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Both presidential candidates, Donald Trump and Hillary Clinton, have come under scrutiny by the Internal Revenue Service for running afoul of rules governing tax-exempt foundations. In the case of Trump, his Donald J. Trump Foundation reportedly was forced to pay a $2,500 penalty to the IRS for making a $25,000 contribution in 2013 to a […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Leaders of the National Society of Accountants have sent a letter to leaders of the U.S. House of Representatives opposing any resolution to impeach or censure IRS Commissioner John Koskinen. John Koskinen The letter, co-authored by NSA president Al Giovetti and executive vice president John Ams, went to House Speaker […]
(Bloomberg) Speaker Paul Ryan said Wednesday the House will vote on whether to impeach Internal Revenue Service Commissioner John Koskinen, and he indicated members won’t be pressured to vote one way or the other. John Koskinen The entire House Republican conference is to meet behind closed doors next week to discuss the issue, but conservatives […]
The Internal Revenue Service has issued final regulations redefining terms relating to marital status to include same-sex marriage for federal tax purposes, in accordance with Supreme Court decisions. The rules reflect the Supreme Court’s landmark rulings in the 2015 case of Obergefell v. Hodges and the 2013 case of Windsor v. U.S., legalizing same-sex marriage […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. Big names Tax Analysts: Apple, the EU, one of the biggest tax bills in history to be footed, and a country that somehow doesn’t want the money. Tax Policy: Lunch Links include how the Trump tax plan benefits […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service is warning tax professionals that identity thieves are trying to remotely take control over their computers to file fraudulent tax returns using the names and IDs of their clients. John Koskinen The IRS urged tax preparers Fridays to double-check the settings on their tax prep software […]
The American Institute of CPAs is appealing a court decision that upheld the Internal Revenue Service’s voluntary program for tax preparer education and testing. The IRS introduced the Annual Filing Season Program in 2014 after the federal courts invalidated a mandatory program it had instituted requiring all tax preparers to be tested and undergo continuing […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Taxpayers should consider a mid-year tax withholding checkup following several new factors that could affect their refunds in 2017, according to the IRS. This year, a new tax law change requires the IRS to hold refunds a few weeks for some early filers in 2017 who claim the EITC and […]
In June 2016, the Internal Revenue Service issued proposed regulations under Code Sec. 409A with respect to the taxation of deferred-compensation arrangements. The IRS also issued proposed regulations under Code Sec. 457(f) with respect to deferred-compensation plans of tax-exempt entities and state and local governments. The 409A guidance provides some modification and clarification to the […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. High-stakes dramas BNA blogs: The Multistate Tax Commission’s attention looms on transfer pricing issues, namely with an early-October training session in Indianapolis. Taxable Talk: Coming to Bury Dept.: How the rest of Caesars might well join Caesars Entertainment […]
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