God Loves A Cheerful Giver: 2 Corinthians 9:6-7 NKJV
But this I say: He who sows sparingly will also reap sparingly, and he who sows bountifully will also reap bountifully. So let each one give as he purposes in his heart, not grudgingly or of necessity; for God loves a cheerful giver. Matthew 9:36 NKJV God wants us to give out of generosity, not obligation or need. He…
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Washington News – IRS Approves Hurricane Matthew Leave-Donation Program
In IR-2016-146, the IRS encouraged employers to promote leave-based donation programs for victims of Hurricane Matthew. Hurricane Matthew devastated coastal sections of Florida, Georgia, South Carolina and North Carolina from October 5-9 of 2016. It caused over $5 billion in property damage and 49 Americans lost their lives during this storm. When Hurricane Matthew passed the Kennedy Space Center on…
READ MOREWashington News – IRS Plans 2017 Identity Theft Battle
In IR-2016-144 the IRS outlined its successful efforts to fight identity theft in 2016 and explained plans for future battles.The IRS 2016 Security Summit produced multiple initiatives to limit identity theft. Several of the initiatives were successful. Theft Affidavit - The number of taxpayers who file affidavits with the IRS claiming to be victims of identity theft was down sharply…
READ MOREWashington News – Success in Opposing Tax Impersonators
Sens. Susan Collins (R-ME) and Claire McCaskill (D-MO) are the Chairman and Ranking Member of the Senate Aging Committee, respectively. Both have strongly encouraged the federal government to protect seniors by prosecuting tax impersonators.On October 27, the IRS and Department of Justice announced indictment of 56 persons who operated five call centers located in India. They are accused of victimizing…
READ MOREWashington News – New Hurricane Matthew Tax Relief
On October 17 the IRS announced in IR-2016-135 that it will provide additional tax relief to victims of Hurricane Matthew. The relief will apply to affected counties in North Carolina, South Carolina, Georgia and Florida. Tax deadlines on or after October 4, 2016 are generally extended to March 15, 2017.Some taxpayers in the affected counties had filed for an extension…
READ MOREWashington News – Congress Considers Retirement Plans
As the election clock continues to race forward, the Senate Finance Committee this week passed several retirement plan bills.Many Americans have a 401(k) plan. With a traditional 401(k) plan, the employee may make tax free contributions and enjoy tax free growth. Distributions must commence after age 70½, with a starting payout rate of approximately 3.8% of the plan balance. Distribution…
READ MOREWashington News – New Identity Theft Attacks
In IR-2016-119 the IRS reports new attacks on professional tax preparers. In a dozen cases, identity thieves gained access to the computers of a professional tax preparer. The thieves then e-filed returns and directed the refunds to their personal financial accounts.IRS Commissioner John Koskinen stated, “This latest incident reinforces the need for all tax professionals to review their computer settings…
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