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.
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.
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.
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.