Tax Warrior Chronicles

IRS Advises Certain Vets to Amend Returns to Claim Tax Refunds for Overpayments

Posted on Fri, Jul 13, 2018

By: Drucker & Scaccetti

 

This week, the IRS advised U.S. veterans who received disability severance payments after January 17, 1991 and included that payment as income to file an amended U.S. Individual Income Tax Return, to claim a credit or refund of the overpayment attributable to the disability severance payment. This is a result of the Combat-Injured Veterans Tax Fairness Act passed in 2016. If you are a veteran, or know someone who is, please share this important information.

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IRS OFFERS PENALTY AND FILING RELIEF ON TRANSITION TAX

Posted on Fri, Jun 08, 2018

By: Yi Yang, CPA, MBA

 

Since our last post on the mandatory Section 965 Transition Tax, the IRS has provided additional guidelines on the reporting procedures for 2017 tax returns.  In today’s post, we’ll delve deeper into the guidelines and learn how you may secure some penalty and filing relief.

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