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document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The American Institute of CPAs has asked the Internal Revenue Service and the Treasury Department for the IRS to set up a separate user fee category for private letter ruling requests for S corporations, which would result in lower fees for these requests. Troy Lewis “The AICPA proposes that the […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The IRS will conduct its annual Memorial Day systems shutdown beginning Saturday, May 28, at 11:59 a.m. EST and ending Tuesday, May 31, at 6 a.m. EST. The Modernized e-File Systems (both production and ATS) won’t be operational during this time. The IRS asks users to refrain from accessing the […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service is planning to begin testing as early as next week a more secure version of the online “Get Transcript” app that was taken down last year when the IRS discovered it had been used by hackers to access hundreds of thousands of tax returns. “We are […]
The Internal Revenue Service still doesn’t have the authority from Congress to correct billions of dollars in erroneous claims for the Earned Income Tax Credit despite recent legislation, according to a new report. J. Russell George The report, from the Treasury Inspector General for Tax Administration, noted that the Consolidated Appropriations Act of 2016 provides […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The American Institute of CPAs has sent a comment letter to the Internal Revenue Service about Notice 2015-54, Transfers of Property to Partnerships with Related Foreign Partners. Troy Lewis When the IRS released the notice last year, it said it intended to issue regulations under Section 721(c) of the Tax […]
The Internal Revenue Service needs to enhance its internal control over financial reporting, according to a new report from the Government Accountability Office. John Koskinen The GAO audited the IRS’s fiscal years 2015 and 2014 financial statements and identified several deficiencies in IRS’s internal control over financial reporting. While the flaws are not considered to […]
Although the initial flurry of publicity surrounding the leak of the Panama Papers has subsided somewhat, the release serves as a reminder that there’s a real problem for taxpayers still holding offshore accounts that they haven’t reported, according to Ivan Golden, an attorney at Schiff Hardin LLP. “They’re at serious risk of discovery and should […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The American Institute of CPAs has sent more than 160 recommendations to the Internal Revenue Service regarding on the items to include on the agency’s 2016-2017 Guidance Priority List. The recommendations in the AICPA’s letter cover a wide range of individual, business and exempt organization tax issues, including projects related […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has released final regulations for disbursements from Roth individual retirement accounts, removing the allocation rule for disbursements from designated Roth accounts to multiple destinations. The final regulations eliminate a requirement that each disbursement from a designated Roth account that is directly rolled over to an eligible […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. Eyeing the IRS HR Block: Remember in the original Star Wars when Darth Vader enters Princess Leia’s cell with this black floating robot thing with a needle sticking out of it? “Taking the Fear Out of an IRS […]
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