IRS Offers Safe Harbor for Store and Restaurant Repairs
The Internal Revenue Service has provided retailers and restaurateurs with a safe harbor of accounting for expenditures related to repairs, remodeling and refreshes.
Month: December 2015
IRS, States and Tax Prep Companies Launching Security Awareness Campaign for Taxpayers
The Internal Revenue Service is beginning the next round of its battle against tax-related identity theft by debuting a public awareness campaign to persuade more taxpayers to safeguard their personal information, in conjunction with tax preparation companies and state tax authorities. John Koskinen
IRS Proposes New Rules for Innocent Spouse Relief
The Internal Revenue Service has proposed new regulations for innocent spouse relief related to joint and several liability under the Tax Code.
IRS Proposes Rule Changes for ABLE Accounts
The Internal Revenue Service announced three changes Friday to the proposed rules for the new tax-favored Achieving a Better Life Experience, or ABLE, accounts for eligible disabled individuals that will be included in the final regulations when they are issued to make it easier for states to offer and administer ABLE programs.
IRS May Raise Threshold for Audits of High-Income Taxpayers
The Internal Revenue Service has improved its audits of high-income taxpayers but needs to re-evaluate whether the threshold of $200,000 for auditing wealthy taxpayers efficiently uses the agency’s examination resources, according to a new report. J. Russell George
IRS Upgrades FATCA Registration System
The Internal Revenue Service has upgraded the Foreign Account Tax Compliance Act Online Registration System, enabling sponsoring entities such as foreign banks to register their sponsored entities to obtain a global intermediary identification number. John Koskinen
IRS Doesn’t Penalize Employers Who Ignore Wage Requests
The Internal Revenue Service does not always penalize employers who fail to respond to requests to resolve discrepancies in the wage information reported to the federal government, according to a new report. J. Russell George
RPO Advisory Letters to Mail Soon
The IRS Return Preparer Office announced that it will mail practitioners a number of letters on Tuesday, Dec. 29: Letter 5271 will go out to 5,000 preparers regarding preparing returns that include the Child Tax Credit and the Additional Child Tax Credit. Letter 5272 will go out to 2,500 preparers regarding returns that include the […]
In the Blogs: Watching the Ball
Highlights of some of our favorite tax-related blogs from the past week.
IRS Raises Tangible Property Expensing Threshold to $2,500
The Internal Revenue Service is simplifying the paperwork and recordkeeping requirements for small businesses by raising the safe harbor threshold for deducting certain capital items from $500 to $2,500. John Koskinen
Powered by WordPress. AwesomeOne theme by Flythemes