–IRS ANNOUNCES ERROR IN IP PIN LETTERS– Hot off the presses, and in IRS’ own words: Due to an error, taxpayers are receiving Identity Protection PIN letters with an incorrect year listed. Taxpayers and tax professionals should be advised the IP PIN listed on the CP 01A Notice dated January 4, 2016 is valid for… Read More
Highlights of the projected 2015-2016 Extenders – There were 601 Sections. Too many to put them all in, but these are the ones I felt were most important to you. You can trust that I have studied all of them!! “PROTECTING AMERICANS FROM TAX HIKES ACT OF 2015” TITLE I – EXTENDERS Subtitle A –Permanent… Read More
For many years the IRS has tried to make unenrolled tax prepares with no education test to prove their competency on tax laws ,codes and ethics !!!! Lets hope this one passes. Click on the link below to read more. http://www.forbes.com/sites/kellyphillipserb/2015/12/01/congress-moves-towards-granting-irs-authority-to-license-tax-preparers/?ss=taxes… Read More
Congress has passed a controversial law permitting IRS, upon concluding an audit, to collect US tax from partnerships, in order to raise an estimated US$9.3 billion over ten years (Bipartisan Budget Act of 2 November 2015). This changes the historic requirement that IRS must collect tax from the partners rather than the partnership, via tiers… Read More
IRS Poised To Veto Passports if you owe them money. Read more at the link below http://www.forbes.com/sites/robertwood/2015/12/02/irs-may-start-stamping-passports-when-you-pay-your-taxes/… Read More
The Trade Preferences Extension Act of 2015 The Trade Preferences Extension Act of 2015 (Public Law 114-27), enacted June 29, 2015, extended and modified the expired Health Coverage Tax Credit (HCTC). Previously, those eligible for the HCTC could claim the credit against the premiums they paid for certain health insurance coverage through 2013. The HCTC… Read More
http://www.forbes.com/sites/anthonynitti/2015/11/24/irs-taxpayers-may-immediately-deduct-the-purchase-of-assets-costing-less-than-2500/… Read More
November 18, 2015 (Washington, DC) –Congressman Charles W. Boustany, Jr., MD, (R-Lafayette) announced that he has been chosen to lead the Ways & Means Committee’s Tax Policy Subcommittee, formerly known as the Select Revenue Measures (SRM) Subcommittee. The subcommittee has jurisdiction over all revenue measures that are referred to the subcommittee by the full committee… Read More
2015 Tax Rates Single If taxable income is: The tax is: $0 to $9,225 10% of taxable income $9,225 to $37,450 $922.50 + 15% of the amount over $9,225 $37,450 to $90,750 $5,156.25 + 25% of the amount over $37,450 $90,750 to $189,300 $18,481.25 + 28% of the amount over $90,750 $189,300 to $411,500 $46,075.25… Read More
Treasury Inspector General for Tax Administration Office of Audit TAX EXAMINERS DO NOT HAVE THE TOOLS OR EXPERTISE TO AUTHENTICATE DOCUMENTS CERTIFIED BY A FOREIGN ISSUING AGENCY Highlights Highlights of Reference Number: 2015-40-038 to the Internal Revenue Service Commissioner for the Wage and Investment Division. IMPACT ON TAXPAYERS An Individual Taxpayer Identification Number (ITIN) is… Read More