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(Bloomberg View) This probably will beggar belief for the millions of Americans struggling to meet this year’s April 18 deadline to file their income tax returns, but the Internal Revenue Service says it has gotten better at handling taxpayer questions. Two years ago, only 38 percent of the taxpayers who called for help got the […]
Congress passed a law 18 years ago requiring reforms at the Internal Revenue Service that still remain overdue today, according to a new government report. The report, from the Treasury Inspector General for Tax Administration, found that implementation of the Internal Revenue Service Restructuring and Reform Act of 1998 remains an ongoing challenge for the […]
(Bloomberg) It’s hard to think of a government agency as disliked as the IRS. In a recent poll, 12 percent of taxpayers said they liked Vladimir Putin better. Beyond the Internal Revenue Service itself, many Americans hate the whole idea of paying taxes. Twenty-seven percent of those polled said they would get an IRS tattoo […]
Many CPAs are involved with estate planning and need to determine the assets and liabilities of a client. Clients often create limited liability companies for tax and creditor rights protection. In fact there are well over 3 million partnership returns filed with the IRS each year. LLCs make up the majority of the partnership returns […]
Senator Elizabeth Warren, D-Mass., has introduced legislation, co-sponsored by Sen. Bernie Sanders of Vermont, that would require the Internal Revenue Service to develop a free, online tax preparation and filing service that taxpayers could use to prepare and file their taxes directly with the federal government. Elizabeth Warren (Photo: Drew Angerer/Bloomberg) The Tax Filing Simplification […]
(Bloomberg) With rampant fraud draining as much as $6 billion a year away from U.S. taxpayers, technology vendors are competing for billions themselves, selling software that helps governments identify the cheats. “The market has gone from a handful of clients to an explosion,’’ said Avivah Litan, an analyst at researcher Gartner, who estimates the market […]
(Bloomberg) At the post office in Lawrence, Kansas, filing your taxes used to be an excuse to party. A crowd would gather every April 15th shortly before the doors were shut at midnight. As procrastinators arrived with their tax forms, the Alferd Packer Memorial String Band, a local group, would start playing in the lobby, […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints (Bloomberg) Delphi Automotive Plc said it won a long-running dispute with the Internal Revenue Service over whether the parts maker, which is run from a Detroit suburb, should be allowed to call itself British for tax purposes. The IRS on April 8 dropped an effort to tax Delphi as a […]
The House Ways and Means Committee passed four pieces of Republican-sponsored legislation Wednesday restricting IRS employee bonuses, hiring and spending, with less than a week to go in tax season. Kevin Brady “Americans send a significant portion of their hard-earned dollars to the IRS every April,” said House Ways and Means Committee chairman Kevin Brady, […]
(Bloomberg) With only a week to go until T-Day, it’s countdown time—and about one-third of U.S. income tax returns had yet to be filed as of April 1. Following last year’s abysmal mix of poor customer service, massive identity theft, and refund fraud, a healthy dose of tax filing dread seems to have set in. […]
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