Due to federally declared disaster in 2017 and or 2018 the irs will allow affected taxpayers an extended filing date to file and pay for their 2017 taxes see irs gov for details free itin application services available only at participating h r block offices and applies only when completing an original federal tax return prior or current.

Employers generally must withhold part of social security and medicare taxes referred to as ldquo fica rdquo taxes since they were created based on the federal insurance contributions act from their employees rsquo wages and pay a matching amount themselves currently the withholding rate is generally 6 2 for social security and 1 45 for medicare.

A allen did not receive any cash therefore no income b under the broad concept the airfare and hotel accommodations would be considered income c taking into account the losses on this trip if allen combines his income and losses he has an economic loss d allen can report a 25 000 loss on this tax return.

On january 1 of year 1 a an individual entered into a ldquo life insurance contract rdquo as defined in sect 7702 of the internal revenue code code with cash value under the contract a was the insured and the named beneficiary was a member of a rsquo s family a had the right to change the beneficiary take out a policy loan or surrender the contract for its cash surrender value.

Funds in a 529 account may be rolled over into an able account tax free for federal tax purposes the annual limit of such a rollover is 15 000 for 2018 and 2019 california does not conform to this change and any earnings included in the rollover will be subject to a 2 5 penalty and includable in taxable income.

You can roll the proceeds of the plan over to the qualified plan of another employer if the future employer accepts such rollovers or into a traditional or self directed ira account the following exceptions apply to rollovers from a 401 a plan and they are common exceptions on all retirement plans.

A non bank lender may be approved to make ppp loans if it has originated maintained or serviced more than 10 million in business loans or other commercial financial receivables during a 12 month period in the past 36 months if the non bank lender is 1 a community development financial institution other than a federally insured bank or.

The office of management and budget is proposing to revise sections of title 2 of the code of federal regulations cfr subtitle a omb guidance for grants and agreements the proposed revisions are limited in scope to support implementation of the presidents management agenda results oriented.