small increase in 2018 wage base

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By Sally P. Schreiber, J.D.
October 13, 2017

The Social Security Administration (SSA) announced on Friday that the maximum amount of wages in 2018 subject to the 6.2% Social Security tax (old age, survivor, and disability insurance) will rise from $127,200 to $128,700, an increase of a little more than 1%. By comparison, the 2017 wage base increased more than 7% over the 2016 wage base. ...More>>


IRS Gives Tax Relief to Victims of California Wildfires; Extension Filers Have Until Jan. 31 to File

irs logo white bg  IRS Newswire-2017-172, October 13, 2017

WASHINGTON –– Victims of wildfires ravaging parts of California now have until Jan. 31, 2018, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today. ...More>>


 

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