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IRS Offers Relief to Taxpayers with Family HSAs
Posted On 04/ 27/ 18


The Internal Revenue Service is granting relief to taxpayers who have family coverage under a high deductible health plan and who contribute to a health savings account. For 2018, taxpayers with family coverage under a high deductible health plan, or HDHP, can treat $6,900 as the maximum deductible contribution to their HSA. A change in the inflation adjustment calculations for 2018 under the new tax reform law, the Tax Cuts and Jobs Act, decreased the maximum deductible HSA contribution   Read More...

Missed the Tax Filing Deadline?
Posted On 04/ 27/ 18


While the federal income tax-filing deadline has passed for most people, there are some taxpayers still facing tax-related issues. This includes people who still haven’t filed. There is no penalty for filing a late return after the tax deadline if a refund is due. Penalties and interest only accrue on unfiled returns if taxes are not paid by April 18. The IRS provided taxpayers an additional day to file and pay their taxes following system issues that surfaced early on the April 17 tax   Read More...

IRS Warns of New Twist on Phone Scam
Posted On 04/ 27/ 18


The Internal Revenue Service warned of a new twist on an old phone scam as criminals use telephone numbers that mimic IRS Taxpayer Assistance Centers (TACs) to trick taxpayers into paying non-existent tax bills. The IRS and its Security Summit partners – the state tax agencies and the tax industry – urge taxpayers to remain alert to tax scams year-round, especially immediately after the tax filing season ends. Even after the April deadline passes, the tax scam season doesn’t end. In   Read More...

IRS Reminds Retirees of April 1 Deadline To Take Required Retirement Plan Distributions
Posted On 03/ 30/ 18


The Internal Revenue Service reminds taxpayers who turned age 70½ during 2017 that, in most cases, they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Sunday, April 1, 2018. The April 1 deadline applies to all employer-sponsored retirement plans, including profit-sharing plans, 401(k) plans, 403(b) plans and 457(b) plans. The RMD rules also apply to traditional IRAs and IRA-based plans such as SEPs,   Read More...

IRS ‘Where’s My Refund?’ Online Tool Answers Commonly Asked Question
Posted On 03/ 30/ 18


The Internal Revenue Service states that most tax refunds are issued in less than 21 days, although some may take longer. As of March 16, the IRS had already issued more than 61 million refunds averaging $2,960. Taxpayers can check the status of their refund online at IRS.gov by visiting the “Where’s My Refund?” tool or through the IRS2Go mobile app. There are many factors that can affect the timing of a tax refund. Some tax returns take longer to process because the return includes   Read More...

IRS Issues New Tax Rate Tables, Inflation Adjustments for 2018
Posted On 03/ 30/ 18


In Rev. Proc. 2018-18, the IRS announced the new lower tax brackets for 2018 and a number of other new items affected by P.L. 115-97, known as the Tax Cuts and Jobs Act. It also issued inflation-adjusted amounts for many provisions that were unchanged by the Act, other than that the inflation adjustments now must be calculated using the chained consumer price index method, updating the numbers that were originally announced in Rev. Proc. 2017-58. The tax act lowered the tax brackets that   Read More...

Reminder: New PA 1099-MISC Withholding Requirements Began 1/1/18
Posted On 02/ 28/ 18


Act 43 of 2017 created a withholding obligation for certain payors of Pennsylvania-source income and lessees of Pennsylvania real estate to non-residents. It also expanded the requirements with respect to when a copy of Federal Form 1099-MISC is required to be filed with the Pennsylvania Department of Revenue. Below is a link to a fact sheet with all the information on the new requirements. PA 1099 MISC Fact sheetRead More...

Pennsylvania Marketplace Sales Requirements
Posted On 02/ 28/ 18


Certain marketplace facilitators, remote sellers and referrers facilitating, making or referring sales to Pennsylvania customers must make an election to either: (1) register to collect and remit sales tax beginning April 1, 2018; or (2) comply with tax notification and reporting requirements (“Notice and Reporting Requirements”). The deadline for this election is March 1, 2018. Depending on its activities, a single business can be a marketplace facilitator, a remote seller and a   Read More...

PA Property Tax/Rent Rebate Program Applications Are Now Available
Posted On 02/ 28/ 18


Applications for the property tax/rent rebate program (Form PA-1000) are now available on the PA Department of Revenue’s website. The program allows eligible Pennsylvania property owners and renters to claim rebates on property taxes or rent paid in 2017. The application is due by June 30, 2018. Rebates will be distributed beginning July 1, 2018. The rebate program benefits eligible Pennsylvanians age 65 and older; widows and widowers age 50 and older; and people with disabilities age   Read More...

IRS Releases Updated 2018 Withholding Tables, Extends use of the Existing 2017 Form W-4
Posted On 01/ 31/ 18


2018 Withholding Tables 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. The updated withholding information shows the new rates for employers to use during 2018. Employers should begin using the 2018   Read More...