The House Ways and Means Committee this afternoon released a bill that would provide tax relief to those impacted by the recent hurricanes. It is expected the bill will receive consideration in the House and Senate in the very near future.
Enactment of the “Disaster Tax Relief and Airport and Airway Extension Act of 2017” would provide the following targeted actions to help American families and communities impacted by Hurricanes Harvey, Irma, and Maria: Deduction for Personal Casualty Losses:
Penalty-Free Access to Retirement Funds:
Encouraging Charitable Giving:
Disaster-Related Employment Relief:
Special Rule for Determining 2017 Earned Income Tax Credit and Child Tax Credit:
The legislation also includes temporary extensions of health programs within Ways and Means jurisdiction. This includes extending the Intravenous Immunoglobulin (IVIG) demonstration policy for three years to ensure this program can continue to operate and provide care to patients with severe immunodeficiency diseases. The IVIG demonstration would otherwise stop providing services to patients after September 30, 2017.
The IRS and its state and industry Security Summit partners today warned tax practitioners to beware of phishing emails posing as state accounting and professional association.
The IRS this week received ...
Now that the enrollment renewal cycle has finished, the IRS Return Preparer Office will begin annual clean-up of those Enrolled Agents who have Social Security Numbers (SSNs) ending in 7, 8 or 9 or those ...
The IRS today issued Notice 2018-54 , which announces forthcoming regulations that will address the "tax treatment of certain payments made by taxpayers for which taxpayers receive a credit against ...
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