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document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. On their marks Tax Policy: Maybe it’s not gonna be so terrific, the best: “When it comes to reforming America’s Tax Code, Donald Trump’s tax plan has only half of the blueprint; while Mr. Trump’s plan slashes tax rates across the […]
Identity thieves are continuing to target taxpayers despite the Internal Revenue Service’s efforts to better authenticate taxpayers, according to a new report. The Government Accountability Office reported Thursday on the IRS’s need to update the risk assessment for its Taxpayer Protection Program to account for the ever-changing methods of identity thieves. The TPP is a […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Currently designated empowerment zones, areas where employers and other taxpayers can qualify for certain tax incentives, will remain in place at least through the end of this year. The Internal Revenue Service said Tuesday the designations will remain in effect until the end of 2016. The announcement mainly affects businesses […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Electronic Tax Administration Advisory Committee issued its annual report Wednesday, with recommendations calling on the Internal Revenue Service to expand its electronic filing efforts and digital strategy, and to offer end-to-end capabilities on online accounts for both taxpayers and tax professionals. The ETAAC report noted that in 2016, the […]
The Internal Revenue Service is missing out on imposing approximately $21.6 million in penalties on taxpayers who are denied entry or withdraw from its Offshore Voluntary Disclosure Program, according to a new report. J. Russell George The report, from the Treasury Inspector General for Tax Administration, found the IRS needs to improve its efforts in […]
(Bloomberg) Before he became the top U.S. tax collector and the target of an unprecedented Republican-led impeachment drive, John A. Koskinen majored in physics, guided the country through the “Y2K” problem and ran a foundation that promotes youth soccer. John Koskinen Now, amid a three-year controversy over the Internal Revenue Service’s scrutiny of conservative groups, […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has issued a notice offering additional transition relief for employers claiming the Work Opportunity Tax Credit. Notice 2016-40 provides additional transition relief for employers claiming the WOTC under Sections 51 and 3111(e) of the Tax Code as extended and amended by the Protecting Americans from Tax […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The American Institute of CPAs has sent a letter to the Internal Revenue Service requesting additional guidance about how existing tax principles apply to virtual currency transactions, such as those in Bitcoin. Troy Lewis “Virtual currency transactions, in which taxpayers increasingly engage, add a new layer of complexity to the […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Treasury Inspector General for Tax Administration warned Tuesday about a new twist in the IRS impersonation scam, with fraudsters pretending to be Internal Revenue Service employees demanding taxpayers send them tax payments not only on iTunes gift cards, but on other types of gift cards as well. TIGTA issued […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has created a special procedure to let taxpayers whose property or funds were seized in “legal source” structuring cases get their assets returned. John Koskinen The special procedure arrives after the IRS came under pressure from lawmakers to change its policies in civil asset forfeiture cases […]
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