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The Internal Revenue Service said Tuesday it is giving special relief to support leave-based donation programs as a way of assisting victims of Hurricane Harvey.   The programs are similar to ones offered by the IRS in the aftermath of Hurricane Katrina in 2005, Hurricane Sandy in 2012, the Ebola outbreak in West Africa in 2014, and Hurricane Matthew and severe flooding in Louisiana in 2016.   Under such...

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  While idly shopping for a home may be pleasant, serious homebuyers need to start the process in a lender's office, not an open house. Potential buyers benefit in several ways by consulting with a lender and obtaining a pre-approval letter. First, they have an opportunity to discuss loan options and budgeting with the lender. Second, the lender will check on their credit and alert the...

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What is 'Schedule K-1'?   Schedule K-1 is a tax document used to report the incomes, losses and dividends of a partnership. The Schedule K-1 document is prepared for each individual partner and is included with the partner’s personal tax return. An S corporation reports activity on Form 1120S, while a partnership reports transactions on Form 1065.     BREAKING DOWN 'Schedule K-1'   While not filed with an individual partner’s tax...

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  When planning for your retirement, you may focus on trying to figure out how much income you'll need, where that income will come from, how the stock market will affect your investments, what your expenses will be during retirement and whether they will change over time. But one aspect of retirement savings that you may have forgotten could end up costing you plenty. The effect...

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  A number of companies are warming up to President Donald Trump's proposal of a 20 percent border tax, which he claims is going to spur companies to build items in America and hire U.S. workers. The proposal has pitted consumer-facing companies like Target (TGT), Walmart (WMT) and Best Buy (BBY) -- and more than 100 others -- against domestic heavyweights like Boeing (BA), Caterpillar (CAT),...

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If the Trump administration's America First budget plan for 2018 ever gets approved as proposed, anyone claiming the Earned Income Tax Credit (EITC) or the Child Tax Credit (CTC) would face a new requirement: They must have a Social Security number and be legally authorized to work in the U.S.   Critics howl that this would deny refundable tax credits to low-income immigrants.   But U.S. citizens and legally...

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The Internal Revenue Service has many free products available for small businesses to help them understand and comply with the law. Products ranging from online calculators, printable calendars, step-by-step guides and a series of educational webinars are all available on IRS.gov.   Federal law requires most employers to withhold federal taxes from their employees' wages. IRS tools can help small businesses understand some of the requirements for withholding, reporting,...

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The IRS is warning a new set of Individual Taxpayer Identification Number holders that their numbers are set to expire at the end of 2017, and that they’ll need to renew them before they next file a return.   In the second year of the renewal program, the IRS has made changes to make the process smoother for taxpayers. The renewal process for 2018 is beginning now,...

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A proposal to gut California’s tax collection agency sits on Gov. Jerry Brown’s desk, but the state is already moving forward with parts of the overhaul, which would shift 90 percent of the agency’s responsibilities to two new state departments.   The drastic changes to the state Board of Equalization coincide with a state Department of Justice criminal investigation into allegations board members may have misused public...

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The IRS’s first-time abatement penalty waiver (FTA), although introduced 12 years ago, is infrequently used by qualifying taxpayers. An FTA can be obtained for a failure-to-file, failure-to-pay, or failure-to-deposit penalty.   A taxpayer may claim an FTA for only a single tax period. To qualify, taxpayers must not have been assessed any other penalties of a “significant amount” on the same type of tax return within the...

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