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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.