IRS

Tax

New Final Regulations Clarify Obamacare Tax Rules

Three provisions of the ACA may have a major impact on individual taxpayers and certain businesses beginning in 2013. The IRS has just issued voluminous new final regulations clarifying some of the rules.
Tax

Seizing Private Assets to Enhance Fed Budgets?

Some are wondering if federal agencies are seizing private assets on flimsy evidence to beef up their budgets. In 1985, about $27 million assets were seized. That's no small amount, but leap forward to 2012, when the amount skyrocketed to $4 billion.
Tax

IRS Urged by TIGTA to Fix Weaknesses in Its Systems Security

The Treasury Inspector General for Tax Administration (TIGTA) concluded in a recent report that the IRS needs to step up its tracking efforts to eliminate weaknesses in the security of systems involving taxpayer data.
Tax

Tax Recommendations Aplenty in Latest IRSAC Report

The Internal Revenue Service Advisory Council (IRSAC) made several recommendations on a broad array of issues and concerns regarding tax administration in its annual report released on November 20.
Tax

AICPA Asks IRS to Plan Ahead for Another Shutdown

In a media briefing held on November 8, high-ranking officials of the AICPA urged the IRS to develop and publicize a contingency plan in the event the government shuts down again January 16.
Tax

TIGTA Report: IRS Needs to Make Virtual Servers More Secure

The IRS has made significant strides in expanding its virtual environment, but more attention is needed to ensure its virtual server configurations are secure, according to a report released by the TIGTA.
Tax

Crime Watch: November 18, 2013

Chicago lawyer Gary J. Stern designed at least three tax-fraud schemes that helped hundreds of customers falsely claim over $16 million in improper tax credits and avoid paying income tax on at least $3.4 million.
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.

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