Tax Tips to Help You Determine What Makes a Gift Taxable
From the IRS | Tax Tip 2017-47 | April 13, 2017
Taxpayers who give money or property to others may wonder about the federal gift tax and if it applies. Most gifts are not subject to the gift tax. Here are seven tax tips about the gift tax and giving:
"Where's My Refund?" Tool Best Way to Check Tax Refund Status
From the IRS | IR-2017-62: Tax Time Guide | March 16, 2017
The Internal Revenue Service (IRS) reminds taxpayers that while more than 90 percent of federal tax refunds are issued in 21 days or less, some refunds may take longer. Many factors can affect the timing of a refund after the IRS receives the return. Also, taxpayers should take into consideration the time it takes a financial institution to post the refund to an account or for it to arrive in the mail. The best way to check the status of a refund is online through the "Where's My Refund?" tool at www.IRS.gov or via the IRS2Go. mobile app.
Private Collection of Some Overdue Federal Taxes Starts in April
From the IRS | IR-2017-74 | April 4, 2017
Starting this month, the Internal Revenue Service will begin sending letters to a relatively small group of taxpayers whose overdue federal tax accounts are being assigned to one of four private-sector collection agencies.
IRS Reminds Taxpayers of April 1 Deadline to Take Required Retirement Plan Distributions
From the IRS | IR-2017-63 | March 20, 2017
The Internal Revenue Service reminded taxpayers who turned age 70-1/2 during 2016 that, in most cases, they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Saturday, April 1, 2017.
Small Business Sponsored Health Reimbursement Accounts Allowed
For tax years beginning after December 31, 2016, qualified small employer health reimbursement arrangements (QSEHRAs) are not treated as group health plans for purposes of the group health plan requirements provided by the Patient Protection and Affordable Care Act (ACA).
Know These Facts Before Deducting a Charitable Donation
From the IRS | IRS Tax Tip 2017-32 | March 20, 2017
If taxpayers gave money or goods to a charity in 2016, they may be able to claim a deduction on their federal tax return. Taxpayers can use the interactive Tax Assistant tool, Can I Deduct My Charitable Contributions?, to help determine if their charitable contributions are deductible. Here are some important facts about charitable donations: