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(Bloomberg) The U.S. Treasury Department exceeded its authority by proposing wide-ranging regulations intended to curb corporations’ ability to shift their American earnings overseas, tax lawyers told agency officials during a hearing. Their complaints added to a growing corporate backlash against the so-called earnings-stripping regulations, which broadly aim to curb loans from foreign companies to their […]
House conservatives launched an effort Thursday to force a vote to impeach the IRS commissioner, but action on the motion could be delayed until September. John Koskinen Representative John Fleming of Louisiana offered a privileged resolution to force a vote on impeaching John Koskinen, the Internal Revenue Service commissioner, after Republicans accused him of impeding […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints A self-styled tax watchdog group has launched an effort to independently audit the Internal Revenue Service, with the help of taxpayers. The Tax Revolution Institute— a Washington, D.C.-based nonprofit that says it promote “justice and integrity in the tax system”—has created a new website, AuditIRS.com, where it hopes to collect […]
Most tax practitioners occasionally find themselves in the position of having to deal with clients who have received penalties for late filing of tax returns or late payment of income taxes. As both a CPA and attorney, our office always has penalty abatement requests in process. Most penalty provisions of the Internal Revenue Code have […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints A left-leaning advocacy group has filed a complaint against Donald Trump with the Internal Revenue Service accusing the presumptive Republican presidential nominee of violating the law for using money from his tax-exempt charitable foundation to buy an autographed football helmet and jersey from NFL player Tim Tebow. Donald Trump (Photo: […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has lowered the user fee for charities applying for tax-exempt status. On July 1, the IRS decreased the user fee for processing Form 1023-EZ, Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, from $400 to $275. In May, the IRS […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has released a new revenue procedure and regulations outlining how organizations can notify the IRS they are operating as tax-exempt social welfare groups under Section 501(c)4 of the Tax Code. The PATH Act, the tax extenders legislation that Congress passed last December, included a provision requiring […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has released new procedures for shareholders that want the IRS’s automatic consent for changing to or from the net asset value method of accounting for gains or losses on shares in a money market fund. Revenue Procedure 2016-39 provides the procedures by which a taxpayer can […]
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 […]
document.createElement(‘aside’); http://www.accountingtoday.com The service says Big Four firm Ernst Young may have undervalued billions in assets Print Email Reprints Social media giant Facebook is being investigated by the Internal Revenue Service over the value of intangible property it transferred to a unit in Ireland, according to published reports. CNN Money and Law.com reported that on […]
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