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document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has lowered the user fee for charities applying for tax-exempt status. On July 1, the IRS decreased the user fee for processing Form 1023-EZ, Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, from $400 to $275. In May, the IRS […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has released a new revenue procedure and regulations outlining how organizations can notify the IRS they are operating as tax-exempt social welfare groups under Section 501(c)4 of the Tax Code. The PATH Act, the tax extenders legislation that Congress passed last December, included a provision requiring […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has released new procedures for shareholders that want the IRS’s automatic consent for changing to or from the net asset value method of accounting for gains or losses on shares in a money market fund. Revenue Procedure 2016-39 provides the procedures by which a taxpayer can […]
6 Tax Tips for Students Working Summer Jobs Along with establishing a good work ethic and building time and financial management skills, a summer job also means learning about the obligatory duty of paying taxes. Here are some tips for tax clients with children working summer jobs from Abigail Schaffer, a staff accountant at Kessler […]
document.createElement(‘aside’); http://www.accountingtoday.com The service says Big Four firm Ernst Young may have undervalued billions in assets Print Email Reprints Social media giant Facebook is being investigated by the Internal Revenue Service over the value of intangible property it transferred to a unit in Ireland, according to published reports. CNN Money and Law.com reported that on […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The IRS is offering tax relief for the victims of the severe storms, flooding, landslides and mudslides in late June in parts of West Virginia. Individuals who reside or have a business in the counties of Greenbrier, Kanawha, Nicholas, Clay, Fayette, Monroe, Roane, Summers Pocahontas, Webster, Jackson or Lincoln may […]
The National Taxpayer Advocate says that the 2016 filing season went “much more smoothly” than last year’s. Nina Olson As part of her annual June Objectives Report to Congress, which was released today, NTA Nina Olson said that the IRS delivered a generally successful filing season in 2016. It substantially improved taxpayer service on its […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service can’t always be sure that former employees’ access to systems and buildings has been revoked, according to a recent report. The Treasury Inspector General for Tax Administration estimates that the IRS could not verify that all security items were recovered from over two-thirds (66 percent) of […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. Notice anything? HR Block blog: What to tell your client about that IRS notice he or she just got before he or she jumps. Taxable Talk: When a client with a job gets a notice of federal self-employment […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has begun a new campaign to make tax preparers more aware of security risks that could expose their clients to identity theft and tax fraud. John Koskinen The new public awareness campaign follows up on an initiative announced last month at the IRS’s Security Summit meeting […]
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