Tax news December 2013

Tax

IRS Hikes Fees for Settling Tax Debts

The IRS still is receptive to working out "deals" with taxpayers to settle their debts. But it's going to cost many of your clients more to make arrangements in 2014.
Tax

Crime Watch: December 27, 2013

A sixty-three-count superseding indictment in a conspiracy to defraud the IRS was unsealed December 23. The indictment alleges that Primetime Tax Services Inc. was a tax return preparation business with three storefronts in the Minneapolis area.
Tax

Be Nice, Not Naughty, When Filing EITC Claims

Santa Claus wasn't the only one who was supposed to make a list and check it twice this holiday season. The IRS is riding herd on tax practitioners who claim the Earned Income Tax Credit credit for clients without filing Form 8867.
Tax

IRS Cites High-Tech Changes for Tax Filing Season

Public demand is up and government funding is down. The nation’s tax collection agency says it will be emphasizing online services and automation to help weather the hectic 2014 tax filing season.
Tax

Time Is Running Out to Renew or Apply for 2014 PTINs

The IRS is reminding professional tax return preparers to renew their Preparer Tax Identification Numbers (PTINs) if they plan to prepare returns in 2014.
Tax

IRS Sets January 13 as Start Date to 2014 Business Tax Season

January 13, 2014, is the first day the IRS will begin accepting 2013 business tax returns – filed electronically or filed on paper – the agency announced.
Tax

Bramwell's Lunch Beat: Could Wyden Replace Baucus as Top Tax Writer?

Here are "Bramwell's Lunch Beat" menu items for December 23.
Tax

IRS Modifies Multiple Signature Process for Form 1041

As part of its regular review process, the IRS has determined that the Multiple Tax Return Listing (MTRL) process used to electronically file Form 1041, US Income Tax Return for Estates and Trusts, must be modified.
Tax

Senate Confirms John Koskinen as Next IRS Commissioner

By a vote of fifty-nine to thirty-six, the Senate on December 20 confirmed John Koskinen as the next commissioner of the IRS, thus giving the embattled agency its first permanent chief since Douglas Shulman in 2012.
Tax

Crime Watch: December 20, 2013

A San Jose, California, woman was convicted December 18 of a federal fraud charge for running a Ponzi scheme that bilked more than 250 victims out of approximately $9.5 million.
Tax

Bramwell's Lunch Beat: Transparency Vital for IRS Chief

Here are "Bramwell's Lunch Beat" menu items for December 20.
Tax

IRS Serves Up Cafeteria Plan Rules for Same-Sex Couples

The IRS promised to provide more guidance regarding the tax treatment of same-sex couples in the wake of the Supreme Court's recent ruling invalidating Section 3 of the Defense of Marriage Act (DOMA). Slowly but surely, it's starting to deliver.
Tax

Save the Date: Tax Season to Start on January 31

The 2014 tax-filing season, which was scheduled to begin on January 21 but was delayed because the IRS could not program and test its tax-processing systems during the sixteen-day federal government shutdown in October, will now begin on January 31, according to the agency.
Tax

What a Difference a State Makes for Baseball All-Star Robinson Cano

It's official. New York Yankee Robinson Cano will soon switch coasts as a result of the contract that he signed with the Seattle Mariners. Both teams wanted the five-time All-Star second baseman, and both made nice offers.
Tax

Illegal but Taxable: Medical Marijuana Farming

Under federal law, income from growing medical marijuana is ill-gotten gain. It is, however, taxable, as is all income. In some states, growing cannabis is legal for medical purposes and in Colorado, it's legal – period.
Tax

Bramwell's Lunch Beat: Happy Fed Day!

Here are "Bramwell's Lunch Beat" menu items for December 18.
Tax

IRS Issues Guidance on Roth 401(k) Rollovers

The Roth 401(k) has failed to gain much traction in the workplace. But a provision in ATRA was designed to grease the skids. Now the IRS has provided valuable guidance on in-plan Roth 401(k) rollovers in Notice 2013-74.
A&A

Thomson Reuters Sells Outsourcing Businesses to EY

New York-based Thomson Reuters sold its US tax preparation and court accounting outsourcing businesses to Ernst & Young LLP, the two companies announced on December 17.
Tax

KPMG Outlines Top Dozen Business Tax Issues for Next Year

From taxation of Cloud-related activities and the prospect for US and international business tax reform to the implementation of the Foreign Account Tax Compliance Act (FATCA), there are several key tax issues facing business executives in 2014, according to Big Four firm KPMG LLP.
Tax

Inflation Negatively Impacts Effective Tax Rate on Capital Gains

Under the federal tax code, inflation can create an infinite effective tax rate on capital gains, and in fact, if a taxpayer purchased an average stock in 2000 or 2007 and sold in 2013, he or she would be taxed entirely on inflation, according to a new study from the Tax Foundation.

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