IRS

Tax

There's Still Time to Renew Your 2012 PTIN

The Internal Revenue Service (IRS) is giving procrastinators a second chance. It says it will continue to accept renewals for Preparer Tax Identification Numbers (PTINs) after the official deadline for 2012 has passed. There's no definitive length of the extension, so it's up to you to act as soon as possible.
Tax

IRS Targets the Super-Rich for More Audits

It's not who you are or what you do, but how much you earn, as far as the IRS is concerned. New data released by the IRS indicates that the chances of being audited increase dramatically if your income reaches into seven figures. On the flip side, taxpayers earning less than $200,000 can rest a little easier.
Tax

IRS Releases "Extra Points" about 2011 Tax Returns

The Internal Revenue Service (IRS) has kicked off the 2012 tax return season with a series of five new Fact Sheets that were released the first week of January. In them, the IRS discusses recent changes, improvements, free services, and more that are relevant to both taxpayers and practitioners.
Tax

IRS Kicks Off 2012 Tax Season with Deadline Extended to April 17

On January 4, the IRS announced that taxpayers have until April 17 to file their tax returns. The IRS encourages taxpayers to e-file as it's the best way to ensure accurate tax returns and get faster refunds. The IRS has made a number of improvements to help make tax season easy for taxpayers.
Tax

Pride of the Yankees? Hal Steinbrenner Sued by the IRS

A lawsuit – filed by the IRS on December 27, 2011, in federal court in Tampa, Florida – aims to recover the funds issued to Hal Steinbrenner, managing general partner of the Yankees, on December 28, 2009. The refund resulted from a dispute between the Steinbrenner family and the IRS for the 2001 tax year as well as audits of the team's parent company for the 2001 and 2002 tax years.
Tax

NTEU President: IRS Budget Cuts Will Hinder Service to CPAs, Clients

While the threat of a government shutdown has been put to rest, NTEU president is still warning Americans that reduced funding embodied in the signed omnibus spending agreement will place an enormous strain on the ability of government agencies to fulfill their critical missions – particularly the IRS.
Tax

Payroll Tax Takes Another Holiday

Our nation's lawmakers finally agreed to a compromise extension of the so-called "payroll tax holiday." The new law signed by the president on December 23 – the Temporary Payroll Tax Cut Continuation Act of 2011 – keeps the payroll tax break alive for another two months.
Tax

IRS Commissioner Talks about International Tax Cheats

On December 15, before an audience at the IRS/George Washington University Twenty-Fourth Annual Institute on Current Issues in International Taxation, IRS Commissioner, Douglas Shulman, talked about tax cheats in the international arena and how the IRS is "turning up the pressure."
Tax

Filing Deadline Extended to March 30 for Some Tax-Exempt Organizations

The IRS announced that tax-exempt organizations with January and February filing due dates have until March 30 to file their returns. The extension is granted because the part of the e-file system that processes electronically filed returns of tax-exempt organizations will be offline January and February.
Tax

IRS Continues to Check Up on Tax Return Preparers

The IRS recently mailed a letter to more than 21,000 tax return preparers who filed returns in 2011 that had a high percentage of attributes typically associated with inaccuracies and misinterpretations of tax law. Door-to-door meetings with 2,100 of those tax return preparers will be scheduled.
Tax

IRS Announces 2012 Standard Mileage Rates

The Internal Revenue Service (IRS) has announced the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.
Tax

Lawsuit Features Accounting Practices of a Nicolas Cage Film

Nicolas Cage has faced plenty of tax troubles in the past. According to the 'Business Insider,' he currently owes over $14 million. Now a new lawsuit is targeting the accounting practices of one of his films, 'Bad Lieutenant: Port of Call – New Orleans,' a crime drama released in 2009.
Tax

'Auld Lang Syne': Don't Forget Your PTIN

Amidst the hubbub of the upcoming holidays, don't forget to renew your Preparer Tax Identification Number (PTIN) before January 1, 2012.
Tax

IRS Launches Competency Testing for Tax Return Preparers

The Internal Revenue Service has announced that it is ready to roll out its new competency test for tax return preparers. Test scheduling will begin the week of November 28.
Tax

Supreme Court to Decide on Tax Audit Statute of Limitations

Can the Internal Revenue Service go as far back as six years to audit taxpayers, or is it limited to a three-year period?
Tax

New report from the GAO flags problems with the IRS whistleblower program

The Government Accountability Office (GAO) says that the revamped Internal Revenue Service (IRS) whistleblower program isn't doing its job. The program rewards people who turn in tax cheats in cases involving fraud of $2 million or more.
Tax

IRS announces topics for tax return preparer test

The Internal Revenue Service has released the specifications for the competency test individuals must pass to become a Registered Tax Return Preparer. The test is part of an ongoing effort by the IRS to enhance oversight of the tax preparation industry.
Technology

IRS command center can do more to protect IT

The IRS has not gone far enough in implementing best practices at its Service Operations Command Center, which ensures the normal operation of mainframes and servers used to receive and process tax returns.
Tax

IRS faces challenges keeping up with the regulations

Turns out, it's not just taxpayers who find the tax code confusing. The Internal Revenue Service (IRS) itself is having a hard time keeping up with constantly changing tax laws.
Tax

Kelley re-elected to fourth term as NTEU President

On August 9, delegates to the fifty-third NTEU National Convention elected Colleen M. Kelley to a fourth term as president by a decisive 86-to-14-percent margin over her lone challenger. As the nation's largest independent federal union, NTEU represents 150,000 employees in thirty-one agencies and departments, including the Department of the Treasury, the Department of Health and Human Services, and the Department of Homeland Security.

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