IRS

Tax

IRS Seeks Volunteers for Taxpayer Advocacy Panel

The IRS is seeking civic-minded volunteers to serve on the Taxpayer Advocacy Panel (TAP), a federal advisory committee that listens to taxpayers, identifies key issues, and makes recommendations for improving IRS service.
Tax

Lawsuit Charges IRS with "Power Grab" in New Tax Preparer Regulations

The Institute for Justice filed suit against the IRS on behalf of three independent, paid tax return preparers, challenging the IRS' authority to license and regulate paid tax preparers. The IRS instituted new requirements for paid tax preparers last year. The new regulations will be phased in over a three-year period.
Tax

IRS Announces "Fresh Start" Initiative to Help Struggling Taxpayers

The IRS announced a major expansion of its "Fresh Start" initiative to help struggling taxpayers. It is taking steps to provide new penalty relief to the unemployed and making installment agreements available to more people.
A&A

IRS Ends Tax Rule Unpopular with Small Businesses

The IRS has eliminated an unpopular rule relating to how credit card and debit card payments are accounted for on tax returns, prompting relief from small business owners.
Tax

IRS Sends Warning about New Education Tax Credit Scam

A new scam is targeted at those with so little income that they normally don't need to file a tax return. The scam involves trying to persuade victims to file a false tax return to claim a refund or stimulus payment based on the American Opportunity Tax Credit, even if the victim isn't eligible.
Tax

IRS Discourages Tax Return Drop-offs at Taxpayer Assistance Centers

The IRS has indicated that Taxpayer Assistance Centers plan to discourage tax preparers from bulk drop-offs of tax returns for processing and mailing.
Technology

Technical Computer Issues at IRS Delay Tax Refunds

Early bird tax filers are finding it's taking longer than usual to receive their federal income tax refunds this year. For 2011 returns filed during the first full week of February, it's taking from fifteen to twenty-one days, or even longer in some cases, to receive a refund.
Tax

Maryland Tax Defier Sentenced to Sixty-Five Months in Prison

Andrew Isaac Chance of Maryland was sentenced to sixty-five months in prison for filing false claims for tax refunds and for filing a false retaliatory lien against a federal prosecutor. The sentencing was announced today by the Justice Department, IRS Criminal Investigation, and TIGTA.
Tax

IRS Needs Better Oversight of Repayment by Tax Cheats

According to a new Treasury Inspector General for Tax Administration (TIGTA) report - Procedures Are Needed to Improve the Accounting and Monitoring of Restitution Payments to Prevent Erroneous Refunds - the IRS should beef up its internal controls to make sure that those convicted of tax crimes pay up.
Practice

Treasury Proposes New Rules for Annuity Options in Retirement Plans

The U.S. Treasury and the IRS have proposed a package of regulations and rulings intended to encourage retirees to invest some proceeds of their retirement accounts in annuities. Retirees have shown no interest in this type of investment because they are reluctant to invest their entire retirement account in an annuity.
Tax

Rapper Lil' Kim Owes IRS Big Bucks

Lil' Kim, a famous rap artist who has been working to turn her life around, allegedly owes more than $1 million in state and federal taxes for the years 2002 to 2009. Celebrity news website TMZ reported that her 2009 debt of $86,347 was recently added to the total she already owed, bringing it to $1,026,862.
Practice

IRS Unveils New Version of Smartphone App

The IRS announced the availability of IRS2Go 2.0, an expanded version of its smartphone application designed to provide taxpayers easier access to practical tools and information. The new app is available on the Apple and Android platforms.
A&A

Fixes to Form 1099-R Could Boost Compliance, Inspector General Says

Changes to IRS tax form 1099-R could eliminate taxpayer confusion, improve compliance, and generate "substantial" revenue for the federal government, according to a report released Tuesday by TIGTA - "Opportunities Exist to Identify More Taxpayers Who Underreport Retirement Income."
A&A

IRS Casts Bait to Reel in Taxpayers with Offshore Accounts

The IRS has reopened its Offshore Voluntary Disclosure Program (OVDP). Similar programs were initiated in 2011 and 2009, from which the IRS has collected more than $4.4 billion. The OVDP is aimed at encouraging taxpayers who have stashed assets offshore to declare their outstanding tax liabilities.
Tax

Paging All Capitol Hill Staffers: Pay Your Taxes!

Mitt Romney isn't the only one in Washington, DC, with his tax returns under the microscope. According to new data released by the IRS, 3 percent of Senate employees and more than 4 percent of House members still owe tax for the 2010 tax year, adding up to approximately $10.6 million in unpaid taxes.
Tax

Most Say It's Wrong to Cheat on Taxes; Some Say It's Okay

Most taxpayers – the vast majority, in fact – say they would never cheat on their taxes and that it's wrong to do so. However, to 8 percent of taxpayers polled, it's okay to cheat "as much as possible."
Technology

Free Spreadsheet-Based Form 1040 Available for 2011 Tax Year

Glenn Reeves of Burlington, Kansas, recently released his fifteenth annual spreadsheet-based version of the U.S. Individual Tax Return, commonly known as Form 1040. Since 1997, Reeves has pursued this "labor of love," which means he allows any taxpayer to download and use the spreadsheet for free.
Tax

The Ins and Outs of New Reporting Rules in 2012

New cost basis reporting rules now apply to Form 1099-B sent to investors and to the IRS. But other onerous reporting rules for businesses and landlords scheduled to take effect in 2012 have been repealed. If you're confused, you're not alone. Here's a brief recap on what is and isn't taking place this year.
A&A

Governments and Private Companies Exploring Benefits of XBRL

Congress is beginning to mandate the use of XBRL to track spending and improve transparency in government reports. Bills that contain language calling for the implementation of data standards, such as XBRL, have not yet passed into law, but the requirement could become part of the final payroll tax cut bill.
Practice Management

KPMG Repair Regulations Survey - Tax Execs Unsure of Business Impact

Tax executives are unsure what impact the IRS’s recently released “Repair Regulations” might have on their businesses, but they expect the new rules to be more difficult to administer or comply with in practice, according to results of a survey conducted by KPMG LLP, the audit, tax, and advisory firm.

Pages


Already a member? log in here.