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From the IRS – Tax Tips and News Releases

Affordable Care Act (also known as “Obama Care”)

From Maine Revenue Services

Hurricane Maria: Make your donations count

Americans have always been generous with their giving in moments of tragedy. And we know many of you are looking for ways to give toward recovery efforts in Puerto Rico, the USVI’s and other areas affected by this brutal hurricane season.

Cristina Miranda, Division of Consumer and Business Education, FTC, writes, “Hurricane Maria devastated the island of Puerto Rico, home to almost 3.5 million Americans…Because of various logistical...

Unified Framework for Fixing Our Broken Tax Code

September 27, 2017
A Press Release from The White House Office of the Press Secretary. The Trump Administration, the House Committee on Ways and Means, and the Senate Committee on Finance have developed a unified framework to achieve pro-American, fiscally responsible tax reform.

The press release states, “This framework will deliver a 21st century tax code that is built for growth, supports middle-class families, defends our workers, protects our jobs, and puts America...

Drought-Stricken Farmers and Ranchers Have More Time to Replace Livestock; Parts of 42 states and the District of Columbia Eligible for Relief

September 27, 2017
WASHINGTON – Farmers and ranchers who previously were forced to sell livestock due to drought in an applicable region now have an additional year to replace the livestock and defer tax on any gains from the forced sales, according to the Internal Revenue Service.

An applicable region is a county designated as eligible for federal assistance plus counties contiguous to that county. This relief generally applies to capital gains realized by eligible farmers...

Reminder for Parents, Students: Check Out College Tax Benefits

WASHINGTON ― With back-to-school season in full swing, the Internal Revenue Service reminds parents and students about tax benefits that can help with the expense of higher education.

Two college tax credits apply to students enrolled in an eligible college, university or vocational school. Eligible students include the taxpayer, their spouse and dependents. See IR-2017-161 and...

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