FAQ: Is the cost of a weight loss program for obesity tax deductible? Yes …but only if it is a medical necessity. The IRS has ruled that uncompensated amounts paid to participate in a weight-loss program as treatment for a specific disease or diseases (including obesity) diagnosed by a physician are deductible expenses for medical [...]
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June 2 Employers. Semi-weekly depositors must deposit employment taxes for May 25–27. June 3 Employers. Semi-weekly depositors must deposit employment taxes for May 28–31. June 8 Employers. Semi-weekly depositors must deposit employment taxes for Jun 1–3. June 10 Employers. Semi-weekly depositors must [...]
Filing season closes; cybersecurity and customer service top priorities for IRS The 2016 filing season has closed with renewed emphasis on cybersecurity, tax-related identity theft and customer service. Despite nearly constant attack by cybercriminals, the IRS reported that taxpayer information remains secure. The agency also continued to intercept thousands of bogus returns and prevent the [...]
Don’t overlook new-for-2016 enhancements to certain tax incentives Passage of the “Tax Extenders” undeniably provided one of the major headlines – and tax benefits – to come out of the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), signed into law on December 18, 2015. Although these tax extenders (over 50 of them [...]
How do I? Determine a residential tax credit for solar panels Individual taxpayers may claim a nonrefundable personal tax credit for qualified residential alternative energy expenditures. The residential alternative energy credit generally is equal to 30 percent of the cost of eligible solar water heaters, solar electricity equipment, fuel cell plants, small wind energy property, [...]
May 2016 tax compliance calendar As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of May 2016. May 2 Employers. File Form 941 for the [...]
FAQ: Are contributions to foreign charities tax-deductible? Social media has helped to make our world smaller and when natural disasters and tragedies occur we want to help with contributions of money and/or other types of aid. At home, countless charitable organizations are providing all types of help and generally, your contributions to U.S. charities are [...]
Latest IRS Data Book gives insight into audit activities The IRS has issued its annual Data Book for fiscal year (FY) 2015, which provides statistical information on activities such as examinations and collections conducted by the IRS from October 1, 2014 to September 30, 2015. For FY 2015, the Data Book shows the total number [...]