e-News for Tax Professionals Issue 2017-40

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e-News for Tax Professionals October 6, 2017

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Issue Number:  2017-40

Inside This Issue


  1. Tax Filing Extension Expires Oct. 16 for Millions of Taxpayers; Some Have Longer
  2. Tax Relief for Hurricane Victims
  3. Oct. 18, 19 Webinar: Understanding Tax Relief for Victims of Disasters
  4. Technical Guidance

 


1.  Tax Filing Extension Expires Oct. 16 for Millions of Taxpayers; Some Have Longer

Do you have a client who filed an extension through Oct. 16? Be sure to check the return for often-overlooked tax benefits.

Although Oct. 16 is the last day for most people to file their 2016 tax returns, some individuals -- such as members of the military serving in a combat zone -- are allowed more time to file. Typically, they have until 180 days after they leave the combat zone to both file their return and pay any taxes due. In addition, taxpayers who have a valid extension and are in or affected by a federally declared disaster area may be allowed more time to file.

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2.  Tax Relief for Hurricane Victims

As the hurricane season continues, IRS is providing relief to tax professionals and their clients. Extensions of time to file and other forms of tax relief are available to victims of hurricanes Harvey, Irma and Maria.

Check www.irs.gov/hurricaneharvey, www.irs.gov/hurricaneirma and www.irs.gov/hurricanemaria for the latest updates.

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3.  Oct. 18, 19 Webinar: Understanding Tax Relief for Victims of Disasters

This timely web conference will cover:

 

  • Statutory Tax Relief for Casualty Victims (Both Individual & Business)

  • Special Rules for Federally Declared Disaster Areas

  • IRS Disaster Assistance Administrative Relief

  • Calculating and Reporting Disaster Area Losses

  • Involuntary Conversions resulting from Disaster Losses

  • Disaster Related Tax Issues: Harvey, Irma & Maria 

A live question and answer session will round out the webinar. 

Register and Attend:  

Oct. 18 – 11:00 a.m. Eastern

Oct. 19 – 11:00 a.m. Eastern

Closed captioning is offered for the Oct. 19 web conference only.

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4.  Technical Guidance

Notice 2017-60 sets forth the mortality table to be used to determine minimum lump sums for distributions during stability periods beginning in the 2018 calendar year, and updated mortality tables for 2018 determined under prior regulations. 

Revenue Procedure 2017-55 provides procedures for obtaining approval to use plan-specific mortality tables for pension funding purposes in lieu of the standard mortality tables that are generally required to be used.

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