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A group of mostly conservative public policy organizations have sent a letter to members of the House of Representatives asking them to oppose legislation that would require licensing of paid tax preparers. The bill, known as the Tax Return Preparer Competency Act, was introduced last December by Rep. Diane Black, R-Tenn., and Pat Meehan, R-Pa. […]
The Internal Revenue Service needs to improve the management of its backup and restoration process, according to a new report. J. Russell George The report, from the Treasury Inspector General for Tax Administration, examined the IRS’s Tier II Environment Backup and Restoration Process, which protects important data saved on its computer systems. TIGTA evaluated the […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. Happy returns? Tax Analysts: “There are plenty of good reasons why taxpayers under audit might want to keep their returns private. If audited returns are made public, the audit itself becomes a public process. And that’s likely to […]
Wolters Kluwer Tax Accounting said it has been selected by the Internal Revenue Service to provide tax law and expert guidance and analysis handbooks to support the IRS staff in their research responsibilities. The IRS is supplying its agents and other staffers throughout the country with several Wolters Kluwer tax publications, including the 2016 Winter […]
Many of the special personal identification numbers given out by the Internal Revenue Service to protect victims of identity theft may have been stolen, according to a security research site. The site Krebs on Security reported Tuesday that a South Dakota CPA, Becky Wittrock, had her Identity Protection PIN stolen. She works as CFO at […]
With cases of identity theft and tax fraud increasing almost exponentially, tax preparers should educate their clients about the dangers they face in having their information compromised, according to executives at several credit monitoring and identity protection services. Consumers are increasingly aware that they are potential targets of tax-related fraud, observed Mike Bruemmer, vice president […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has followed up on the Obama administration’s opening of diplomatic relations with Cuba by releasing a new revenue ruling that removes certain restrictions on income earned in Cuba. The previously applicable restrictions denied a foreign tax credit for income taxes paid to Cuba and disallowed deferral […]
The Internal Revenue Service issued an alert Tuesday to payroll and human resources professionals to beware of an emerging phishing email scheme that purports to come from company executives and requests personal information on employees. John Koskinen The IRS said it has learned this scheme—part of the surge in phishing emails seen this year—already has […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Farmers and fishermen who chose to forgo making quarterly estimated tax payments for 2015 generally must file their 2015 federal return and pay any tax due by Tuesday, March 1. Taxpayers with income from a farming or fishing business can sometimes avoid making estimated tax payments by filing a return […]
(Bloomberg) Donald Trump’s disclosure that his tax returns have been under review by the Internal Revenue Service for the past 12 years reflects a “very unusual” level of scrutiny by tax authorities, according to a former Internal Revenue Service agent who now works as an accountant for wealthy people. Donald Trump (Photographer: Gary Coronado/Pool via […]
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