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document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service unveiled a new procedure Wednesday to help people who accidentally miss the 60-day time limit for rolling over their retirement plan distributions into another qualified retirement plan or individual retirement account. In Revenue Procedure 2016-47, the IRS details how eligible taxpayers can qualify for a waiver […]
National Taxpayer Advocate Nina Olson has posted responses from the Internal Revenue Service to her recommendations for improving taxpayer service, along with papers delivered by presenters at an international conference her office convened last November on taxpayer rights. Nina Olson Olson made 116 administrative recommendations for the IRS in her annual report to Congress last […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The IRS has proposed higher user fees for taxpayers who enter into installment agreements. The proposal, which would take effect on January 1, is one of several user fee changes made this year, is in line with a law that requires federal agencies to charge a user fee to recover […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has created a new webpage with information to help people who participate in the so-called “sharing economy” get timely tax advice. John Koskinen The “sharing economy” includes websites and mobile apps such as Airbnb, Uber, Lyft, TaskRabbit and Handy where people can share their homes, hail […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. Send in the crowns Don’t Mess With Taxes: Blimey! Dept.: Those who think the IRS is the biggest tax-collecting threat on the planet should pop across the pond and chat with the British man who received the following […]
(Bloomberg) There are plenty of reasons to get married. Your taxes may not be one of them. Some couples—generally those with one person who earns far more than the other—will see their tax bills fall after marriage. But for two well-paid professionals, tax bills can soar post-marriage, as their combined incomes put them in the […]
The Internal Revenue Service’s Chief Counsel has released its annual Priority Guidance Plan for 2016 to 2017. The plan describes the tax issues that the IRS plans to address in the coming year in the way of regulations, revenue rulings, revenue procedures, notices, and other administrative guidance. The 2016–2017 Priority Guidance Plan contains 281 projects. […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Telephone scammers may target students and parents during the back-to-school season and demand payments for such non-existent taxes as the “Federal Student Tax,” the IRS has warned. IRS impersonators may call students and demand that money be wired immediately to pay a fake federal student tax, according to the Service. […]
document.createElement(‘aside’); http://www.accountingtoday.com The Internal Revenue Service has reportedly hit reality TV star and actress NeNe Leakes for $824,366.01 in unpaid taxes from 2014, and she good-humoredly tweeted a photo of herself running to the IRS tax office from her hotel. The IRS filed the tax lien against the star of the TV series “The Real […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service issued final regulations Wednesday for a 2 percent tax on payments from the U.S. government to foreign contractors. The final regulations relate to section 5000C of the Tax Code and affect federal government agencies and foreigners who provide certain goods or services to the U.S. government […]
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