IR 2018-117, May 2018 IRS has issued a Fact Sheet and a News Release reminding tax-exempt organizations to file their annual information returns (Form 990, Return of Organization Exempt From Income Tax) by May 15, 2018, or risk having their federal tax-exempt status revoked. IRS also cautioned tax-exempts not to include Social Security numbers (SSNs)…Read More
Small business owners and self-employed individuals who are looking to settle factual or legal issues between themselves and the IRS, can use the Fast Track Settlement (“FTS”) program made available by the IRS’s Small Business/Self-Employed Division. The program started as a pilot in 2006, and was made permanent in March 2017 through Revenue Procedure 2017-25.…Read More
Recently, the Internal Revenue Service announced annual inflation adjustments on a number of tax provisions, as well as the tax rate tables for Individuals and estates / trusts. The majority of these provisions are increasing for the tax year 2018, which show adjustments to pension plan limitations, FICA tax and estate / gift tax limits.…Read More
IRS Expands Midyear Safe Harbor Plan Changes: Effective January 29, 2016, the IRS announced a policy change which now allows sponsors of safe harbor 401(k) plans more flexibility to make “midyear” changes to their plans. The changes are outlined in IRS Notice 2016-16.
ERISA 1.401(k)-3(k)(3) or 1.401(m)-3(a)(2)Read More
Tax Return Changes are Just Around the Corner You may have just filed your 2015 income tax return and have been looking forward to thinking about anything other than taxes for a few months. While that’s understandable, be aware that several important deadline changes have been made for some types of tax returns. The changes…Read More