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The Internal Revenue Service plans to make changes in how it deals with people who don’t file tax returns to collect billions of dollars in lost tax revenue, according to a new report. J. Russell George The report, from the Treasury Inspector General for Tax Administration, said the IRS has a strategy in place as […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. ‘Back talky’ Don’t Mess With Taxes: Online sales tax collection, “the Holy Grail for state revenue offices,” begins in Alabama on Nov. 1. Taxjar: November sales tax due dates, in order of state. Solutions for CPA Firm Leaders: […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Annual inflation adjustments will affect more than 50 tax provisions, including the tax rate schedules, in tax year 2017, the Internal Revenue Service announced. Revenue Procedure 2016-55 provides details about the annual adjustments, which will generally be used on returns filed in 2018. Some highlights of the changes: The standard […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has agreed to do more to process whistleblower claims more quickly and efficiently, according to a recent report. The report, from the Treasury Inspector General for Tax Administration, found that while the whistleblower program helped bring in more than $2 billion in revenue between 2011 and […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints In the wake of Hurricane Matthew’s widespread devastation, 401(k)s and similar employer-sponsored retirement plans can make loans and hardship distributions to victims and their families, the IRS said. Participants in 401(k)s, employees of public schools and tax-exempt organizations with 403(b) tax-sheltered annuities, and state and local government employees with 457(b) […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service issued an Audit Techniques Guide last month governing compliance with the tangible property repair regulations. The guide provides a meaningful framework for IRS examiners during audits by providing insight into tax issues and accounting methods unique to specific industries. While Audit Techniques Guides are issued to […]
The Internal Revenue Service’s efforts to prod taxpayers to disclose their offshore bank accounts and pay taxes on their holdings have reached the $10 billion mark and prompted over 100,000 taxpayers to come forward, the IRS said Friday. John Koskinen The latest figures indicate 55,800 taxpayers have entered the IRS’s Offshore Voluntary Disclosure Program to […]
The Internal Revenue Service has released its work plan for the coming year outlining its priorities for examinations and audits of tax-exempt organizations. Laura Kalick The FY 2017 Tax Exempt and Government Entities Work Plan, released in late September, describes the accomplishments of the IRS’s TE/GE unit over the past year, along with its priorities […]
The Internal Revenue Service still has some work to do to strengthen the controls over its Electronic Authentication Process after criminals gained access to an estimated 724,000 taxpayer accounts through its online Get Transcript application last year, according to a new report. J. Russell George The report, from the Treasury Inspector General for Tax Administration, […]
For tax preparers getting ready for tax season, the environment has changed, according to Annie Schwab, tax manager at Padgett Business Services. “In the past, the focus was on tax law, new legislation and tax strategies,” she observed. “But now, it’s more than just the Internal Revenue Code that impacts the preparation business. Preparers must […]
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