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Retirement Plans Can Make Loans, Hardship Distributions to Victims of Hurricane Harvey

August 30, 2017 WASHINGTON —The Internal Revenue Service today announced that 401(k)s and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Harvey and members of their families. This is similar to relief provided last year to Louisiana flood victims and victims of Hurricane Matthew. Participants in 401(k) plans, employees […]

Beware of Fake Charity Scams Relating to Hurricane Harvey

August 30, 2017 WASHINGTON ― The Internal Revenue Service has issued a warning about possible fake charity scams emerging due to Hurricane Harvey and encouraged taxpayers to seek out recognized charitable groups for their donations. While there has been an enormous wave of support across the country for the victims of Hurricane Harvey, people should […]

IRS Gives Tax Relief to Victims of Hurricane Harvey; Parts of Texas Now Eligible; Extension Filers Have Until Jan. 31 to File

August 28, 2017 WASHINGTON –– Hurricane Harvey victims in parts of Texas have until Jan. 31, 2018, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today. This includes an additional filing extension for taxpayers with valid extensions that run out on Oct. 16, and businesses […]

Tax Effects of Divorce or Separation

August 24, 2016 If you are divorcing or recently divorced, taxes may be the last thing on your mind. However, these events can have a big impact on your wallet. Alimony and a name or address change are just a few items you may need to consider. Here are some key tax tips to keep […]

Are You Subject to the Individual Shared Responsibility Provision

August 14, 2015 The Affordable Care Act includes the individual shared responsibility provision that requires you, your spouse, and your dependents to have qualifying health insurance for the entire year, report a health coverage exemption, or make a payment when you file. Who is subject to this provision? All U.S. citizens living in the United […]

Taxpayers at risk of losing affordable health insurance

August 10,  2015 Taxpayers who have filed a valid extension for their tax return for 2014 have until October 15 2015 to file a timely tax return.   However, if you receive your health insurance through the Affordable Care Act (Obamacare) there is a little problem.  The IRS requires you to reconcile the Advance Premium Tax […]

IRS Scam Phone Calls Continue; Five Easy Ways to Spot Fake Calls

WASHINGTON — The Internal Revenue Service issued a consumer alert today providing taxpayers with additional tips to protect themselves from telephone scam artists calling and pretending to be with the IRS. These callers may demand money or may say you have a refund due and try to trick you into sharing private information. These con […]

The IRS adopts the Taxpayer Bill of Rights

Each and every taxpayer has rights they should be aware of when dealing with the IRS. That’s why the Internal Revenue Service adopted the Taxpayer Bill of Rights. The Taxpayer Bill of Rights provides you with a better understanding of your rights. While these rights always existed, they are now grouped into 10 broad categories, […]

IRS Recognizes Legal Same-Sex Marriages For Federal Tax Purposes

WASHINGTON — The U.S. Department of the Treasury and the Internal Revenue Service (IRS) today ruled that same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes. The ruling applies regardless of whether the couple lives in a jurisdiction that recognizes same-sex marriage or a jurisdiction […]

IRS will treat same-sex marriages the same as heterosexual ones

According to news sources, the IRS has decided to recognize same sex marriages no differently than heterosexual marriages, regardless of whether the couple’s state of residence recognizes the marriage.  This will open up many benefits (and many disadvantages) for single gender couples, for example the ability to file married filing jointly and married filing seperately. […]