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Ninety percent of the records in the Internal Revenue Service’s Excess Collection File represent $4.75 billion in credits to which taxpayers no longer have a legal claim, according to a new government report. The report, from the Treasury Inspector General for Tax Administration, found that since January 2010, the XSF has grown from $4.7 billion […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. Fa la la la The Wandering Tax Pro: Where did the year go? “The Twelve Days of Tax Season” are again upon us (“On the twelfth day of tax season my client got from me: a finished tax […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints A startup is trying to reduce the amount of time taxpayers spend on hold with the Internal Revenue Service this tax season. Andrew Valiente The company, enQ Inc., launched its service last Wednesday. “We call the IRS, and sell our place on hold to our customers,” said Andrew Valiente, founder […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service said Wednesday evening its tax-processing systems have suffered a hardware failure and that tax processing could be affected into Thursday. “The IRS experienced a hardware failure this afternoon affecting a number of tax processing systems, which are currently unavailable,” said the IRS. “Several of our systems […]
The American Institute of CPAs has sent comments to the Internal Revenue Service and the Treasury Department asking for changes in the IRS’s draft Form 8971, Information Regarding Beneficiaries Acquiring Property from a Decedent, and draft instructions. Troy Lewis In its Jan. 29 letter, the AICPA suggested eight recommendations for consideration by the IRS. Among […]
Accounting firms that prepare the taxes of companies they also audit tend to steer away from dubious tax deductions, according to a new study. Petro Lisowsky The study found that tax returns prepared by companies’ external auditors claim roughly 30 percent less in questionable tax benefits than do those prepared by other outside accountants or […]
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