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A request by the Internal Revenue Service for user data from a bitcoin exchange highlights simmering tensions between compliance and customer privacy for financial institutions and will test how those demands are balanced in the young field of cryptocurrency. Under a procedure called a John Doe summons, the IRS this month asked a federal court […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service alerted tax professionals Tuesday that over the next five weeks, it will send letters to some users of its online e-Services products informing them they will either have to go online or call the e-Services e-Help Desk to validate their identities, as part of the IRS’s […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. Decking halls Rubin on Tax: ’Tis better to give than to receive, unless your client didn’t adequately disclose the gift on a 709 (incidentally igniting the clock on the statute of limitations). “So what happens if a gift […]
(Bloomberg) Donald Trump’s charitable foundation said on an Internal Revenue Service filing that it violated rules preventing leaders of nonprofit organizations from using a charity’s money to benefit themselves or other “disqualified” people. Donald Trump (Photo: Bloomberg) The president-elect’s charity acknowledged it engaged in so-called “self-dealing” on an IRS form for 2015 that was posted […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has created a new Fast Track Mediation program to resolve collection cases and issues more quickly for taxpayers with outstanding tax debts. Revenue Procedure 2016-57, issued by the IRS last week, replaces the IRS’s Fast Track Mediation procedure with a new program, Fast Track Mediation—Collection. The […]
In 2015, Congress passed—and President Barack Obama signed—legislation that created a few major changes in the upcoming tax-filing season. The April 15 deadline, as well as the extended deadline of October 15, for individuals will remain unchanged, but there is one new deadline of which taxpayers should be aware: Form 1065, U.S. Return of Partnership […]
(Bloomberg) When Credit Suisse AG pleaded guilty in 2014 to helping Americans cheat on their taxes, it promised to help the U.S. root out suspicious accounts. Now, U.S. investigators want to know why the Swiss bank neglected to tell them about $200 million in undeclared assets owned by an American client, according to people familiar […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. Seasons’ greeting ClientWhys: Giving during these holidays can warm your cockles (no offense) now – and pay off with new clients when we face the next, much more important, Season. Rubin on Tax: “Of Course You Should Trust […]
The Internal Revenue Service is extending the due dates for some information reporting requirements under the Affordable Care Act. Notice 2016-70 extends the deadline for certain information reporting requirements for 2016 imposed by the Patient Protection and Affordable Care Act under section 6055 and 6056 of the Tax Code. The notice specifically extends the due […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service is looking for information on bitcoin users from Coinbase, one of the largest bitcoin exchanges in the U.S., as part of its efforts to uncover possible tax evasion. The IRS sent a broad request known as a John Doe summons to Coinbase last week seeking information […]
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