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document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has released a new guide for auditors in its Large Business and International division outlining a new examination process for big businesses. Publication 5125, the LBI Examination Process, was posted online last week and will take effect May 1, 2016. The publication outlines a new process […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. Tricky questions Tax, Society Culture: A look at the new Model Income Tax Treaty (“Now With Kill-Switches!”). It’s the baseline text the Treasury Department uses when it negotiates tax treaties, last updated a decade ago and that now […]
The Internal Revenue Service said Friday that an investigation into last year’s data breach in the online Get Transcript application revealed it affected hundreds of thousands more taxpayers than originally believed. John Koskinen Last May, the IRS revealed that identity thieves had used the online application to access the tax returns of 104,000 taxpayers (see […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue is appealing a court decision that it lost last year to a chip maker in a case involving stock-based compensation. The IRS lost the case, Altera Corp. v Commissioner, 145 T.C. No. 3 (2015), in Tax Court last July. The agency has now appealed the decision to […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Six of 13 IRS-approved free e-filing services Web sites failed in taking steps to help protect consumers from fraudulent and malicious e-mail, according to a recent audit. The Online Trust Alliance’s 2016 IRS Free E-File Audit Honor Roll report evaluates the privacy, security and consumer protection practices of the […]
Billionaire Donald Trump insisted Thursday that he couldn’t release his tax returns now because he is under a “very routine audit” by the Internal Revenue Service, and said he’s been audited constantly over the past 12 years. Marco Rubio and Donald Trump (Photographer: Gary Coronado/Pool via Bloomberg) Trump also suggested in an interview with CNN […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The economic downturn of eight years ago caused a sharp decline in sales of capital assets reported on individual returns, according to the IRS Winter 2016 Statistics of Income Bulletin. The IRS reported that total realized capital gains less losses declined by approximately 96 percent between 2007 and 2009, from […]
Top 10 Tax Tips for Farmers and Ranchers While some farms may raise cattle, poultry or fish and others grow fruits or vegetables, all will report their farm income on Schedule F, Profit or Loss from Farming. If your clients own a farm or ranch, here are 10 tax tips from the IRS. View the […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Low Income Taxpayer Clinic Program Office helped almost 40,000 taxpayers last year, according to its fourth annual report. During 2014, LITCs represented 19,882 taxpayers in disputes with the IRS and provided consultation or advice to an additional 18,810 taxpayers. LITCs reportedly helped taxpayers secure more than $4.3 million in […]
The Internal Revenue Service is planning a massive public auction in Overland Park, Kansas, on Thursday of a mind-blowing set of rock roll memorabilia, including autographed records from Jimi Hendrix and Led Zeppelin, a 10-piece drum set from Anthrax, an autographed guitar from Joe Walsh of the Eagles, Nirvana items, a guitar from Nikki Sixx […]
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