IRS needs more money to implement the new tax law

Ready for tax season? What you need to know

The tax deadline will be April 17 this year, two days later than the traditional April 15 cutoff.

The state Department of Revenue announced Monday it will start accepting individual income tax returns the same day the IRS starts taking federal income tax returns.

Additional funds are also required for programming and system updates, training employees, creating new tax forms, as well as for changing regulations and guidance, she said. "But with more funding, strong leadership, and a closer working relationship with Congress, I am convinced the IRS can do the job well".

Remember, by choosing an unscrupulous tax service you risk losing money and your personal information. It provides an exception for most (but not all) refinancings along with an exception for some loans closed after December 15, 2017 pursuant to binding purchase contracts.

The report said that the agency's decision to assign some taxpayer accounts to private collection agencies in April 2017 cost $20 million to run, and collected $6.7 million in tax payments. For that provision alone, the IRS will have to develop forms and systems to figure out which mortgages are deductible and which are not.

FYI, the new tax reform law won't affect the taxes you are getting ready to file now (due by April 2018).

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"The IRS will have its hands full in implementing the new law", Olson said in her report.

"Within the budget it now has, there are plenty of opportunities for the IRS to demonstrate that it can do a better job of using creativity and innovation to provide taxpayer service, encourage compliance, and address noncompliance", she said in her report.

Democrats this week also expressed concern that the new IRS withholding guidelines could be subject to political interference.

The IRS expects the earliest refunds to be available by February 27 if taxpayers choose direct deposit and there are no other issues with the tax return.

Officials with the Louisiana Department of Revenue say they have implemented enhanced security measures to protect Louisiana taxpayers from identity theft and other types of tax fraud.

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