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Avoid the Rush: Taxpayers Must Validate Identity When Calling the IRS
The Internal Revenue Service today reminded taxpayers and tax professionals that they will be asked to verify their identities if they call the IRS. This is part of the agency’s efforts to keep taxpayer data secure from identity thieves.
Three Popular Tax Benefits Retroactively Renewed for 2017; IRS Ready to Accept Returns Claiming These Benefits; e-file for Fastest Refunds
The Internal Revenue Service today said that it is ready to process tax year 2017 returns claiming three popular tax benefits recently renewed retroactively into law. The Bipartisan Budget Act, enacted on Feb. 9, renewed for tax year 2017 a wide...
AICPA Requests Guidance from IRS on Revised Section 199A
The American Institute of CPAs has requested immediate guidance from the IRS and Treasury Department on the deduction for qualified business income of pass-through entities. This new section of the Internal Revenue Code was created in the...
RP-2018-17: Requests by Certain Foreign Corporations for Changes in Annual Accounting Periods
Revenue Procedure 2018-17 modifies the circumstances under which the Internal Revenue Service grants approval of certain requests by certain foreign corporations for changes in annual accounting periods filed under Rev. Proc. 2002-39, 2002-22...
Connecticut Hunting Down Online Shoppers Who Didn't Pay Sales Tax
The state Department of Revenue Services is combing through customer records from major online retailers to hunt down taxpayers who skipped out on the often-ignored use tax.
FASB Improves Income Tax Accounting Related to the Tax Cuts and Jobs Act
The FASB has issued an Accounting Standards Update that helps organizations address certain stranded income tax effects in accumulated other comprehensive income (AOCI) resulting from the Tax Cuts and Jobs Act.
Organizations Mixed About Sharing Tax Benefits with Employees
Organizations are almost evenly split about whether or not they have or may increase pay and benefits for employees in reaction to the new tax reform law, according to a new survey from executive compensation consultancy Pearl Meyer.
Interest on Home Equity Loans Often Still Deductible Under New Law
The Internal Revenue Service today advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans. Responding to many questions received from taxpayers and tax professionals, the IRS said that despite...
Scam Alert: IRS Urges Taxpayers to Watch Out for Erroneous Refunds; Beware of Fake Calls to Return Money to a Collection Agency
The Internal Revenue Service today warned taxpayers of a quickly growing scam involving erroneous tax refunds being deposited into their bank accounts. The IRS also offered a step-by-step explanation for how to return the funds and avoid being...
Bipartisan Budget Act contains several tax provisions
Early Friday morning, the Bipartisan Budget Act of 2018, H.R.1892, passed the Senate by a vote of 71–28 and the House of Representatives, 240–186. President Donald Trump signed the bill later in the day.

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