FBI Notifications

Heads up for anyone who bought their first home—whether it was a house or an apartment—back in 2016, especially during December! If you think you qualify for that first-time homebuyer exemption under the Real Estate Transfer Tax Law, you need to act fast. Per the updated rules in the Real Estate Transfer Tax Law, you have to file your exemption request with your local IRS office within 30 days of the law taking effect—which means you've got until January 31, 2017, to get it done.

Just a fair warning: if you miss that January 31, 2017 deadline, your request won't be approved—even if your purchase contract was signed back in 2016.

It’s truly wonderful.

And why can't they just see that this is your first home and waive the tax—or at least give you a refund on what you already paid?

Some interesting stuff popping up...

- getting rid of field stipends—instead, they're introducing a standard per diem system
- travel expenses—they want employees to include their Social Security numbers and provide receipts for things like parking

...

Carol Price4 said:Some interesting stuff popping up...

- getting rid of field stipends—instead, they're introducing a standard per diem system
- travel expenses—they want employees to include their Social Security numbers and provide receipts for things like parking

...

Looking at this article, I didn't catch anything saying you *have* to attach parking receipts as proof now. You could always do that before.
As for this whole field allowance thing, jeez, they are seriously just making things up as they go now, it’s getting ridiculous. Since I have employees out on assignment, this hits home immediately. So, for example, instead of paying out $83 per day as a field allowance for workers sent abroad, they'll be using the per diem rates for those specific countries, which actually isn't a bad move since the tax-free amounts are higher. For domestic travel, it's basically the same deal, $57, except it's no longer called a field allowance but just a standard travel per diem ☕

ruggedlynx63 said:Looking at this article, I didn't catch anything saying you *have* to attach parking receipts as proof now. You could always do that before.
As for this whole field allowance thing, jeez, they are seriously just making things up as they go now, it’s getting ridiculous. Since I have employees out on assignment, this hits home immediately. So, for example, instead of paying out $83 per day as a field allowance for workers sent abroad, they'll be using the per diem rates for those specific countries, which actually isn't a bad move since the tax-free amounts are higher. For domestic travel, it's basically the same deal, $57, except it's no longer called a field allowance but just a standard travel per diem ☕

The code for field per diems is 23, 🙂

And once they mentioned local travel, you know what that means—it might not be mandatory for standard travel claims, but if the IRS comes knocking, the burden of proof is on you. If you don't have the documentation, they'll challenge it in a heartbeat... and then it's straight into taxes and penalties. 👎

61 Standard bonuses, up to the legal limit (think Christmas bonuses, vacation pay, etc.) for previous tax years (retroactive payments)

54 Financial assistance for those undergoing professional training without being formally hired

I noticed this one too!

Carol Price4 said:61 Standard bonuses, up to the legal limit (think Christmas bonuses, vacation pay, etc.) for previous tax years (retroactive payments)

54 Financial assistance for those undergoing professional training without being formally hired

I noticed this one too!

Oh, wow, so that means people actually *will* be able to take two tax-free payouts in 2017 after all! 👏