IRS

Tax

IRS Warns Consumers of Possible Scams Relating to Relief of Typhoon Victims

On November 15, the IRS issued a consumer alert about possible scams taking place in the wake of Typhoon Haiyan.
Tax

IRS Hands Over Tax-Exempt Training Materials to Nonprofit Publisher

In response to a lawsuit initiated by Tax Analysts, a nonprofit publisher of tax information and expert analysis, the IRS has released almost 3,000 pages of training materials used by its EO division, most of them dating from 2012.
Tax

TIGTA: IRS Improperly Enforced Law Penalizing Erroneous Claims

A November 12 report released from TIGTA found the IRS significantly limited the number of erroneous tax refund and improper tax credit claims on which it could assess penalties.
Tax

Taxman Tries to Lap NASCAR's Juan Pablo Montoya

If the IRS is correct, NASCAR driver Juan Pablo Montoya owes the government a bit of money. Like $2.7 million. Montoya concedes he may have underreported some income, but he maintains the IRS is way off.
Tax

IRS Sent Erroneous Form 5500 Penalty Notices to Businesses

Businesses that had requested an extension to file their Form 5500 recently received erroneous late-filing penalty notices from the IRS because of a service programming error.
Education & Careers

IRS Offers Fourteen Tax Forum Seminars Online for CPE Credit

Fourteen self-study seminars that were recorded during the 2013 IRS Nationwide Tax Forums are now available on the IRS Nationwide Tax Forums Online (NTFO) site.
Tax

TIGTA Reports Examine IRS Identity Theft Processes, Services

Identity theft was the focus of two reports released by the TIGTA – the first concluding the IRS issued billions of dollars in potentially fraudulent refunds, and the second finding the IRS needs to improve customer service efforts for identity theft victims.
Tax

IRS Increases Pressure to Fix Faulty EITC Claims

The IRS intends to crack down on inaccurate claims for earned income tax credits (EITCs) claimed on 2013 returns. And this time it means business.
Tax

IRS Unveils Fast Track Settlement Program Nationwide

A national program launched by the IRS on November 6 provides a customer-driven approach to resolving tax disputes at the earliest possible stage in the examination process.
Tax

Some IRS Security Program Areas Not Compliant under FISMA

A new TIGTA report stipulated that until the IRS takes steps to fully implement all eleven security program areas covered by FISMA, "taxpayer data will remain vulnerable to inappropriate use, modification, or disclosure – possibly without being detected."
Tax

IRS Relaxes Rules for Health Care FSAs

Flexible spending accounts (FSAs) used for health care expenses just became slightly more flexible. On October 31, the IRS announced that employers can modify the "use-it-or-lose it" rule frequently resulting in a loss of FSA funds.
Tax

TIGTA Says IRS Needs to Improve Emergency Preparedness

As the IRS continues to get back on its feet following the sixteen-day federal government shutdown, a new report released October 30 by the TIGTA concluded the IRS needs to improve certain aspects of its continuity program.
Tax

IRS Warns Taxpayers of Phone Scam

A phone scam in which taxpayers, especially recent immigrants, are told they owe money to the IRS and are threatened with arrest or deportation if they don't pay up has been occurring lately in nearly every state in the country.
Tax

AICPA Says IRS Needs to Issue Additional DOMA Guidance

The AICPA identified seventeen areas in which the IRS should provide additional guidance to taxpayers and tax practitioners as a result of the US Supreme Court's decision that Section 3 of DOMA was unconstitutional.
Tax

Tax Rates, Standard Deduction, Exemptions Increase Due to IRS Inflation Adjustments

For tax year 2014, the IRS announced annual inflation adjustments for more than forty tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2013-35 provides details about these annual adjustments.
Tax

IRS Announces 2014 Pension Plan Limitations; Taxpayers May Contribute up to $17,500 to Their 401(k) Plans in 2014

On October 31, 2013, the IRS announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2014.
Tax

IRS Now Processing 2014 PTIN Renewals and Applications

Preparer Tax Identification Number (PTIN) renewals and applications for 2014 are now being accepted and processed by the IRS.
Tax

TIGTA Wants IRS to Take Steps to Prevent Fraudulent Refunds

After reviewing the IRS's primary tool for detecting fraudulent tax returns, the TIGTA recommended the IRS take steps to fix ineffective income and withholding verification processes that are resulting in the agency issuing potentially fraudulent tax refunds.
Tax

TIGTA: IRS Contractor Employees Owe $5.4 Million in Tax Debts

A report released October 23 from the Treasury Inspector General for Tax Administration (TIGTA) revealed that hundreds of IRS contractor employees owe millions of dollars in federal tax debt.
Tax

Crime Watch: October 25, 2013

A Los Angeles man was sentenced October 24 to sixty months in federal prison for defrauding professional football player Dwight Freeney in a multimillion dollar fraud scheme.

Pages


Already a member? log in here.