News and Tips from the IRS - Articles

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Posted by: William Hammond on May 9, 2018

Tax Tips:

How the Employer Credit for Family and Medical Leave Benefits Employers


Fact Sheets:

New rules and limitations for depreciation and expensing under the Tax Cuts and Jobs Act| The Tax Cuts and Jobs Act, signed Dec. 22, 2017, changed some laws regarding depreciation deductions.

IRS Offers Options to Help Taxpayers Who Can't Pay| The IRS reminds taxpayers who can’t pay the full amount of federal taxes they owe that they should file their tax return on time and pay as much as possible.


News From the IRS:

For Small Business Week: Tax credit can help employers hiring new workers; key certification requirement applies| With many businesses facing a tight job market, the IRS reminds employers to check out a valuable tax credit available to them for hiring long-term unemployment recipients and other categories of workers with employment barriers.

For Small Business Week, IRS offers tips to small business owners about the overlooked home office deduction| The IRS today reminded small business owners who work from a home office that they may be overlooking a common deduction.

IRS provides certain small employers with relief for the small business health care tax credit for 2017 and later years| The Internal Revenue Service today issued guidance that provides relief for certain small employers that wish to claim the Small Business Health Care Tax Credit for 2017 and later years. 

IRS grants relief for taxpayers affected by reduction of maximum deductible Health Savings Account contributions| The Internal Revenue Service today announced relief for taxpayers with family coverage under a High Deductible Health Plan (HDHP) who contribute to a Health Savings Account (HSA).

Many corporations will pay a blended federal income tax this year under the new tax reform law| Many U.S. corporations elect to use a fiscal year end and not a calendar year end for federal income tax reporting purposes. 

Inflation Adjustments Under Recently Enacted Tax Law| The Internal Revenue Service has updated the tax year 2018 annual inflation adjustments to reflect changes from the Tax Cuts and Jobs Act (TCJA). The tax year 2018 adjustments are generally used on tax returns filed in 2019.

Newly-revised estimated tax form and publication can help people pay the right amount| With tax reform bringing major changes for the year ahead, the Internal Revenue Service today reminded the many self-employed individuals, retirees, investors and others who need to pay their taxes quarterly that the first estimated tax payment for 2018 is due on Tuesday, April 17, 2018.

IRS reminds those with foreign assets about U.S. tax obligations| The IRS today reminded U.S. citizens and resident aliens, including those with dual citizenship, to check if they have a U.S. tax liability and a filing requirement.