IRS

Tax

Breaker 1-9: Highway Use Tax Returns Due September 2

The highway use tax applies to highway motor vehicles with a taxable gross weight of 55,000 pounds or more, which generally includes trucks, truck tractors, and buses. The Labor Day holiday pushed the due date for Form 2290 back two days.
Tax

Lawmaker Lashes Out at IRS Over Latest TIGTA Findings

Representative Diane Black (R-TN) blasted the IRS on Thursday after a new watchdog report found that the agency had not conducted background checks on some contractors who had access to sensitive taxpayer data.
Tax

Telephone Tax Scam Continues to Rear Its Ugly Head

US tax authorities have determined that 1,100 victims have lost an estimated $5 million due to a sophisticated nationwide phone scam, in which the fraudsters claim to be from the IRS and demand money.
Tax

IRS Taxpayer Bill of Rights Now Available in Six Languages

Newly revised versions of Publication 1, "Your Rights as a Taxpayer," are available on the IRS website in English, Spanish, Chinese, Korean, Russian, and Vietnamese, the nation's tax agency said on Tuesday.
Tax

Tax-Exempt Groups Owe Millions in Tax Debt: Report

More than 64,200 tax-exempt organizations owed nearly $875 million in back taxes to the federal government, 69 percent of which were payroll taxes and related penalties and interest, as of June 16, 2012, according to a TIGTA report released on Wednesday.
Tax

IRS Gets Pat on the Back for Accurate ACA Eligibility Data

A new TIGTA report found that in nearly all instances, the nation's tax agency correctly provided income and family size information to health insurance exchanges to determine the eligibility of individuals for health insurance under the Affordable Care Act.
Tax

IRS Chief: Criticism of New Form 1023-EZ Is ‘Wrong’

In an interview last week with Tax Analysts, IRS Commissioner John Koskinen said critics of a new form intended to speed small charities through the application process for tax-exempt status are “wrong for several reasons.”
A&A

Bramwell's Lunch Beat: SEC Turns to Deloitte for Top Accounting Job

The menu for July 31 features bipartisan efforts on tax refund fraud, a possible new chief accountant for the SEC, the battle against bank overdraft fees, and more.
Practice

Don’t Leave Money on the Table When You Suspect IRS Error

The IRS isn't always perfect in its calculations of underpayment interest and refund interest. Two BDO USA professionals, Cathy Stopyra and Todd Simmens, provide advice so you don't walk away from overpayments that are rightfully owed to your company.
Tax

IRS: Assess Changes Now That May Affect Your Premium Tax Credit

Certain “changes in circumstances,” such as in household income or family size, could alter how much eligible taxpayers receive in health insurance premium tax credits, the IRS cautioned on Friday.
Tax

Taxpayer Advocate Wants Exam Added to IRS Voluntary Tax Preparer Program

In her annual midyear report to Congress on Wednesday, National Taxpayer Advocate Nina Olson said she wants the IRS to develop a competency exam for preparers by 2016 as part of the agency's Annual Filing Season Program.
Tax

AICPA Files Lawsuit to Stop IRS Voluntary Preparer Education

The federal lawsuit, filed on Tuesday, said the IRS’s new Annual Filing Season Program is “unlawful” and an attempt to bypass two courts’ rulings that prevent the agency from mandating continuing education and competency testing of unlicensed tax return preparers.
Tax

Ex-CA Tax Preparer Gets 18 Months in Jail for Defrauding the IRS

According to court documents, Rene R. Lopez of Van Nuys, California, prepared and filed at least 85 fraudulent income tax returns with the IRS, claiming $130,797 in false income tax refunds, from 1998 through 2001.
Tax

New IRS Rules Place Limits on Tax Refund Direct Deposits

Starting in January 2015, the IRS will limit the number of refunds that are electronically deposited into a single financial account or pre-paid debit card to three, as part of the agency's effort to crack down on fraud and identity theft.
Tax

5 Tax Tips Newlyweds Should Consider

Summer wedding season is underway, but have you considered some of the tax issues that go along with tying the knot? If not, the IRS has provided the following five basic tips that can help keep those issues to a minimum.
Tax

FATCA Pacts with US Grow as Law Takes Effect

The US Treasury Department said on July 1, the day FATCA went into effect, that nearly 100 jurisdictions and more than 80,000 financial institutions worldwide now have agreements with the United States to fight overseas tax evasion.
Tax

IRS Shortens Form for Small Nonprofits Seeking Tax Exemption

A new form introduced by the IRS on Tuesday, Form 1023-EZ, is expected to help speed up the approval process for small charities and nonprofit groups that have applied for 501(c)(3) tax-exempt status.
Tax

IRS: Unused ITINs to Expire After Five Years

According to a new policy unveiled by the agency on Tuesday, Individual Taxpayer Identification Numbers (ITINs) will expire if not used on a federal income tax return for five consecutive years. The ITIN will remain in effect as long as a taxpayer continues to file US tax returns.
Tax

Key Details of IRS’s Voluntary Preparer Education Program

The IRS on Monday issued final rules for its new Annual Filing Season Program, an initiative announced last week that will enable paid tax return preparers to voluntarily fulfill continuing education requirements and obtain a record of completion.
Tax

IRS Moves Ahead with Voluntary Preparer Certification Plan

The IRS announced a new program on Thursday that will allow paid tax return preparers to receive certification if they voluntarily complete certain continuing education requirements.

Pages


Already a member? log in here.