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Visit our News page for regular updates on tax regulation and the latest developments at our firm.

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Resources for Tax Law Changes

The IRS is working on implementing this major tax legislation that will affect both individuals and businesses. Check the Resources for Tax Law Changes page for the latest updates.

Get Ready for Taxes

As we approach the 2018 filing season, there are a few actions to take to prepare Get Ready for Taxes: Plan Ahead to Avoid Refund Delays.

IR-2018-05, Jan. 11, 2018 — The Internal Revenue Service today released Notice 1036, which updates the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted last month.

Changes to the ITIN Program

Your ITIN may expire before you file a tax return in 2018. All ITINs not used on a federal tax return at least once in the last three years will expire on December 31, 2017. Additionally, all ITINs issued before 2013 with middle digits of 70, 71, 72 or 80 are expiring. If you need to file a tax return in 2018, IRS recommends you renew your ITIN. The IRS has developed outreach products and additional information on the ITIN program in English, Spanish, Chinese, Russian, Korean, Vietnamese and Haitian Creole. See IRS.gov/itin.

As a reminder, ITINs with middle digits 78 and 79 that expired in 2016 can also be renewed.

Consumer Alerts on Tax Scams

‪Note that the IRS will never:

  • Call to demand immediate payment using a specific payment method such as a prepaid debit card, gift card or wire transfer. Generally, the IRS will first mail you a bill if you owe any taxes.
  • Threaten to immediately bring in local police or other law-enforcement groups to have you arrested for not paying.
  • Demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe.
  • Ask for credit or debit card numbers over the phone.

For more information on tax scams, please see Tax Scams/Consumer Alerts. For more information on phishing scams, please see Suspicious e-Mails and Identity Theft.

Tax Relief In Disaster Situations

The IRS is providing help to the victims of Hurricanes Harvey, Irma and Maria and the California Wildfires. While most individuals have filed their 2016 federal tax returns, certain taxpayers who live in a federally declared disaster area, have a U.S. tax filing obligation, and had previously obtained a valid 6-month extension of time to file their federal tax return may qualify for an extension until Jan. 31, 2018. The federally declared disaster areas include hurricane and tropical storm victims in Georgia, Florida, Puerto Rico, the Virgin Islands and parts of Texas, Louisiana and South Carolina, as well as wildfire victims in parts of California.

The IRS often updates its information on disaster relief efforts. For the latest news, check the See the IRS disaster relief page frequently.

For information on government-wide efforts related to these natural disasters, please visit: https://www.usa.gov/hurricane-harveyhttps://www.usa.gov/hurricane-irma, and https://www.usa.gov/hurricane-maria.

Is it really the IRS calling?

Many taxpayers have encountered individuals impersonating IRS officials – in person, over the telephone and via email. Don’t get scammed. We want you to understand how and when the IRS contacts taxpayers and help you determine whether a contact you may have received is truly from an IRS employee.

The IRS initiates most contacts through regular mail delivered by the United States Postal Service.

However, there are special circumstances in which the IRS will call or come to a home or business, such as when a taxpayer has an overdue tax bill, to secure a delinquent tax return or a delinquent employment tax payment, or to tour a business as part of an audit or during criminal investigations.

To understand how and when the IRS contacts taxpayers and determine if it’s truly the IRS see: How to know it’s really the IRS calling or knocking on your door.

Private Debt Collection

The IRS began a new private collection program of certain overdue federal tax debts selecting four contractors to implement it.

The IRS will always notify a taxpayer before transferring their account to a private collection agency (PCA). First, the IRS will send a letter to the taxpayer and their tax representative informing them that their account is being assigned to a PCA and giving the name and contact information for the PCA. This mailing will include a copy of Publication 4518, What You Can Expect When the IRS Assigns Your Account to a Private Collection Agency.

Only four private groups are participating in this program: CBE Group of Cedar Falls, Iowa; Conserve of Fairport, N.Y.; Performant of Livermore, Calif.; and Pioneer of Horseheads, N.Y. The taxpayer’s account will only be assigned to one of these agencies, never to all four. No other private group is authorized to represent the IRS.

Foreign Account Tax Compliance Act

The Foreign Account Tax Compliance Act (FATCA), which was passed as part of the HIRE Act, generally requires that foreign financial Institutions and certain other non-financial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding on withholdable payments. The HIRE Act also contained legislation requiring U.S. persons to report, depending on the value, their foreign financial accounts and foreign assets.

 

Legislation

In the past few years, there have been several laws passed that have tax implications. For more information, visit our pages on:

 

 

Please schedule an appointment to learn more about important changes in tax law.

Get in Touch With Us.

Call us at (209) 222-3660 with any questions or to schedule an appointment.

 

Priority Tax Service

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Modesto, CA 95356

 

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