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document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has revised Form 3115, Application for Change in Accounting Method, and its instructions, for the first time since 2009. In Announcement 2016-14, the IRS said Form 3115 (Rev. December 2015) replaces the December 2009 version. The announcement also provides a transition period and transition guidance. To […]
The Internal Revenue Service is having trouble coordinating various overlapping programs that deal with referrals on tax evasion, in part because the referrals have to be submitted on paper forms, manually screened and then mailed to various departments within the IRS. A new report from the Government Accountability Office examined the coordination between the IRS’s […]
Benjamin Franklin was a smart guy when he said back in 1789, “In this world nothing can be said to be certain, except death and taxes.” He hit the nail right on the head. A new year is upon us, and what does that mean? Another tax season! Taxes have definitely changed over the years […]
The Internal Revenue Service is offering up to $10,000 to the winner of a new competition to make its online tax information more understandable to taxpayers. The IRS issued a notice Tuesday outlining the requirements and procedures for the Tax Design Challenge, a crowdsourcing competition with cash prizes that the IRS is hosting to begin […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints (Bloomberg) The Donald J. Trump Foundation, the charitable organization of the front-runner for the Republican presidential nomination, said it had made an error in making and failing to disclose a $25,000 donation to a political group in 2013. Donald Trump (Photo: Andrew Harrer/ Bloomberg) The statement comes a day after […]
The Internal Revenue Service is doing a better job of controlling its spending on conferences after the IRS faced ridicule three years ago for spending on an embarrassing series of training videos for conferences. The videos included parodies of “Star Trek,” “Gilligan’s Island,” “Mad Men” and a dance video (see IRS Lifts Veil on Star […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has raised interest rates for the calendar quarter beginning April 1, 2016, the first change to the interest rates since the fourth calendar quarter of 2010 when the federal short-term rate decreased from 1 percent to 0 percent. Revenue Ruling 2016-06 spells out the new rates […]
The Internal Revenue Service has released the Top 10 Identity Theft Prosecutions for Fiscal Year 2015 to highlights its efforts to combat tax refund fraud and identity theft. Richard Weber “The IRS continues fighting identity theft on several fronts, including the Security Summit initiative where we have joined with the states and the nation’s tax […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has updated its venerable tax guide for this tax season. Publication 17, Your Federal Income Tax, features details on taking advantage of a wide range of tax-saving opportunities, such as the American Opportunity Tax Credit for parents and college students, the Child Tax Credit and Earned […]
If you’re in the tax preparation business, chances are you’ve had a client experience tax-related identity theft. With the 2015 tax season in full swing, there is no doubt this trend is continuing. Most states have slowed the state refund process as they work to combat identity theft, and the IRS has issued numerous alerts […]
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