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The Internal Revenue Service sent notices of federal tax liens to old addresses of some taxpayers even when it had a more current address, according to a new report. The report, from the Treasury Inspector General for Tax Administration, is an annual report on the IRS’s compliance with due process procedures for federal tax liens. […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has restored the online “Get an IP PIN” service after fixing security vulnerabilities in the tool for giving identity theft victims an Identity Protection Personal Identification Number. The IRS suspended the service in the midst of tax season this year after discovering that several identity theft […]
National Taxpayer Advocate Nina Olson’s Objectives Report to Congress, delivered in early July, continued her examination of the Internal Revenue Service Future State plan, which she initially cited in her 2015 Annual report to Congress as the “No. 1 Most Serious Problem” for taxpayers. NTA Nina Olson The Future State plan of the IRS envisions […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. At your Service Taxable Talk: A lucky guy from a country that has no tax treaty with the U.S. won $100,000 in a recent World Series of Poker. The hosting casino withheld 30 percent of that for the […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has released a revenue procedure providing two safe harbors for corporate acquisitions. In Revenue Procedure 2016-40, the IRS outlined two fact patterns under which it will not assert that a corporation lacks the requisite “control” for purposes of Section 355(a) of the Tax Code when a […]
(Bloomberg) The U.S. Treasury Department exceeded its authority by proposing wide-ranging regulations intended to curb corporations’ ability to shift their American earnings overseas, tax lawyers told agency officials during a hearing. Their complaints added to a growing corporate backlash against the so-called earnings-stripping regulations, which broadly aim to curb loans from foreign companies to their […]
House conservatives launched an effort Thursday to force a vote to impeach the IRS commissioner, but action on the motion could be delayed until September. John Koskinen Representative John Fleming of Louisiana offered a privileged resolution to force a vote on impeaching John Koskinen, the Internal Revenue Service commissioner, after Republicans accused him of impeding […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints A self-styled tax watchdog group has launched an effort to independently audit the Internal Revenue Service, with the help of taxpayers. The Tax Revolution Institute— a Washington, D.C.-based nonprofit that says it promote “justice and integrity in the tax system”—has created a new website, AuditIRS.com, where it hopes to collect […]
Most tax practitioners occasionally find themselves in the position of having to deal with clients who have received penalties for late filing of tax returns or late payment of income taxes. As both a CPA and attorney, our office always has penalty abatement requests in process. Most penalty provisions of the Internal Revenue Code have […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints A left-leaning advocacy group has filed a complaint against Donald Trump with the Internal Revenue Service accusing the presumptive Republican presidential nominee of violating the law for using money from his tax-exempt charitable foundation to buy an autographed football helmet and jersey from NFL player Tim Tebow. Donald Trump (Photo: […]
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