IRS & MS STATE NEWS
IRS Shares Resources for Small Business Owners
Last week, the IRS highlighted resources for small business owners and the self-employed in honor of National Small Business Week. A few of the showcased tools included an IRS e-newsletter with small business tax tips, an online Small Business and Self-Employed Tax...
Regulations Soon Issued for Carried Interest Limitations
The IRS announced it will be releasing regulations clarifying limitations around carried interests in S corporations in light of the new tax law. For more information, please visit the link to the IRS website below:...
Interest on Home Equity Loans
The IRS recently advised taxpayers that in many cases, the interest paid on their home equity loans is still deductible under the new tax law. For more details, please visit the link below:...
Prepaid Property Taxes May Be Deductible if Paid in 2017
The IRS published an advisory in response to numerous questions from the tax community concerning the deductibility of prepaid real property taxes for 2017. For more information, please visit the link below:...
Taxability of Residential Construction Explained
The Mississippi Department of Revenue published a Technical Bulletin elucidating MS tax laws regarding residential construction. The bulletin expands on the concept of separating transactions for the purchase of tangible property and their installation and covers such...
Don’t Forget Your Charitable Donations in 2017
For those utilizing an itemized deduction on their tax return, there’s still time to decrease your tax payments for 2017. Donations to an eligible charitable organization may mean savings for taxpayers through higher deductions. For more information, please visit the...
Contribution Limitations for 2018 Pension Plans Announced by IRS
Cost of living adjustments have been made for pension plan contributions in the new year. Among the changes are increases in allowable contributions for employees participating in 401(k), 403 (b), most 457 plans and the federal Thrift Savings Plan. For more...
Tips for Taxpayers Affected by Hurricane Irma
September is National Preparedness Month and in the wake of Hurricane Harvey and the rise of Hurricane Irma, the IRS is offering important tax advice to those affected by the storms.
Email Scam Targeting W-2 Forms on the Rise
As part of its “Don’t Take the Bait” campaign for tax professionals, the IRS recently warned of a new scam to steal taxpayer identities through fraudulent requests for Forms W-2.
Do You Know Your Rights as a Taxpayer?
The American Taxpayer has rights when it comes to paying taxes.