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The Treasury Department and the Internal Revenue Service have finalized a rule requiring U.S. parent companies of large multinational public and private companies to provide financial data to the IRS on a country-by-country basis. The information is supposed to provide tax authorities around the world with the ability to identify where companies might be shifting […]
The Internal Revenue Service needs to do a better job of assessing the performance of its Volunteer Tax Return Preparation Program, according to a new report, which nevertheless found the volunteer tax preparers completed mostly accurate tax returns this past tax season. J. Russell George The Volunteer Program includes both the Volunteer Income Tax Assistance […]
The Internal Revenue Service held a meeting Tuesday of its Security Summit members to discuss progress on combating identity theft-related tax refund fraud this past tax season along with plans for next year, including a greater focus on education and new security standards for tax preparers. John Koskinen IRS Commissioner John Koskinen pointed to progress […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. Brexit Fixit Tax Analysts: Blogger Jeremy Scott looks at the shock waves in the wake of the U.K. decision to say cheerio to the European Union – and the potential lack of tax fallout. John R. Dundon II […]
(Bloomberg) F. Lee Bailey, a defense attorney who gained fame for his work in two sensational 1960s cases and later was part of O.J. Simpson’s “Dream Team,” filed for personal bankruptcy, saying he’s more than $5 million in debt. Besides Simpson, a former football star found not guilty in 1995 of the murder of his […]
The Internal Revenue Service needs to expand its use of data and develop a comprehensive strategy to address noncompliance by taxpayers claiming refundable tax credits such as the Earned Income Tax Credit, according to a new report. The report, from the Government Accountability Office, pointed out that in 2013, the most recent year available for […]
(Bloomberg) UBS Group AG has ended a legal fight with the Internal Revenue Service, agreeing to hand over records on an American client’s account in Singapore as U.S. authorities seek to move beyond Switzerland in their fight against offshore tax evasion. The case involves information that the IRS sought on the account from 2001 to […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. On their marks Tax Policy: Maybe it’s not gonna be so terrific, the best: “When it comes to reforming America’s Tax Code, Donald Trump’s tax plan has only half of the blueprint; while Mr. Trump’s plan slashes tax rates across the […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has closed down its electronic filing PIN tool after noticing suspicious activity. The IRS said Thursday that it saw automated attacks taking place with more frequency and has closed both the online tool on IRS.gov in addition to the toll-free phone service. The IRS had detected […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has added new protections to its Income Verification Express Service to curb identity theft. The IVES program verifies the income of taxpayers for lenders and mortgage companies, who are prescreened. The new protections are part of the IRS’s efforts to improve its authentication of taxpayers and […]
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