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document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Taxpayer Advocate Service has added a new Employer Shared Responsibility Provision Estimator online tool to help a business determine its potential liability under the Affordable Care Act for the employer mandate. Employers and their tax practitioners can use the ESRP Estimator to determine the number of their full-time employees, […]
The House passed Republican-backed legislation Tuesday that would prevent the Internal Revenue Service from requiring tax-exempt 501(c) organizations to disclose the names of donors on Form 990. The bill, introduced by House Ways and Means Oversight Subcommittee chairman Peter Roskam, R-Ill., comes in response to the IRS targeting scandal, when the IRS’s Exempt Organizations unit […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The IRS has announced the winners of its first crowdsourcing competition, the “Tax Design Challenge,” that encouraged innovative ideas for the taxpayer experience of the future. Out of 48 submissions, winners from California, Minnesota and Washington, D.C., were among those selected in categories covering overall design, taxpayer usefulness and best […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has issued a revenue ruling clarifying when a real estate developer can exclude cancellation of debt income under the qualified real property business indebtedness exclusion in Section 108(a)(1)(D) of the Tax Code. Revenue Ruling 2016-15 provides examples to clarify that qualified real property business indebtedness, or […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service is warning tax professionals that next year, a new law will require the IRS to hold all Earned Income Tax Credit and Additional Child Tax Credit refunds until Feb. 15 as a safeguard against identity theft and tax fraud. The IRS pointed out the new law […]
The Internal Revenue Service did not resolve over 159,000 injured spouse cases in a timely way, resulting in the unnecessary payment of millions of dollars in interest, according to a new government report. An injured spouse is a taxpayer who files a joint tax return for which all or part of his or her share […]
Summer jobs are an excellent opportunity to learn responsibility in the areas of work ethic, time management, and financial responsibility. According to the Bureau of Labor Statistics, 20.3 million youth were employed in the summer of 2015. This is a significant increase from only 2.1 million employed during the school year. If your child—or the […]
The U.S. Tax Court gave a taxpayer extra time to file a petition after a winter storm forced the closure one day last year of all federal offices, including the Tax Court. A taxpayer’s petition in a collection due process case must be filed within the 30-day period prescribed by Code section 6330(d). In Guralnik […]
The Internal Revenue Service failed to identify and assist all taxpayers who may have been affected by the data breach in its online “Get Transcript” application, according to a new government report. J. Russell George The report, released Wednesday by the Treasury Inspector General for Tax Administration, came a day after the IRS announced it […]
The Internal Revenue Service has ruled that fines issued by the brokerage industry’s self-regulatory body, the Financial Industry Regulatory Authority, or FINRA, are not tax deductible. The IRS Office of Chief Counsel issued a memorandum last Friday citing a number of legal cases to back up the opinion, including Guardian Industries Corp. v. Commissioner. The […]
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