Federal & State Tax News

IRS releases official maximum FMVs for 2017 cents-per-mile/fleet-average valuation

Wednesday, February 1, 2017

The IRS has announced the maximum fair market value (FMV) amounts that designate the proper valuation rule for employers calculating fringe benefit income from employer-provided automobiles, trucks, and vans first made available for personal use in 2017. Taxpayers with employer-provided vehicles within the designated FMV amounts may apply the vehicle cents-per-mile rule or fleet average […]

IRS finalizes higher user fees for installment agreements

Tuesday, January 3, 2017

As of January 1, 2017, some taxpayers may notice a marked rise in user fees associated with installment agreements, as guidance has released that finalized the higher user fees for such agreements. The user fee for installment agreements is now at $225. However, as expected, lower-income taxpayers remains the same. Before the January 1 uptick, […]

DC – Filing season start date announced

Sunday, January 1, 2017

The District of Columbia’s Office of Tax and Revenue (OTR) issued a press release announcing the opening of its tax season on January 23, 2017. The OTR stated that while a new federal law prohibits the issuance of refunds to taxpayers claiming the Earned Income Tax Credit and the Additional Child Tax Credit before February […]

MD – Maryland announces changes for the 2017 filing season

Sunday, January 1, 2017

The Comptroller has updated its website concerning important changes and benefits for the 2017 tax filing season affecting corporate and personal income taxpayers. Taxpayers are reminded that personal income tax returns are due April 18, 2017 and that business income tax return dates vary. The guidance concerns the increased pension exclusion, tax forms and instructions, […]

IRS removes 36-month nonpayment of debt information reporting rule

Thursday, December 1, 2016

The IRS recently issued final regulations that remove the rule under Code Sec. 6050P that creditors were to file an IRS Form 1099-C, Cancellation of Indebtedness following a 36-month period of nonpayment of debt. The provision requiring reporting following the expiration of the 36-month nonpayment testing period was one that tax practitioners criticized as confusing […]