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carnahanlaw.com tax and law itemsThe IRS proposed increasing the offer-in-compromise (OIC) user fee from $186 to $300 for OICs submitted on or after February 27, 2017



tax and other legal itemsProposed Amendments of Regulations (REG-108934-16), published in the Federal Register on October 13, 2016



Published: Sun, 28 Nov 2004 00:00:00 GMTWed, 19 Oct 2016 13:00:00 GMT

Last Build Date: Mon, 09 Jan 2017 01:00:00 GMT

Copyright: Copyright 1997-2015, Frank C. Carnahan, all rights reserved
 



IRS web page lets you find out how much you owe

Mon, 09 Jan 2017 13:00:00 GMT

If you're an individual taxpayer, you can use this tool to find out: (1) Your payoff amount, updated for the current calendar day, and (2) the balance for each tax year for which you owe. Your balance will update no more than once every 24 hours, usually overnight. Once you view your balance, you can immediately choose a payment option. The IRS recommends that you make a note of the amount before doing so. To register for this service, you need: (i) Your Social Security Number; (ii) date of birth; (iii) filing status; (iv) mailing address from latest tax return; (v) access to your email account; (vi) your personal account number from a credit card, mortgage, home equity loan, home equity line of credit or car loan; and (vii) a mobile phone with your name on the account.



Use IRS Publication 2043 to Set Refund Expectations for 2017

Fri, 06 Jan 2017 13:00:00 GMT

IRS Publication 2043, IRS Refund Information Guidelines for the Tax Preparation Community, was updated for 2017. The publication provides the latest refund information and guidelines to advise clients who are expecting refunds. This year's update includes information about a new law that requires the IRS to hold refunds claiming the Earned Income Tax Credit and the Additional Child Tax Credit. The IRS will begin to release EITC/ACTC refunds starting Feb. 15. However, these refunds likely will not reach taxpayers until the week of Feb. 27.



IRS Business and other standard mileage rates decrease for 2017

Wed Dec 14 2016 13:00:00 GMT

The IRS has announced that the optional mileage allowance for owned or leased autos (including vans, pickups or panel trucks) will decrease by $.05 to $.53 1/2 per mile for business travel after 2016. The rate for using a car to get medical care or in connection with a move that qualifies for the moving expense deduction will decrease by $.02 to $.17 per mile.



New Jan. 31 Deadline for Employers to file Froms W-2

Fri, 04 Nov 2016 13:00:00 GMT

The Protecting Americans from Tax Hikes (PATH) Act, enacted last December, includes a new requirement for employers. They are now required to file their copies of Form W-2, submitted to the Social Security Administration, by Jan. 31. The new Jan. 31 filing deadline also applies to certain Forms 1099-MISC reporting non-employee compensation such as payments to independent contractors.