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The IRS Return Preparer Office announced that it will mail practitioners a number of letters on Tuesday, Dec. 29: Letter 5271 will go out to 5,000 preparers regarding preparing returns that include the Child Tax Credit and the Additional Child Tax Credit. Letter 5272 will go out to 2,500 preparers regarding returns that include the […]
Highlights of some of our favorite tax-related blogs from the past week.
The Internal Revenue Service is simplifying the paperwork and recordkeeping requirements for small businesses by raising the safe harbor threshold for deducting certain capital items from $500 to $2,500. John Koskinen
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has not established a service-wide approach to managing effective authentication processes and procedures for individual taxpayers’ identities, according to the Treasury Inspector General for Tax Administration. “The increasing number of data breaches in the private and public sectors means more personal information than ever before is […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service will begin accepting individual tax returns on Tuesday, Jan. 19, 2016, it announced today. John Koskinen The announcement followed the passage on Friday of the tax extenders legislation last Friday (see “Tax Extenders Pass Final Hurdle”). January 19 is one day earlier than the start of […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The IRS has announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2016, as in the previous quarter. The rates will be: 3% for overpayments (2% in the case of a corporation); 3% for underpayments; 5% for large corporate underpayments; and, 0.5% for the […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Ineffective monitoring of refunds and a computer programming error caused the Internal Revenue Service to issue more than $46 million in erroneous refunds, according to a new report. J. Russell George The report from the Treasury Inspector General for Tax Administration was the result of an audit of the IRS’s […]
The Internal Revenue Service plans to take extra steps to enforce the rules requiring information reporting of payment card transactions, such as those made through credit and debit cards. J. Russell George
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Preparer Tax Identification Number system will be down for approximately two to three hours for necessary maintenance beginning at 8 a.m. EST on Monday, Dec. 21, as well as a few days over New Year’s. The system will also be down for end-of-year updates from Thursday, Dec. 31, at […]
In addition to extending a number of tax provisions, the omnibus spending bill signed into law last week will give the Internal Revenue Service an additional $290 million in funds – but it must be spent only taxpayer services and efforts against tax-related identity thef The Obama administration had sought $2 billion in extra funding […]
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