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The Internal Revenue Service issued a new warning Friday to taxpayers about bogus phone calls from IRS impersonators demanding payment for a non-existent tax that they call the “federal student tax.” John Koskinen Even though the tax deadline has come and gone, the IRS noted that scammers continue to use varied strategies to trick people, […]
The American Institute of CPAs is asking the Internal Revenue Service and the Treasury Department to offer more flexibility in what constitutes the definition of a “hospital” under the Affordable Care Act. The AICPA recommended in a letter Monday that the IRS and the Treasury issue guidance that would exclude certain organizations, which do not […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints A number of important figures saw major jumps in 2014, according to the IRS’s Spring 2016 Statistics of Income Bulletin. Among what the IRS called “several notable items [that] showed significant increases in 2014,” AGI rose to $9.7 trillion, an increase of 6.1 percent compared with the prior tax year. […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. Taking sides Mauled Again: The origins of the universe, the deep secrets of the human heart, and a given taxpayer’s motives: Who can truly say what’s the biggest mystery, especially considering the recent case of Santos v. Comr.? […]
The Internal Revenue Service is not using the available data to identify potentially erroneous claims for the Rehabilitation Credit, a tax incentive given to private sector developers for restoring and maintaining historic structures, according to a new report. The report, from the Treasury Inspector General for Tax Administration, noted that the Rehabilitation Credit is jointly […]
The House Ways and Means Oversight Subcommittee held a hearing Wednesday on “protecting small businesses from IRS abuse,” a day after the House Judiciary Committee held a misconduct hearing in an effort to oust IRS Commissioner John Koskinen. John Koskinen Wednesday’s hearing followed up on a hearing in February 2015 on the IRS’s use of […]
Over the last few years one of the most dynamic portions of the tax code has been depreciation and capitalization regulations. Between the changes to capitalization rules, updates to bonus depreciation and limits to Section 179 expensing, many professionals have had a hard time keeping up with the current rules. Now that we are through […]
(Bloomberg) The IRS has been so slow to adapt to the rapidly emerging peer-to-peer economy that billions of dollars in taxable income a year are probably going unreported every year, according to a study being delivered to Congress this week. More than 2.5 million Americans earned income via on-demand platforms like Airbnb Inc., Etsy Inc. […]
Top 10 Challenges of Managing Multiple Accounting Offices Consolidation in the accounting industry has resulted in more accounting firms juggling multiple locations. Maureen Schwartz, executive director of BKR International, provides a top 10 list of challenges as well as guidance for multiple-office practice management. View the slideshow
Agents working with the Treasury Inspector General for Tax Administration have arrested five individuals who impersonated Internal Revenue Service employees and demanded payment from taxpayers. TIGTA agents arrested the five suspects in Miami without incident Monday for wire fraud and conspiracy to commit wire fraud. Jennifer Valerino Nunez, Dennis Delgado Caballero, Arnoldo Perez Mirabal, Yaritza […]
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