July Outreach Corner

Internal Revenue Service (IRS) sent this bulletin at 07/01/2016 03:11 PM EDT

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Outreach Corner July 1, 2016

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Issue Number:  2016 – 7

Inside This Issue of the Outreach Corner

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The Outreach Corner Edition for July highlights the following drop-in articles:

  1. Tax relief available for the wrongfully incarcerated; some must amend by December 2016
  2. Do you need to make a tax payment?
  3. Is an Offer in Compromise right for you?
  4. Free tax guide focuses on tax benefits for members of the military
  5. Helpful tips for deducting casualty and theft losses
  6. Are you bartering and trading? Each transaction is taxable to both parties
  7. Perform your mid-year retirement savings check-up
  1.  Tax relief available for the wrongfully incarcerated; some must amend by December 2016

Taxpayers who were wrongfully-incarcerated can now take advantage of the new retroactive exclusion from civil damages, restitution or other monetary awards received in connection with their incarceration. Full story.

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  2.  Do you need to make a tax payment?

Making tax payments online or with your mobile device is much quicker than paying by mail, and you get immediate confirmation after you submit your payment. Full story.

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  3.  Is an Offer in Compromise right for you?

An Offer in Compromise allows you to settle your tax debt for less than the full amount you owe and may be a legitimate option. Full story.

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  4.  Free tax guide focuses on tax benefits for members of the military

There are many tax benefits for members of the military, their families and disabled veterans. IRS Publication 3, Armed Forces’ Tax Guide, is a free booklet packed with valuable information and tips. Full story.

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  5.  Helpful tips for deducting casualty and theft losses

Generally, you may deduct casualty and theft losses relating to your home, household items, and vehicles on your federal income tax return. Full story.

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  6.  Are you bartering and trading? Each transaction is taxable to both parties

This type of transaction, can prove to be useful when cash-flow circumstances would otherwise hinder a person’s ability to secure needed goods or services. Full story.

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  7.  Perform your mid-year retirement savings check-up

The middle of the year is a good time to review your retirement savings goals and opportunities, because you still have time to adjust your annual contributions. Full story.

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