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The Internal Revenue Service has released new guidelines on how wrongfully incarcerated taxpayers can take advantage of a new retroactive exclusion from income for any civil damages, restitution or other monetary award that they received in connection with their incarceration. The guidelines are contained in a set of frequently-asked questions, posted Thursday on IRS.gov. According […]
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
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document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The cost of compliance with the ever-growing Tax Code costs U.S. taxpayers a total of 8.9 billion hours and $409 billion, according to new research. Scott Hodge The IRS recently estimated that Americans will spend 8.9 billion hours complying with IRS tax-filing requirements in 2016, and according to a new […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has released final regulations relating to the exclusion from gross income of discharge of indebtedness income of a grantor trust or an entity that is disregarded as an entity separate from its owner. The final regulations provide rules regarding the term “taxpayer” for purposes of applying […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Publicly available data on e-filed 990s will now be available in a machine-readable format through Amazon Web Services, the IRS announced. The data does not include donor information or other personally identifiable information. Previously, this Form 990 data was only available in image files. The data, which includes filings from 2011 […]
(Bloomberg) A House committee plans to vote Wednesday on whether to censure Internal Revenue Service Commissioner John Koskinen over Republican claims that he obstructed an investigation into whether his agency targeted conservative groups seeking tax-exempt status. John Koskinen The action by the House Oversight and Government Reform Committee comes before a planned June 22 hearing […]
The Internal Revenue Service plans to change some of its procedures for reviewing amended tax returns after a government report estimated it may have inappropriately allowed approximately $32.4 million in tax refunds and abatements. The report, from the Treasury Inspector General for Tax Administration, examined whether the IRS’s controls over auditing amended individual tax returns […]
(Bloomberg) A House committee voted Wednesday to censure Internal Revenue Service Commissioner John Koskinen over Republican claims that he obstructed an investigation into whether his agency targeted conservative groups seeking tax-exempt status. John Koskinen The 23-15 party-line vote by the House Oversight and Government Reform Committee comes before a planned June 22 hearing by the […]
The Internal Revenue Service is revising its civil asset forfeiture policies after coming under pressure from Congress for failing to return funds wrongly seized from small businesses. John Koskinen Civil asset forfeitures are being used by many law enforcement agencies around the country but have become increasingly controversial in recent years. A congressional subcommittee held […]
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