The Internal Revenue Service has been developing a new system to detect fraudulent tax returns to replace an outdated system, but has not been able to phase out the old system, which could cost taxpayers an estimated $18 million per year to run both systems, according to a new report. J. Russell George
On November 2, President Obama signed the Bipartisan Budget Act of 2015 into law. Along with purely budget-oriented matters, a revenue-raiser in the form of radically new partnership audit rules suddenly slipped into the mix and became part of final enacted legislation. Not even a month earlier, these partnership provisions were still considered in their […]
Wesley Snipes, the actor who fought an unsuccessful battle against the Internal Revenue Service over his unpaid taxes and ultimately served a nearly three-year prison term, is now in a fresh dispute with the agency. Wesley Snipes
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints (Bloomberg) — Edmond de Rothschild (Suisse) SA agreed to pay $45.4 million to avoid prosecution for helping U.S. clients evade taxes, admitting it aided them in moving cash and using sham offshore entities to hide money from the Internal Revenue Service. Rothschild is the 68th Swiss bank to reach an accord […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) […]
The Internal Revenue Service’s whistleblower program is plagued by delays, vague procedures, overpayments and underpayments, according to a new government report.
The National Society of Accountants has released some suggested year-end tax tips for individuals, courtesy of Wolters Kluwer Tax Accounting US.
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. Bad taxpayer! Roth Co.: Speaking as one who once got a summons he didn’t deserve, we agree with this post maintaining that “use of penalties to fund government operations is an ugly development in public finance.” How the […]
Tomorrow, the IRS will begin processing tax year 2014 amended returns for taxpayers who are eligible to claim the Health Coverage Tax Credit for 2014.
A recent report from the Government Accountability office says that despite whistleblowers’ growing importance to IRS recoveries, the IRS’s whistleblower program remains seriously flawed. The inadequacies of the program should come as no surprise to those who have filed whistleblower claims with the IRS, as the complaints are common: lengthy delays in processing whistleblower claims, […]