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Retirement Plans Can Make Loans, Hardship Distributions to Victims of Hurricane Irma

IR-2017-151, Sept. 12, 2017 WASHINGTON —The Internal Revenue Service today announced that 401(k)s and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Irma and members of their families. This is similar to relief provided last month to victims of Hurricane Harvey. Participants in 401(k) plans, employees of public schools […]

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Taxpayers and Businesses Warned About Scam in Rhode Island

Rhode Island Department of Revenue Division of Taxation ADV 2017-6                                                                 ADVISORY FOR TAX PROFESSIONALS TAX ADMINISTRATION                                                                                  AUGUST 29, 2017 Taxpayers and businesses warned about scam in Rhode Island Caller claims to be from Rhode Island Division of Taxation, seeks to access taxpayer’s home PROVIDENCE, R.I. –The Rhode Island Tax Administrator today urged taxpayers, businesses, and […]

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Farewell Announcement from Matthew

Today I am confirming that I will retire on May 15, 2017…Yes, I am smiling! No standard letter or announcement for me; instead, I offer you the following: First I need to thank some people… Many thanks to my partner of 20 years, Mike Muto, for his many contributions to my success and who endured […]

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2017 Payroll Tax Rates & New Wage Limits

January 1, 2017 The following are the changes in payroll taxes effective January 1, 2017: Employee Withholdings Rate Taxable Wage Base Per Person Social Security 6.2% Maximum wages: $127,200 Medicare 1.45% No limit Additional Medicare Tax 0.9% Wages over $200,000 Federal Withholding Use withholding tables in Publication 15 dated January, 2017 RI Withholding Use withholding […]

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Net Investment Income Tax: How Does It Affect You?

The Tax Adviser By Chris Varjabedian, Woodland Hills, Calif. November 1, 2016 Editor: Mark G. Cook, CPA, MBA, CGMA The net investment income tax imposed by Sec. 1411 is a 3.8% tax on the lesser of (1) net investment income or (2) the excess of modified adjusted gross income (MAGI) over a threshold amount, which […]

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Security Awareness for Taxpayers

TAXES. SECURITY. TOGETHER. The IRS, the states and the tax industry are committed to protecting you from identity theft. We’ve strengthened our partnership to fight a common enemy – the criminals – and to devote ourselves to a common goal – serving you. Working together, we’ve made many changes to combat identity theft, and we […]

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IRS Releases 2017 Health Savings Account Limits

By Sally P. Schreiber, J.D. April 29, 2016 The IRS issued the inflation-adjusted figures for calendar year 2017 for the annual contribution limits for health savings accounts (HSAs) and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans (Rev. Proc. 2016-28). Under Sec. 223, individuals who participate in a health plan […]

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IRS Issues 2016 and Revised 2015 Vehicle Depreciation Limits

By Paul Bonner April 1, 2016 The IRS on Friday issued guidance providing revised limits for the amount of depreciation taxpayers can take for the first year they use a passenger automobile (including a truck or van) for business in 2015 and the new depreciation limits for 2015. The guidance also includes the lease inclusion […]

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Phishing Scheme Requests Form W-2 and Other Confidential Employee Information

By Sally P. Schreiber, J.D. March 1, 2016 Payroll and human resources departments should beware of an email phishing scheme in which cybercriminals pose as company executives (including CEOs) and ask for confidential employee information, such as Forms W-2, Wage and Tax Statement, and employees’ Social Security numbers, address, date of birth, and salary, the […]

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Bonus Depreciation Changes in the 2015 PATH Act

The recently enacted “Protecting Americans from Tax Hikes Act of 2015” (i.e., the 2015 PATH Act) extended and expanded an important tax provision for business: bonus depreciation. We are writing to give you an overview of the bonus depreciation provisions in the new law. Please call our office for details of how the new changes […]

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