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The Internal Revenue Service is giving educational institutions a pass if they fail to include the correct taxpayer identification number on a student’s tuition statement form. Announcement 2016-03 provides notice that the IRS will not impose penalties under section 6721 or 6722 on eligible educational institutions required to file Forms 1098-T, Tuition Statement, for the […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. Resolutions TurboTax: “Five Tax Tips for the New Year Tax Planning,” from staying current with estimated taxes to early funding of retirement accounts, makes fine fodder for your next client reminders. The Income Tax School: Five resolutions to […]
(Bloomberg) Last year’s income tax season was marked by an explosion of refund theft. Will this year be any different? Increased protections may cut down on fraud but will likely draw out the wait for your money. Changes will be visible when you use tax preparation firms and filing software, with warnings akin to those […]
Accounting Movies Snubbed by the Oscars Don’t expect to find these rarely seen accounting movies on Netflix or TCM. They never won more than a cult following, much less an Academy Award, perhaps because of an unfortunate resemblance to previous Oscar winners. View the slideshow
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Victims of recent storms in Mississippi have until May 16 to file returns and pay any taxes due, the IRS said. All workers assisting the relief who are affiliated with a recognized government or philanthropic organization also qualify for relief. Following the recent disaster declaration for individual assistance from […]
Having played golf once in my life during my days at Ft. Bragg, N.C., I’m not exactly an avid golfer. But as two golf courses in North Carolina discovered last month, it’s getting tougher for them to successfully claim a charitable contribution deduction for a conservation easement. In Atkinson et al. v. Commissioner of Internal […]
The Internal Revenue Service has dropped a proposed regulation giving tax-exempt organizations the option of providing the Social Security Numbers of their donors. Pat Roberts The rule, which the IRS and the Treasury Department proposed last September, called on charities to ask for additional personal donor information, including Social Security numbers for any donation of […]
(Bloomberg) Former billionaire entrepreneur Samuel Wyly’s “difference of opinion” with the Internal Revenue Service could turn an offshore fortune into an onshore fraud if the agency gets its way. Wyly, 81, and the estate of his late brother Charles joined forces for a trial Wednesday against the IRS in Dallas, seeking to wipe out the […]
National Taxpayer Advocate Nina E. Olson released her 2015 annual report to Congress on Wednesday, focusing on her concern that the IRS may be on the verge of dramatically scaling back telephone and face-to-face service it has provided for decades. Nina Olson Olson characterized the combination of reductions in personal service and the IRS’s plans […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service said Tuesday that taxpayers are receiving letters with the wrong date listed for their Identity Protection Personal Identification Numbers, which are generally issued to victims of tax-related identity theft. “Due to an error, taxpayers are receiving Identity Protection PIN letters with an incorrect year listed,” the […]
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