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document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The IRS is offering tax relief for the victims of the severe storms, flooding, landslides and mudslides in late June in parts of West Virginia. Individuals who reside or have a business in the counties of Greenbrier, Kanawha, Nicholas, Clay, Fayette, Monroe, Roane, Summers Pocahontas, Webster, Jackson or Lincoln may […]
The National Taxpayer Advocate says that the 2016 filing season went “much more smoothly” than last year’s. Nina Olson As part of her annual June Objectives Report to Congress, which was released today, NTA Nina Olson said that the IRS delivered a generally successful filing season in 2016. It substantially improved taxpayer service on its […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service can’t always be sure that former employees’ access to systems and buildings has been revoked, according to a recent report. The Treasury Inspector General for Tax Administration estimates that the IRS could not verify that all security items were recovered from over two-thirds (66 percent) of […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. Notice anything? HR Block blog: What to tell your client about that IRS notice he or she just got before he or she jumps. Taxable Talk: When a client with a job gets a notice of federal self-employment […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has begun a new campaign to make tax preparers more aware of security risks that could expose their clients to identity theft and tax fraud. John Koskinen The new public awareness campaign follows up on an initiative announced last month at the IRS’s Security Summit meeting […]
(Bloomberg) Wells Fargo Co. got less than it wanted in a federal tax-refund lawsuit, yet the bank’s partial victory may spur billions of dollars in similar refund claims from companies that have done repeated mergers and acquisitions, tax lawyers say. The bank had sought refunds—valued at about $350 million as of 2011—tied mostly to interest […]
(Bloomberg) U.S. taxpayers who entered into an IRS program that made it easier to disclose their hidden offshore bank accounts may have thought they put their legal troubles behind them. Instead, prosecutors may try to put some of them in jail for not telling all. Since 2012, 30,000 Americans avoided stiff tax penalties by declaring […]
The Internal Revenue Service enjoys ample room for improvement on a number of issues, according to tax practitioners asked about the agency’s biggest challenges. Beyond headline debate over the possible impeachment of Commissioner John Koskinen, preparers say that the IRS faces a range of problems that stem from illegal and sophisticated use of technology to […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The IRS reports that it processed 134,387,120 returns from last season through May 26. The figures cover number of returns processed and AGI, tax liabilities and percentages of filers’ income composed of capital gains. As of late May, the IRS had processed the largest number of returns for taxpayers with […]
The Internal Revenue Service and the U.S. Tax Court are seeing their caseloads pile up as taxpayers, interest groups, tax attorneys and Congress let loose with a volley of lawsuits and legal challenges. IRS and Tax Court officials addressed some of the issues at New York University’s 8th Annual Tax Controversy Forum in New York […]
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