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The IRS recently announced additional requirements for taxpayers and tax professionals to verify their identities when they call as part of security efforts.

Taxpayers and professionals should have the following documents ready when they call:

• Social Security numbers and birth dates for those who were named on the tax return in question
• An Individual Taxpayer Identification Number (ITIN) letter if the taxpayer has one in lieu of a Social Security number (SSN)
• Filing status – Single, Head of Household, Married Filing Joint or Married Filing Separate
• The prior-year tax return. Telephone assistors may need to verify taxpayer identity with information from the return before answering certain questions
• A copy of the tax return in question
• Any IRS letters or notices received by the taxpayer

Some taxpayers receive emails that appear to be from the Taxpayer Advocacy Panel (TAP) about a tax refund. These emails are a phishing scam, trying to trick victims into providing personal and financial information.

 Do not respond or click any link. If you receive this scam, forward it to phishing@irs.gov and note that it seems to be a scam phishing for your information.

TAP is a volunteer board that advises the IRS on systemic issues affecting taxpayers. It never requests, and does not have access to, any taxpayer’s personal and financial information.

The recent enactment of the Tax Cuts and Jobs Act (TCJA) brought many changes to how individuals and businesses are affected by our tax system.  

Among the deductions affected was the deduction for meals and entertainment incurred in the course of operating a business.  Prior to the enactment of the TCJA, which took effect for many provisions on January 1, the allowable deduction for meals and entertainment expenses was capped at 50% of the allowable amount of such costs that were incurred.  Under the old law, no deduction was allowable unless the cost was either directly related to or associated with the conduct of business.

If you use one of the many online platforms available to rent a spare bedroom, provide car rides, or to connect and provide a number of other goods or services, you’re involved in what is sometimes called the sharing or gig economy.

An emerging area of activity in the past few years, the sharing economy has changed how people commute, travel, rent vacation accommodations and perform many other activities.

Also referred to as the on-demand, gig or access economy, the sharing economy allows individuals and groups to utilize technology advancements to arrange transactions to generate revenue from assets they possess - (such as cars and homes) - or services they provide - (such as household chores or technology services).

WASHINGTON — The Internal Revenue Service released Notice 1036, which updates the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted last month. This is the first in a series of steps that IRS will take to help improve the accuracy of withholding following major changes made by the new tax law.

"As advertised, most taxpayers will see a reduction of their federal withholding as a result of the recently-passed Tax Cuts and Jobs Act (TCJA).  Keep in mind, though, that the full effect of the TCJA on individuals’ tax and financial situations will only begin to be known a year from now, when taxpayers begin to file their 2018 income tax returns," said Zinner Tax Partner Howard Kass, CPA, CGMA, AEP. 

Congress is enacting the most sweeping tax legislation in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will go into effect next year, there is still a narrow window of time before year-end to soften or avoid the impact of crackdowns and to best position yourself for the tax breaks that may be heading your way.

Here is a quick rundown of last-minute moves you should think about making.

In the quest for gifts and seasonal savings together with the promise of continued prosperity, many taxpayers overlook some of the simple year-end moves they can do that will help to reduce their taxes and improve the bottom line.   There are many action steps you can perform today in order to save taxes for the next tax period.  Below, find a shining display of our top five tips to save future tax dollars. 

Learn “5 Things Every Business Owner Should Do Before December 31” during WIRE-Net’sOctober workshop, Thursday, October 12 at Cuyahoga Community College’s Advanced Technology Training Center. The event is open to members and non-members. 
 
Partner Brett Neate will educate business owners and decision makers as they face the Q4 flurry of activity that is critical to accurately closing 2017 and properly preparing for 2018.

The idea is to make it easier for businesses to pay their municipal net profits taxes. 

Aug. 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.