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The Internal Revenue Service has extended its hold on certain tax refunds for returns filed by nonresident aliens and other foreign taxpayers on Form 1040NR beyond the usual 180-day limit in order to give extra scrutiny to the refund claims, leaving many undocumented immigrant workers waiting up to 360 days to get the tax refunds […]
The Internal Revenue Service has begun a new program, the Early Interaction Initiative, to more quickly identify employers who are falling behind on their payroll or employment taxes and help them get caught up on their payment and reporting responsibilities. John Koskinen The initiative is designed to help employers stay in compliance and avoid […]
Nonprofits are expressing concern about proposed regulations from the Internal Revenue Service and the Treasury Department that could give charities the option of providing Social Security numbers of donors who contribute more than $250 to their organizations. The proposed regulations would allow, but not require, charitable nonprofits to file a new, separate information return […]
http://www.accountingtoday.comHighlights of some of our favorite tax-related blogs from the past week. Warning: Fun Ahead Musings of a Burbank CPA: What to remind them about forms and your three favorite new letters: ACA. “Remember the fun last year with the Form 1095-A from the insurance exchanges that let you file for the Premium Tax Credit […]
Sen. Pat Roberts, R-Kan., has introduced a bill to block a proposed regulation from the Internal Revenue Service and the Treasury Department that would give nonprofits the option of asking donors for their Social Security numbers to substantiate donations of more than $250. Pat Roberts “The rule would provide the IRS detailed information on […]
http://www.accountingtoday.com The Internal Revenue Service has issued a notice that provides guidance on the Supreme Court’s decision in the Obergefell same-sex marriage case to retirement plans, along with health and welfare plans. Notice 2015-86 provides guidance on the application of the decision in Obergefell v. Hodges to retirement plans qualified under Section 401(a) of […]
The American Institute of CPAs is objecting to a bill that was introduced in the House giving the Internal Revenue Service the statutory authority to regulate tax return preparers. Troy Lewis “Congress should not enact yet another set of rules for professional, credentialed tax return preparers,” the AICPA said a letter last week to […]
ADP is participating in an Internal Revenue Service pilot program to test verification codes on W-2 forms in an effort to reduce tax refund fraud. The cooperative development effort aims to improve the authentication of Form W-2 data reported on individual income tax returns. It is one of several IRS efforts underway to combat identity […]
The Internal Revenue Service has selected TaxSlayer as the new tax software provider for the IRS’s Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs, starting with the 2017 tax filing season. TaxSlayer recently announced it was selected for the contract on October 30 following a competitive bidding process for the five-year IRS […]
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