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document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The IRS has released cost-of-living adjustments for the dollar limitations for pension plan contributions and other retirement-related items for tax year 2017. The contribution limit for 401(k)s remains unchanged, at $18,000 for 2017. However, income ranges for eligibility to make deductible contributions to traditional IRAs and to Roth IRAs, and […]
The Internal Revenue Service said Friday the annual period for renewing a Preparer Tax Identification Number is now underway for tax professionals. More than 725,000 tax preparers need to renew their PTINs before they expire on Dec. 31, 2016. Anybody who prepares a federal tax return or refund claim for compensation needs to have […]
Internal Revenue Service examiners did not always follow procedures for weighing which tax debts could actually be paid by delinquent taxpayers, according to a new report. J. Russell George The report, from the Treasury Inspector General for Tax Administration, found that employees who work for the IRS Examination function did not always follow the right […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service continues to fall short in its cybersecurity efforts, according to a new report. The report, from the Treasury Inspector General for Tax Administration, found continued weaknesses within the IRS’s cybersecurity program in three specific areas: information security continuous monitoring, configuration management, and identity and access management. […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Employers and small businesses have a new January filing deadline for W-2s, the Internal Revenue Service warned, adding that it must also hold some refunds until Feb. 15. A new federal law accelerates the W-2 filing deadline for employers to Jan. 31. The new law also requires the IRS to […]
Federal, state and local authorities have indicted dozens of people and businesses in the U.S. and India accused of impersonating Internal Revenue Service employees demanding money from innocent taxpayers in the U.S. The Justice Department unsealed an indictment Thursday charging 61 individuals and entities with being involved in an international criminal organization victimizing tens of […]
(Bloomberg) The federal tax audit that emerged as an issue in Donald Trump’s campaign would turn into another problem altogether if the Republican nominee wins the election—and gains the power to pick the next Internal Revenue Service chief. Donald Trump (Photo: Bloomberg) “He would be on both sides of the issue,” said Sheldon Cohen, the […]
Earlier this week, I moderated an Accounting Today web seminar on Understanding Affordable Care Act Reporting: Year 2. Janice Krueger, subject matter expert at Greatland Corporation, spoke on ACA mandates, filing requirement deadlines, and what’s new for this year and what’s changed from last year. As the number of questions from the audience demonstrated, the […]
Billions of dollars in incorrect backup withholdings are overlooked by the Internal Revenue Service, according to a new report. The report, from the Treasury Inspector General for Tax Administration, found that a lack of IRS enforcement of backup withholding requirements is allowing billions in tax revenue to go uncollected. The goal of backup withholding is […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints A new report from an Internal Revenue Service advisory group points to the high costs of information reporting and how the IRS can reduce the burden. The report, from the IRS’s Information Reporting Program Advisory Committee, describes some of the challenges in information reporting, and how the IRS’s perpetually constrained […]
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