IRS

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.
Tax

IRS Chief Highlights Changes to Offshore Disclosure Initiative

IRS Commissioner John Koskinen outlined a number of changes to the agency's Offshore Voluntary Disclosure Program on Wednesday, which he believes will lead to a surge in US taxpayers coming forward to report on undisclosed foreign accounts.
Tax

Camp and Boustany: IRS Lost More Emails Than Just Lerner’s

The two House Republican leaders alleged on Tuesday that the IRS cannot produce emails from six other agency employees connected to the Tea Party scandal due to computer malfunctions.
Tax

IRS Prohibits End-Run around ACA Rules

The Service takes a stand against employers who figure they'll pay workers upfront for health insurance on the state or federal exchanges rather than provide coverage themselves.
Tax

Expecting a Tax Refund? Not So Fast!

The IRS can hold back tax refunds of taxpayers for up to six months while it examines their tax returns from other years. It can then use the refund to offset the tax liability. And the program may expand further.
Tax

IRS to Revise Regs for Tax-Exempt Groups on the QT

In response to public outcry, the nation's tax collection agency announced that it would revise proposed regs governing political activities of Section 501(c)(4) organizations.
Tax

Some Suspended or Disbarred Tax Pros Reinstated by the IRS

Recent court rulings that now prevent the IRS from regulating paid preparers have resulted in some suspended or disbarred tax practitioners being able to obtain or renew PTINs and prepare federal tax returns again for compensation.
Tax

A CPA Presents a Roadmap for IRS Reform

An insufficient budget is just the beginning. The IRS is treating all taxpayers as if they belonged to same group and mismanaging its audits. The results are disastrous.
Tax

IRS Direct Pay Hits the Ground Running

More than 150,000 taxpayers have paid more than $340 million in taxes so far through the new web-based IRS Direct Pay system, the IRS announced on Thursday.
Tax

The IRS Is Helping You Move to a New Home

No, the IRS won't send agents to help you carry your couch out the door, but it will give a tax break that can save you some money, if you meet certain time and distance thresholds.
Practice

New IRS Program to Give Penalty Relief to Small Business Retirement Plans

The one-year pilot program that will start in June is intended to help small businesses with retirement plans that owe penalties for unknowingly failing to file reporting documents.
Tax

AICPA Opposes IRS Voluntary Program to Regulate Preparers

In a letter to IRS Commissioner John Koskinen on Wednesday, AICPA officials wrote that the agency's proposed voluntary certification program would cause confusion among the tax administration and tax preparation community.
Tax

IRS Not Continuing Legal Fight Over Regulating Preparers

The agency decided not to file a petition with the US Supreme Court by the May 12 deadline to continue a court battle on whether it has the legal authority to mandate testing and continuing education of paid tax return preparers.
Tax

Report: IRS Made Up to $15.6 Billion in Faulty EITC Payments in 2013

The Treasury Inspector General for Tax Administration found that 22 to 26 percent of all EITC payments were issued improperly by the IRS last year, costing taxpayers between $13.3 billion to $15.6 billion.
Tax

House Votes to Hold Ex-IRS Official Lois Lerner in Contempt

Contempt citation was passed by a vote of 231 to 187, almost a year after the IRS first acknowledged and apologized for scrutinizing the tax-exempt status of some conservative groups.
Tax

Did Ways and Means Violate Section 6103 of the Tax Code?

An article posted yesterday by the website Tax Analysts questions whether the House panel broke the law when it publicly disclosed confidential taxpayer information in a letter to US Attorney General Eric Holder last month.
Tax

IRS Simplifies Tax-Exempt Applications for Small Nonprofits

As investigations continue into the "Tea Party scandal" involving applications for tax-exempt status, the IRS is releasing a new, simpler Form 1023-EZ.
Practice

Foreign Banks Given Transition Period for FATCA Compliance

New IRS guidance treats 2014 and 2015 as a transition period for foreign banks that have shown “good faith efforts” in their compliance of the US tax-evasion law, which goes into effect on July 1.

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