Monthly Archives: April 2018
IRS Urges Taxpayers to Renew Their ITINs
Individual Taxpayer Identification Numbers (ITINs) are used by those who have tax filing obligations, but are not eligible for Social Security Numbers. These numbers expire after a certain amount of time and so must be renewed. Those who fail to renew their ITINs face serious penalties, so if your ITIN is expired, it is… Read More »
New Tax Withholding Tables to be Implemented
As part of the tax reform legislation that was enacted last month, the IRS released an updated version of the income-tax withholding tables for 2018. Employers are directed to use the new tables as soon as possible, although no later than the middle of February, at which point employees should begin to see an… Read More »
Deducting Home Equity Loan Interest Payments
Responding to a number of questions receive from taxpayers, the IRS officially announced that despite the recently enacted restrictions on home mortgages, many taxpayers can continue to deduct interest paid on their home equity loans, second mortgages, and home equity line of credit, regardless of how the loan is actually labeled. To speak with… Read More »
IRS Retroactively Renews Important Tax Benefits
On February 9th, Congress enacted the Bipartisan Budget Act of 2018, which renewed a wide range of individual and business tax benefits for 2017 that had technically expired at the end of 2016. The three most popular benefits affected by the renewal involve deductions for tuition, mortgage insurance premiums, and the exclusion of qualified… Read More »
