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We have all heard that the definition of insanity is to repeatedly do the same thing expecting different results. Using that definition, the U.S. Congress can now be considered officially insane. Seven years after it proved to be a disaster, the use of outside debt collectors has again been approved by Congress for use by […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The IRS has issued an urgent alert to tax professionals who use IRS e-Services to beware of an e-mail asking them to update their accounts and directing them to a fake Web site. The subject line for the fraudulent e-mail is “Security Awareness for Tax Professionals.” The “From” line is […]
The Internal Revenue Service convened a meeting of its Security Summit partners in the tax preparation industry and state tax authorities Thursday to discuss additional steps they can take to safeguard tax refunds from identity theft next filing season. John Koskinen The measures include new data elements that will be transmitted by the tax industry […]
Internal Revenue Service examiners confront some steep barriers when trying to audit the transfer pricing strategies used by multinational corporations to reduce their taxes, according to a new report. J. Russell George The report, from the Treasury Inspector General for Tax Administration, found that some IRS employees may not be consistently following the IRS’s Transfer […]
The IRS’s recent Audit Techniques Guide for the Tangible Property Regulations can help business taxpayers avoid problems with IRS examiners in interpreting the 2014 regulations on how to treat expenses incurred for materials, supplies, repairs and maintenance. Most taxpayers have finalized implementation of the Tangible Property Regulations over a year ago. These regulations covered how […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The National Association of Enrolled Agents opposes the recently announced IRS hike on user fees, specifically the proposed six-fold increase in the price of taking the EA Exam. “The IRS has repeatedly stated that the tax administration system benefits from more enrolled agents, so why on earth are they making […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service is warning against the use of so-called “micro-captive transactions” and similar transactions as potentially abusive. In such transactions, taxpayers try to reduce their aggregate taxable income using insurance contracts and captive insurance companies. Each entity that the parties treat as an insured entity under the contracts […]
The Internal Revenue Service has taken steps to improve the offer in compromise process for both taxpayers and the IRS, but it can still do more, according to a new report. An offer in compromise is an agreement between a taxpayer and the IRS that settles a tax liability for a payment of less than […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. Are you ready for the 8th? Backtaxeshelp: Our favorite opening of the week: “Are you ready for this election to finally be over?” As the insult to our intelligence drags into its final hours, a last look at […]
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 […]
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