IRS News For Early June
Here are your information updates from the IRS for early June.
The IRS reminds taxpayers to be vigilant against scams
Email phishing and telephone scams don’t end with the tax season, and they often take advantage of summer when taxpayers may be expecting a response from the IRS after filing. Know what to expect from the IRS and how to spot a scam. And with hurricane season upon us, know how to avoid falling for fraudulent charities.
Some penalties waived for transition tax on foreign earnings
Late filing penalty increases June 15
If you didn’t file by April 18 and also did not file for an extension, your late filing penalty will increase June 15. Penalties continue to accrue until the tax return is filed, but there may be relief if this is your first late filing and meet other requirements.
Taxpayers abroad have to file taxes by June 15
The IRS reminds US taxpayers living and working abroad that they must file their tax return by June 15 to avoid penalties. Individuals making an AGI below $66,000 may use Free File to electronically file their taxes, or to request an extension. Military and qualified support personnel living in combat zones do not have to request an extension.
Private colleges and universities offered stepped-up basis
Private college and universities selling property subject to excise tax may use a stepped-up basis for determining the tax on any gain. Generally, fair-market value of the property as of December 31, 2017 will serve as the basis for figuring net gain.
IRS announces interest rates remain unchanged
Interest rates for the quarter beginning July 1 remain the same as they were last quarter, which began April 1. Details and rates can be found here.
If you need more information on any of these updates or to discuss how the updates affect your personal income tax needs, please request an appointment or drop by during our office hours Monday, Tuesday or Thursday morning.