IRS | AccountingWEB.com

IRS Unveils New Version of Smartphone App

02/08/2012 - 16:31 - 594 reads

The IRS announced the availability of IRS2Go 2.0, an expanded version of its smartphone application designed to provide taxpayers easier access to practical tools and information. The new app is available on the Apple and Android platforms.

Fixes to Form 1099-R Could Boost Compliance, Inspector General Says

02/08/2012 - 15:24 - 531 reads - 1 comment

Changes to IRS tax form 1099-R could eliminate taxpayer confusion, improve compliance, and generate "substantial" revenue for the federal government, according to a report released Tuesday by TIGTA - "Opportunities Exist to Identify More Taxpayers Who Underreport Retirement Income."

IRS Casts Bait to Reel in Taxpayers with Offshore Accounts

02/07/2012 - 14:54 - 615 reads

The IRS has reopened its Offshore Voluntary Disclosure Program (OVDP). Similar programs were initiated in 2011 and 2009, from which the IRS has collected more than $4.4 billion. The OVDP is aimed at encouraging taxpayers who have stashed assets offshore to declare their outstanding tax liabilities.

Paging All Capitol Hill Staffers: Pay Your Taxes!

02/06/2012 - 15:17 - 1027 reads

Mitt Romney isn't the only one in Washington, DC, with his tax returns under the microscope. According to new data released by the IRS, 3 percent of Senate employees and more than 4 percent of House members still owe tax for the 2010 tax year, adding up to approximately $10.6 million in unpaid taxes.

Most Say It's Wrong to Cheat on Taxes; Some Say It's Okay

02/03/2012 - 13:31 - 300 reads

Most taxpayers – the vast majority, in fact – say they would never cheat on their taxes and that it's wrong to do so. However, to 8 percent of taxpayers polled, it's okay to cheat "as much as possible."

Free Spreadsheet-Based Form 1040 Available for 2011 Tax Year

02/03/2012 - 12:23 - 3500 reads

Glenn Reeves of Burlington, Kansas, recently released his fifteenth annual spreadsheet-based version of the U.S. Individual Tax Return, commonly known as Form 1040. Since 1997, Reeves has pursued this "labor of love," which means he allows any taxpayer to download and use the spreadsheet for free.

The Ins and Outs of New Reporting Rules in 2012

02/01/2012 - 11:39 - 1282 reads

New cost basis reporting rules now apply to Form 1099-B sent to investors and to the IRS. But other onerous reporting rules for businesses and landlords scheduled to take effect in 2012 have been repealed. If you're confused, you're not alone. Here's a brief recap on what is and isn't taking place this year.

Governments and Private Companies Exploring Benefits of XBRL

01/31/2012 - 13:15 - 1471 reads

Congress is beginning to mandate the use of XBRL to track spending and improve transparency in government reports. Bills that contain language calling for the implementation of data standards, such as XBRL, have not yet passed into law, but the requirement could become part of the final payroll tax cut bill.

KPMG Repair Regulations Survey – Tax Execs Unsure of Business Impact

01/30/2012 - 13:22 - 837 reads

Tax executives are unsure what impact the IRS’s recently released “Repair Regulations” might have on their businesses, but they expect the new rules to be more difficult to administer or comply with in practice, according to results of a survey conducted by KPMG LLP, the audit, tax, and advisory firm.

IRS Gears Up for Health Care Law Appeals

01/17/2012 - 16:17 - 2274 reads

The IRS is bracing itself for the implementation of the massive new health care legislation. A few select provisions in the Affordable Care Act have already taken effect, but the most controversial sections of the new law are not scheduled to kick in until 2014.