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document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has launched an online application to help taxpayers with “straightforward balance inquiries.” The app allows taxpayers to view their IRS account balance, which will include the amount they owe for tax, penalties and interest. Before accessing the tool, taxpayers must authenticate their IDs through a two-step […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The IRS and its Security Summit partners have declared the week of Dec. 5-9 “National Tax Security Awareness Week.” The IRS, the states and the tax community will share varied information throughout over the five days to educate taxpayers on steps they should take to protect themselves from ID theft […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The number of partnerships and partners in the U.S. continued to increase for Tax Year 2014, according to the IRS Fall 2016 issue of the Statistics of Income Bulletin. Partnerships filed more than 3.6 million returns for the year, representing more than 27 million partners. The SOI Division produces the online […]
Christine Kuglin In July 2011, in response to growing public concern over employment-related identity theft, the Treasury General for Tax Administration announced that the Internal Revenue Service could do more to assist taxpayers by informing them if fraudulent income was being reported under their social security numbers. This commonly occurs when an SSN is misused […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The IRS has extended the 2017 due date for employers and coverage providers to furnish information statements to individuals – but the due date for filing with the IRS has not been extended. IRS Notice 2016-70 explained the upcoming 2017 reporting due dates: Applicable large employers, including those that are self-insured, […]
A request by the Internal Revenue Service for user data from a bitcoin exchange highlights simmering tensions between compliance and customer privacy for financial institutions and will test how those demands are balanced in the young field of cryptocurrency. Under a procedure called a John Doe summons, the IRS this month asked a federal court […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service alerted tax professionals Tuesday that over the next five weeks, it will send letters to some users of its online e-Services products informing them they will either have to go online or call the e-Services e-Help Desk to validate their identities, as part of the IRS’s […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. Decking halls Rubin on Tax: ’Tis better to give than to receive, unless your client didn’t adequately disclose the gift on a 709 (incidentally igniting the clock on the statute of limitations). “So what happens if a gift […]
(Bloomberg) Donald Trump’s charitable foundation said on an Internal Revenue Service filing that it violated rules preventing leaders of nonprofit organizations from using a charity’s money to benefit themselves or other “disqualified” people. Donald Trump (Photo: Bloomberg) The president-elect’s charity acknowledged it engaged in so-called “self-dealing” on an IRS form for 2015 that was posted […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has created a new Fast Track Mediation program to resolve collection cases and issues more quickly for taxpayers with outstanding tax debts. Revenue Procedure 2016-57, issued by the IRS last week, replaces the IRS’s Fast Track Mediation procedure with a new program, Fast Track Mediation—Collection. The […]
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