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IRS Lowers Mileage Rates for 2017
http://www.accountingtoday.com The Internal Revenue Service has issued the 2017 optional standard mileage rates to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning Jan. 1, standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: • 53.5 cents per mile for […]
Tax Pros Warned of Continuing Cyberthreats
http://www.accountingtoday.com The IRS and state tax agencies are warning tax professionals of the continuing threat from cybercriminals, and have launched a series of security tips to encourage stronger measures to protect taxpayer data. The Security Summit partners note that cybercriminals worldwide are actively targeting tax professionals to steal taxpayer information to file fraudulent returns for […]
IRS Says 2017 Tax Season Starts January 23
The Internal Revenue Service said Friday that next tax season will begin on Monday, Jan. 23, 2017, while warning some taxpayers to expect longer waits for their tax refunds. The tax day deadline will be April 18. John Koskinen The IRS said it would start accepting electronic tax returns on January 23 and it anticipates […]
Taxpayer Advocate Service Needs to Make Fixes
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Taxpayer Advocate Service is falling behind in implementing several recommended changes in its processes, according to a new report from the Treasury Inspector General for Tax Administration. Nina Olson The report follows up on earlier recommendations by the Inspector General. Of the 20 corrective actions reviewed by TIGTA, seven […]
Congress Eliminates IRS Penalty on Employer Reimbursements for Health Insurance
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Senate passed legislation Wednesday eliminating a tax penalty on employers who reimburse employees for the cost of health insurance premiums, following passage of the measure last week in the House. The IRS began enforcing the penalty on employers last year, even though it isn’t part of the Affordable Care […]
In the Blogs: Look, Ma – No Earned Income!
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. Bumps Tax Vox: How Trump’s Carrier deal sets a bad precedent. Taxable Talk: Even ophthalmic surgeons can apparently do stupid things when it comes to paying employment taxes. Summing It Up: True, related companies often use intercompany master […]
House Blocks Conservative Move to Force IRS Impeachment Vote
(Bloomberg) The House blocked an effort Tuesday by conservatives to force an impeachment vote against Internal Revenue Service commissioner John Koskinen, effectively taking the question off the congressional agenda for this year. John Koskinen (Photo: Bloomberg) With Congress aiming to leave Washington by Friday, outgoing House Freedom Caucus Jim Jordan of Ohio called up a […]
AICPA Wants IRS to Withdraw Estate Tax Proposals
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The American Institute of CPAs is asking the Internal Revenue Service and the Treasury Department to withdraw and, if necessary, re-propose their rules for the valuation of interests in corporations and partnerships for estate, gift and generation-skipping transfer tax purposes. The IRS held a hearing last week where it listened […]
IRS to Improve Program for ID Theft Victims
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service plans to improve its program to provide copies of false tax returns to victims of tax-related identity theft, according to a recent report. J. Russell George The report, from the Treasury Inspector General for Tax Administration, noted that in some cases IRS employees had made processing […]
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