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The Internal Revenue Service is recommending tax professionals monitor their Preparer Tax Identification Numbers for signs of suspicious activity. The IRS has been stepping up its efforts to curb identity theft and tax fraud, in part by focusing on ways to make tax preparers more aware of cybersecurity threats. At a meeting in June of […]
The Tax Court held a husband and wife who supplied information to the Internal Revenue Service are entitled to a full 24 percent of the “collected proceeds,” which includes a criminal fine and civil forfeitures to the government, not just tax restitution. In the case, Whistleblower 21276-13W v. Commissioner, the targeted taxpayer pleaded guilty to […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has issued a revenue procedure saying a charitable remainder annuity trust that includes a sample provision in its governing agreement won’t be subject to a test that could disqualify it. Revenue Procedure 2016-42 states that a charitable remainder annuity trust, or CRAT, containing the sample provision […]
6 Tax Tips for Students Working Summer Jobs Along with establishing a good work ethic and building time and financial management skills, a summer job also means learning about the obligatory duty of paying taxes. Here are some tips for tax clients with children working summer jobs from Abigail Schaffer, a staff accountant at Kessler […]
(Bloomberg) The U.S. Chamber of Commerce challenged an Internal Revenue Service rule change it claims improperly stymies the ability of U.S. companies to shift their headquarters overseas to shelter global profits from American tax collectors. The Washington-based chamber and a Texas trade group sued the government Thursday, objecting to a policy the IRS implemented in […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has proposed new regulations that could change the rules for reporting qualified tuition and related expenses for students. The proposed regulations would alter the rules for reporting qualified tuition and related expenses under section 6050S of the Tax Code on Form 1098-T, “Tuition Statement.” The proposals […]
The Internal Revenue Service is making some important changes in the Individual Taxpayer Identification Number program that will require many ITIN holders to renew their numbers under a law passed by Congress last December. The IRS plans to begin the renewals in October. The Protecting Americans from Tax Hikes Act, also known as the PATH […]
There once was a time, after the Tax Reform Act of 1986, when the U.S. corporate tax rate was at the low end of corporate tax rates among industrialized economies. While the U.S. rate went up a bit from 34 percent to 35 percent, other rates around the world decreased, with the result that the […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. ‘Cry havoc!’ Procedurally Taxing: Guest blogger Marilyn Ames outlines the IRS master file “in order to provide context for some of the discussions we have had about taxpayer accounts … be aware that the IRS does not always […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Treasury Department and the Internal Revenue Service have issued proposed regulations that would eliminate a tax-planning strategy for minimizing estate and gift taxes. Mark Mazur The proposed regulations concern the valuation of interests in corporations and partnerships for estate, gift, and generation-skipping transfer tax purposes. They involve the treatment […]
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