IRS

Tax

Ex-IRS Worker Admits to Stealing $1.7 Million in Fake Refunds

Monica Nanette Hernandez, a former IRS data clerk, pleaded guilty on January 21 to one count of aggravated identity theft, one count of filing false income tax returns, and one count of wire fraud. She will be sentenced on April 14.
Tax

Workers’ Comp and S Corp Owners?

Consider an S corporation with a shareholder who owns 2 percent or more of the company. We know if the company pays for their health insurance, that needs to be added to their wages, right? But what about when the owners are covered by their workers’ compensation insurance policies?

IRS Opens Free File Ahead of Tax Season

Tax-filing season doesn’t begin until January 31, but starting today, the estimated 100 million individuals and families with adjusted gross incomes of $58,000 or less for 2013 can prepare, complete, and file their federal tax returns electronically at no cost.
Tax

National Taxpayer Advocate Wants Taxpayer Bill of Rights

It’s not exactly the rallying cry of “no taxation without representation,” but National Taxpayer Advocate Nina E. Olson has called on the IRS to adopt a comprehensive new Taxpayer Bill of Rights.
Tax

Ex-IRS Chief Miller Joins Alliantgroup

Steven Miller, the former acting commissioner of the IRS who resigned from his post last year after the agency admitted it had improperly scrutinized the federal tax-exempt status of certain conservative groups, has landed at Houston-based alliantgroup as its national director of tax.
Tax

IRS Plays It Straight in YouTube Videos

The IRS has produced several short clips on tax-related topics that may be accessed on YouTube in English, Spanish, and American Sign Language.
Tax

Be Nice, Not Naughty, When Filing EITC Claims

Santa Claus wasn't the only one who was supposed to make a list and check it twice this holiday season. The IRS is riding herd on tax practitioners who claim the Earned Income Tax Credit credit for clients without filing Form 8867.
Tax

IRS Cites High-Tech Changes for Tax Filing Season

Public demand is up and government funding is down. The nation’s tax collection agency says it will be emphasizing online services and automation to help weather the hectic 2014 tax filing season.
Tax

Time Is Running Out to Renew or Apply for 2014 PTINs

The IRS is reminding professional tax return preparers to renew their Preparer Tax Identification Numbers (PTINs) if they plan to prepare returns in 2014.
Tax

IRS Sets January 13 as Start Date to 2014 Business Tax Season

January 13, 2014, is the first day the IRS will begin accepting 2013 business tax returns – filed electronically or filed on paper – the agency announced.
Tax

IRS Modifies Multiple Signature Process for Form 1041

As part of its regular review process, the IRS has determined that the Multiple Tax Return Listing (MTRL) process used to electronically file Form 1041, US Income Tax Return for Estates and Trusts, must be modified.
Tax

Save the Date: Tax Season to Start on January 31

The 2014 tax-filing season, which was scheduled to begin on January 21 but was delayed because the IRS could not program and test its tax-processing systems during the sixteen-day federal government shutdown in October, will now begin on January 31, according to the agency.
Tax

IRS Issues Guidance on Roth 401(k) Rollovers

The Roth 401(k) has failed to gain much traction in the workplace. But a provision in ATRA was designed to grease the skids. Now the IRS has provided valuable guidance on in-plan Roth 401(k) rollovers in Notice 2013-74.
Tax

Crime Watch: December 13, 2013

Rathana Ung, the former director and officer of Lim's Income Tax and Lim's Tax, Inc., was sentenced to twelve months and a day imprisonment, one year of supervised release, and ordered to pay $103,736 in restitution to the IRS.
Tax

Virginia Married Gay Couples Face Tax Dilemma

The Virginia Department of Taxation says it cannot legally allow same-sex married couples who are residents of Virginia to file their state tax returns using the married/joint status.
Tax

IRS Clarifies Tax Rules for Start-Up Costs of Terminated Partnerships

What are the tax consequences if a partnership technically terminates due to the sale or exchange of its interests? This issue is finally settled under new proposed regulations released by the IRS.
Tax

Standard Mileage Rates Down for 2014

The IRS has issued the optional standard mileage rates for 2014, which are down one-half cent from this year's rates.
Tax

Crime Watch: December 6, 2013

Gary Mach was sentenced to sixteen months in prison, two months of house arrest, and eighteen months of probation and ordered to pay $270,725 in restitution to the IRS after previously pleading guilty to conspiracy to defraud the United States.
Tax

Don't Ignore This Tax Credit for Retirement Savings

Due to an underpublicized break for retirement contributions, certain taxpayers may cut their current tax bill while stockpiling funds for the future. The IRS recently reminded taxpayers of the "retirement saver's credit."
Tax

IRS Testing BYOD Policy for Employees

The IRS is piloting a program that would allow employees access to work e-mail and other services on their personal smartphones, but according TIGTA, the IRS program should be cost effective and a full cost-benefit analysis is needed.

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