Tax news November 2013

Tax

IRS Sent Erroneous Form 5500 Penalty Notices to Businesses

Businesses that had requested an extension to file their Form 5500 recently received erroneous late-filing penalty notices from the IRS because of a service programming error.
Education & Careers

IRS Offers Fourteen Tax Forum Seminars Online for CPE Credit

Fourteen self-study seminars that were recorded during the 2013 IRS Nationwide Tax Forums are now available on the IRS Nationwide Tax Forums Online (NTFO) site.
Tax

TIGTA Reports Examine IRS Identity Theft Processes, Services

Identity theft was the focus of two reports released by the TIGTA – the first concluding the IRS issued billions of dollars in potentially fraudulent refunds, and the second finding the IRS needs to improve customer service efforts for identity theft victims.
Tax

AICPA Backs Income Tax Simplification Bill for Mobile Workforce

A bipartisan bill that would simplify and standardize state income tax collection for employees who travel across state lines for temporary work assignments has received support from more than 250 organizations, including the AICPA.
Tax

IRS Increases Pressure to Fix Faulty EITC Claims

The IRS intends to crack down on inaccurate claims for earned income tax credits (EITCs) claimed on 2013 returns. And this time it means business.
Tax

Camp Demands Obamacare Subsidy Data from IRS

Republicans are continuing their efforts to dig up dirt on Obamacare. On November 6, Dave Camp, powerful chairman of the House Ways and Means Committee, sent a strongly worded letter to IRS Acting Commissioner Daniel Werfel.
Tax

IRS Unveils Fast Track Settlement Program Nationwide

A national program launched by the IRS on November 6 provides a customer-driven approach to resolving tax disputes at the earliest possible stage in the examination process.
Tax

TIGTA Advises IRS Tax Prep Volunteers to Step Up

There's more troubling news for the IRS: A new report released by the Treasury Inspector General for Tax Administration (TIGTA) points out accuracy problems in tax returns prepared for certain taxpayers as part of a special volunteer program.
Tax

Thomson Reuters Issues Report on Year-End Tax Planning

A free special report highlighting valuable information that individuals and businesses can use for their 2013 year-end tax planning has been released by Thomson Reuters Checkpoint.
Tax

Some IRS Security Program Areas Not Compliant under FISMA

A new TIGTA report stipulated that until the IRS takes steps to fully implement all eleven security program areas covered by FISMA, "taxpayer data will remain vulnerable to inappropriate use, modification, or disclosure – possibly without being detected."
Tax

IRS Relaxes Rules for Health Care FSAs

Flexible spending accounts (FSAs) used for health care expenses just became slightly more flexible. On October 31, the IRS announced that employers can modify the "use-it-or-lose it" rule frequently resulting in a loss of FSA funds.
Tax

TIGTA Says IRS Needs to Improve Emergency Preparedness

As the IRS continues to get back on its feet following the sixteen-day federal government shutdown, a new report released October 30 by the TIGTA concluded the IRS needs to improve certain aspects of its continuity program.
Tax

IRS Warns Taxpayers of Phone Scam

A phone scam in which taxpayers, especially recent immigrants, are told they owe money to the IRS and are threatened with arrest or deportation if they don't pay up has been occurring lately in nearly every state in the country.
Tax

AICPA Says IRS Needs to Issue Additional DOMA Guidance

The AICPA identified seventeen areas in which the IRS should provide additional guidance to taxpayers and tax practitioners as a result of the US Supreme Court's decision that Section 3 of DOMA was unconstitutional.
Tax

Crime Watch: November 1, 2013

Vernon Harrison of Montgomery, Alabama, was sentenced to 111 months in prison, three years of supervised release, and ordered to pay $82,791 restitution for his role in a stolen identity refund fraud scheme. Harrison is a former US Postal Service mail carrier.

Pages


Already a member? log in here.