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The IRS has released on its website a number of draft tax forms and instructions for the 2016 tax year, including Form 1040 and its related schedules. This article highlights key changes made on the 2016 return. This first part examines the draft Form 1040 itself. Part II will cover the related draft forms and […]
(Bloomberg) For Donald Trump, the presidency offers no escape from tax audits—raising the chance that the public might never see his returns. Donald Trump (Photo: Andrew Harrer/Bloomberg) As a candidate, Trump cited more than a decade’s worth of audits by the Internal Revenue Service as he refused to release any of his personal tax information. […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has removed a rule requiring that a discharge of indebtedness for which a Form 1099–C, ‘‘Cancellation of Debt,’’ must be filed occurs when a 36-month non-payment testing period expires. The IRS released final regulations Thursday removing the three-year period for filing the form. The IRS and […]
A few years ago, during the oil crisis and back when gasoline was $4.00 a gallon, a supermarket in our town offered gasoline discounts based on certain items that you bought and how much you spent in their store. My wife and I would get as many points as we could so we could get […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints (Billboard) Rick Ross is in deep trouble with the taxman. The “Hustlin’” rapper owes the Internal Revenue Service some $5.7 million in back taxes, though his team is confident the matter will be settled shortly. According to TMZ, which broke the story, Ross (aka William “Rick Ross” Roberts II) paid […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The IRS has announced special relief designed to support leave-based donation programs to aid victims of Hurricane Matthew. Under these programs, employees may forgo vacation, sick or personal leave in exchange for cash payments that their employer makes, before Jan. 1, 2018, to charitable organizations providing relief for Matthew victims. […]
The Internal Revenue Service is opening up its detailed tax data to researchers outside the federal government who can make use of the information in their studies. The IRS issued a call for proposals Tuesday for its Joint Statistical Research Program to allow the use of tax microdata by qualified researchers who don’t work for […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The IRS does not have enough controls in place to make sure U.S. manufacturers are properly claiming the Domestic Production Activities Deduction on their tax returns, according to a new report. The report, from the Treasury Inspector General for Tax Administration, identified 2,829 companies that filed returns for 2013 potentially […]
The Internal Revenue Service didn’t do enough to mitigate risks in some of its information technology contracts, according to a new report. J. Russell George The report, from the Treasury Inspector General for Tax Administration, found the IRS didn’t ensure it mitigated risks for a sampling of IT contracts valued at $81.3 million. For the […]
The Internal Revenue Service needs to do more to ensure taxpayers aren’t using virtual currencies like bitcoin to avoid taxes, according to a new report. The report, from the Treasury Inspector General for Tax Administration, pointed out that digital currencies have grown in popularity in recent years as an alternative to traditional currency like the […]
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