Federal & State Tax News

Projections for 2018 inflation-adjusted tax amounts available

Sunday, October 1, 2017

The Tax Code requires that federal income tax brackets and certain other figures be adjusted for inflation annually. Wolters Kluwer has projected the 2018 standard deduction, tax bracket amounts and other inflation-adjusted tax figures based on the relevant inflation data just released by the U.S. Department of Labor (DOL). Comment. These projections reflect current law. […]

IRS again revises passport certification start date

Sunday, October 1, 2017

The IRS has announced on its website that passport certifications to the U.S. State Department are expected to begin in January 2018. Previously, the agency reported that passport certifications would begin this year. Background. The Fixing America’s Surface Transportation Act of 2015 (FAST Act) requires the Treasury Department, upon receiving certification by the IRS that […]

Over- and underpayment interest rates remain same for fourth quarter 2017

Sunday, October 1, 2017

The IRS has announced that the interest rates on overpayments and underpayments of tax for the calendar quarter beginning October 1, 2017, will remain unchanged. The rates will be: 4 percent for overpayments, other than corporations; 3 percent for overpayments by corporations (except 1.5 percent of the portion of a corporate overpayment exceeding $10,000); 4 […]

IRS announces per diem rates for post-September 30 travel

Sunday, October 1, 2017

The IRS has announced the special per diem rates that taxpayers may use to reimburse employees for expenses incurred during travel after September 30, 2017. The IRS announces new rates each year around the end of September. New rates. The IRS-approved per diem rate for high-cost areas is $284 (up from $282 for the previous […]

MyRA program to end because of low demand

Friday, September 1, 2017

The myRA savings program will be discontinued, the Treasury Department has announced. Treasury attributed the end of the program to low demand. Treasury launched myRA as nationwide in 2015. Account holders could build savings for 30 years or until their myRA reached $15,000, whichever would come first. MyRAs carried no startup or annual fees, or […]