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The Internal Revenue Service is giving victims of Hurricane Matthew in North Carolina extra time to file their tax returns and make tax payments. North Carolina victims of the hurricane that left a path of destruction and flooding this past weekend will get until March 15, 2017, to file certain individual and business tax returns […]
A new IRS test program doubles the dollar limit for people to more easily set up payment plans for their tax debt. The one-year test program, scheduled to run through Sept. 30, 2017, will allow taxpayers who owe between $50,000 and $100,000 in assessed back taxes, penalties, and interest to more easily set up an […]
The Internal Revenue Service added new data elements last tax season to its computer system filters to catch suspected cases of identity theft-related tax fraud totaling $4.1 billion, according to a new report, but it posted information about the secret data elements on its public website IRS.gov before removing it. The report, from the Treasury […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Police in India have raided nine call centers in Mumbai and arrested 70 people who were calling phone numbers in the United States pretending to be Internal Revenue Service demanding payment for taxes. A police official said that another 630 people were also under investigation in the scam after Wednesday’s […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The American Institute of CPAs sent a letter Friday to the Internal Revenue Service with 40 recommendations that it wants the IRS to consider when drafting guidance on a new regime for auditing large, complex partnerships. Troy Lewis Budget legislation passed by Congress last year established a new partnership audit […]
The Internal Revenue Service has issued final regulations on whether software that has been developed by companies for their own internal use can qualify for the research and development tax credit. The final regulations also include some examples to illustrate the application of the experimentation requirement to software under Section 41 of the Tax Code. […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. He shall return Tax Vox: Presenting the question of this tumultuous autumn: “Does Donald Trump pay taxes, ever?” Roth Co.: Notes blogger Joe Kristan, “The most important revelation from the 1995 tax documents is just how much Mr. […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The IRS recorded two violations of its Fair Tax Collection Practices in 2015, though as many as a dozen additional cases with potential violations were not tracked, according to a recent report. The report, from the Treasury Inspector General for Tax Administration, looked into how the service tracked, recorded and […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Victims of Hurricane Hermine that took place beginning on Aug. 31 in parts of Florida may qualify for tax relief, according to the IRS. Following the recent disaster declaration for individual assistance issued by the Federal Emergency Management Agency, the IRS said individuals who reside or have a business in […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Farmers and ranchers who were forced to sell livestock due to drought now have more time to replace the livestock and defer tax on any gains from the forced sales, the IRS said. To qualify, the taxpayers must be selling more stock due to drought than they normally would, and […]
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