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In 2015, Congress passed—and President Barack Obama signed—legislation that created a few major changes in the upcoming tax-filing season. The April 15 deadline, as well as the extended deadline of October 15, for individuals will remain unchanged, but there is one new deadline of which taxpayers should be aware: Form 1065, U.S. Return of Partnership […]
(Bloomberg) When Credit Suisse AG pleaded guilty in 2014 to helping Americans cheat on their taxes, it promised to help the U.S. root out suspicious accounts. Now, U.S. investigators want to know why the Swiss bank neglected to tell them about $200 million in undeclared assets owned by an American client, according to people familiar […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. Seasons’ greeting ClientWhys: Giving during these holidays can warm your cockles (no offense) now – and pay off with new clients when we face the next, much more important, Season. Rubin on Tax: “Of Course You Should Trust […]
The Internal Revenue Service is extending the due dates for some information reporting requirements under the Affordable Care Act. Notice 2016-70 extends the deadline for certain information reporting requirements for 2016 imposed by the Patient Protection and Affordable Care Act under section 6055 and 6056 of the Tax Code. The notice specifically extends the due […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service is looking for information on bitcoin users from Coinbase, one of the largest bitcoin exchanges in the U.S., as part of its efforts to uncover possible tax evasion. The IRS sent a broad request known as a John Doe summons to Coinbase last week seeking information […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service is changing the process for requesting documents from tax-exempt groups. The IRS’s Tax Exempt and Government Entities Division issued new internal guidance Monday for its agents for issuing information document requests, or IDRs, which the agency issues during examinations to learn more about an organization. The […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints I think they might want to state the refund issue a different way. According to the IRS Website: “Expecting a refund? Some Refunds must be held until Feb. 15. According to a new tax law change, the IRS cannot issue refunds before Feb. 15 for tax returns that claim the […]
The Internal Revenue Service needs to provide better security when transmitting taxpayers’ personal information to outside government agencies, banks and contractors, according to a new report. The report, from the Treasury Inspector General for Tax Administration, noted that the IRS shares information with various government entities, including federal, state, and local agencies, in addition to […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The American Institute of CPAs has written a letter to Congress suggesting legislative changes in the new partnership audit regime ushered in by last year’s bipartisan budget deal. Annette Nellen The modifications aim to clarify the operation of provisions in the Bipartisan Budget Act of 2015 related to the “push-out” […]
Some Internal Revenue Service employees didn’t do enough to protect sensitive taxpayer information when they were sending emails, according to a new report. J. Russell George The report, from the Treasury Inspector General for Tax Administration, found that nearly half the employees whose emails were examined sent unencrypted emails. TIGTA auditors reviewed a random sample […]
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