IRS News

01/25/2018 3:58 PM | Anonymous member (Administrator)
  • 1)     Filing season start date

The start date was announced:

·         January 29 for individual tax returns

·         January 8 for business tax returns

For 2017, medical expenses deductible if over 7.5% of AGI, not 10% as planned in a previous tax bill.

Standard Mileage Rates for 2018 Up from Rates for 2017

 Beginning on Jan. 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

54.5 cents for every mile of business travel driven, up 1 cent from the rate for 2017.
18 cents per mile driven for medical or moving purposes, up 1 cent from the rate for 2017.
14 cents per mile driven in service of charitable organizations.

  • 5)     Form 1095-B and 1095-C
  • Because of these extensions, individuals may not receive their Forms 1095-B or 1095-C by the time they are ready to file their 2017 individual income tax return. While information on these forms may assist in preparing a return, the forms are not required to file. Taxpayers can prepare and file their returns using other information about their health coverage. They do not have to wait for Forms 1095-B or 1095-C to file.

 6)     New Scam

Consumer Alert: IRS Warns Taxpayers, Tax Pros of New Email Scam Targeting Hotmail Users

North Dakota CPA Society
2701 South Columbia Road, Ste D
Grand Forks, ND 58201

Phone: (701) 775-7100 or (877) 637-2727
Email: mail@ndcpas.org

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