New Tax Law = Bigger Paychecks!

PayCheckAbout 90 percent of Americans will be getting increases in their paychecks due to the new tax law. The deadline for all employers to make the adjustments was February 15th.

Read details at the article by Chicago Tribune, “Your Paycheck will probably get Bigger This Month Because of the New Tax Law.”

How will you spend your extra money? greedy man with money cartoon

 

IRS Identity Theft Victim Processes FAIL

IRS SealDue to a computer glitch, the IRS failed to notify almost half a million identity theft victims last year. These victim’s information was being used by someone else for employment purposes.

To further complicate the problem, 13% of those who received notifications from the IRS received the notification in error and were NOT victims of identity theft at all.

Read more about the details at the article by Accounting Today, titled “IRS didn’t notify 458,658 identity theft victims”

Identity Theft

Learn about protecting yourself from Identity Theft from the Federal Trade Commission at “Identity Theft Protection Services”

Be careful out there!

 

Breaking News – IRS to Cut 298 Tax Regulations!!!

Breaking NewsTo meet President Donald J. Trump’s demand to reduce the burden of regulations, the IRS has announced it will eliminate 298 tax regulations it has deemed unnecessary. Read more details:

Fox Business Article: Trump Triggers IRS Cut of 298 Tax Regulations

Tax Code Joke

 

Filing Season for 2017 Taxes

IRS Seal

Important 2017 Filing Season Dates:

January 29, 2018
Today, IRS announced that the filing season will begin on January 29, 2018. The IRS scheduled the opening of the filing season to start on this date to ensure the security and readiness of key tax processing systems before the opening, and to give the agency time to properly assess the potential impact of tax legislation on 2017 tax returns.

April 17, 2018
In addition to IRS announcing that the filing deadline will be April 17, IRS reminded taxpayers that should they claim the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC), that refunds will be unavailable before mid-February.

February 27, 2018
IRS expects EITC/ACTC refunds to be available in taxpayers’ bank accounts or through debit cards by February 27, 2018 if the taxpayer chose direct deposit and there are no other issues with the filed return.

Holiday Timing
The IRS further reminded taxpayers that many financial institutions do not process payments on weekends or holidays. Therefore, the three-day holiday weekend involving President’s Day may affect the refund timing for EITC and ACTC filers.

Be Aware of IRS Scam Calls

Business Call UpsetDon’t be a victim to scam telephone calls impersonating the IRS to demand payment of taxes. The IRS is warning of recent calls targeting students and parents that demand payments of a non-existent tax called the “Federal Student Tax”.

Read details at article: IRS Warns of Back-to-School Scams; Encourages Students, Parents, Schools to Stay Alert

 

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Taxing Facts about Taxes

Tax Facts

 

The Federal Tax Code totals approximately 2.4 million words

(compared to 1955 with 409,000 words)

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Taxing Facts about Taxes

Tax Facts

 

There are roughly 7.7 million words of tax regulations

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