document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has not established a service-wide approach to managing effective authentication processes and procedures for individual taxpayers’ identities, according to the Treasury Inspector General for Tax Administration. “The increasing number of data breaches in the private and public sectors means more personal information than ever before is […]

Read More »

document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service will begin accepting individual tax returns on Tuesday, Jan. 19, 2016, it announced today. John Koskinen The announcement followed the passage on Friday of the tax extenders legislation last Friday (see “Tax Extenders Pass Final Hurdle”). January 19 is one day earlier than the start of […]

Read More »

document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The IRS has announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2016, as in the previous quarter. The rates will be: 3% for overpayments (2% in the case of a corporation); 3% for underpayments; 5% for large corporate underpayments; and, 0.5% for the […]

Read More »

document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Ineffective monitoring of refunds and a computer programming error caused the Internal Revenue Service to issue more than $46 million in erroneous refunds, according to a new report. J. Russell George The report from the Treasury Inspector General for Tax Administration was the result of an audit of the IRS’s […]

Read More »

The Internal Revenue Service plans to take extra steps to enforce the rules requiring information reporting of payment card transactions, such as those made through credit and debit cards. J. Russell George

Read More »

document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Preparer Tax Identification Number system will be down for approximately two to three hours for necessary maintenance beginning at 8 a.m. EST on Monday, Dec. 21, as well as a few days over New Year’s. The system will also be down for end-of-year updates from Thursday, Dec. 31, at […]

Read More »

In addition to extending a number of tax provisions, the omnibus spending bill signed into law last week will give the Internal Revenue Service an additional $290 million in funds – but it must be spent only taxpayer services and efforts against tax-related identity thef The Obama administration had sought $2 billion in extra funding […]

Read More »

The Internal Revenue Service sent out an alert Tuesday warning tax preparers about an phishing email message purporting to ask them to update their IRS e-Services information. John Koskinen

Read More »

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

Read More »

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 […]

Read More »