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A new partnership audit regime goes into effect for the 2018 tax year that assesses incremental taxes, penalties and interest at the partnership level. However, many partnerships can elect to follow alternative rules. Here's guidance on what's changing, including the importance of choosing a partnership representative to handle audit matters. We've also got good news for partnerships that missed the new tax filing deadline for the 2016 tax year.

Hackers gained unauthorized access to 143 million Americans' personal data earlier this year by exploiting a vulnerability on Equifax's website application. Here are the details on what happened and how you should respond if a breach affects your personal information.

Some seniors decide to defer Social Security benefits and, instead, apply for a reverse mortgage to meet their cash flow needs. A recent CFPB report points out the risks and costs you should consider before using this strategy. If you don't carefully weigh the pros and cons, you could jeopardize your retirement nest egg. Here are the mechanics of reverse mortgages and some potential pitfalls to bear in mind.

Employers can set up leave-based donation programs to provide assistance to Hurricane Harvey victims. The IRS recently announced that employees won't be taxed when they forgo vacation, sick, or personal leave in exchange for employer contributions of amounts to charitable organizations providing relief. Employers can also deduct the amounts as business expenses.

Relying on FAQs and Answers, along with other forms of unofficial guidance posted on the IRS website, may not protect you from IRS audit or additional tax assessments, interest and penalties. Here's an overview of the different types of guidance the IRS publishes, recommendations from the National Taxpayer Advocate on how to make guidance fairer, and a suggestion on how to minimize penalties on assessments of additional taxes.

Unsubstantiated deductions may be disallowed if the IRS audits your tax return. Here are three recent U.S. Tax Court cases in which deductions for business expenses and charitable donations were disallowed for inadequate recordkeeping, resulting in additional tax assessments, along with penalties and interest on the unpaid taxes. We also provide guidance on how long you generally should retain records that support figures on your tax return.

It's back to school season. If you or a loved one will be attending college or graduate school this fall, it's a good idea to review the federal tax breaks that are currently available for higher education costs. One of these breaks was extended only through 2016, although Congress may decide to extend it longer as part of its tax reform efforts. Here are the details, along with important information on applying for financial aid.

Investors often swap one property for another. Why? The tax law allows for tax-free real property exchanges as long as the transaction involves like-kind property. Any taxable gains are completely or partially deferred until the replacement property is sold. Or, if the owner dies while still holding the replacement property, the taxable gain disappears. Interested? Here's why you might want to complete your deal sooner rather than later.

Cyberattacks against individual taxpayers are down, thanks to security measures set forth by federal and state tax agencies. But thefts of business data are rising, and the costs of these breaches can be significant. Here's more on this trend, along with simple, but effective, ways businesses can help minimize the risk of tax-related identity theft.

It's only a few years old, but the "my Retirement Account" (myRA) program, is going away. These accounts were intended to encourage taxpayers to start saving for retirement, but too few people took advantage of the program to justify the taxpayer cost. As part of a plan by the Trump administration to assess and eliminate ineffective programs, myRAs will soon be phased out. Here's information for accountholders about the future of myRAs.

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