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Timely and meaningful access to the Internal Revenue Service is what is most important to taxpayers and tax preparers, according to Troy K. Lewis, chair of the American Institute of CPAs’ Tax Executive Committee. Lewis testified Tuesday at the public forum on “What Taxpayers Want or Need from the IRS to Comply with the Tax […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The IRS will now return newly filed Offer in Compromise applications if the taxpayer has not filed all required returns. Any fees included with the OIC will also be returned. This new policy does not apply to current year tax returns if there is a valid extension on file. To […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The American Institute of CPAs is asking the Internal Revenue Services to make some changes to a form that tax-exempt groups use to report on transactions with “interested persons.” Troy Lewis The AICPA submitted comments Wednesday to the Internal Revenue Service (IRS) on Form 990, Schedule L, Transactions with Interested […]
The House Judiciary Committee said Friday that it will hold two committee hearings to examine misconduct by the Internal Revenue Service Commissioner John Koskinen. The hearings could lead to impeachment proceedings. John Koskinen At the first hearing, which will take place on Tuesday, May 24, committee members will hear from a witness panel presenting the […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The House has passed legislation permitting the Internal Revenue Service to share taxpayer information with state and local law enforcement agencies to help find missing or exploited children, while maintaining safeguards for sensitive taxpayer information. Erik Paulsen The bipartisan legislation, known as the Recovering Missing Children Act, was sponsored by […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. Just suppose Roth Co.: Suppose there was this big federal agency that people sent money to. Suppose crooks started calling people up, pretending to be that federal agency. Suppose that federal agency made it clear that it never, […]
More and more taxpayers are turning towards do-it-yourself tax software to prepare and file business and individual income tax returns. With every passing year, our offices receive an ever-increasing number of calls asking for help fixing previously self-filed returns. Consumers of these products are beginning to treat tax preparation software as virtual tax return preparers. […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Many tax-exempt organizations have a filing deadline for Form 990-series information returns on May 16 — and the IRS cautioned these groups not to include Social Security numbers or other unneeded personal information in their filings. Organizations that fail to file annual reports for three consecutive years will see their federal […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints (Bloomberg BNA) Broad guidance governing tax-free spinoffs is “just not gonna happen” anytime soon, and companies contemplating them will have to keep seeking opinions on a case by case basis, a senior Internal Revenue Service official said. “Every guidance project is a thing, it’s a significant project,” Robert Wellen, an […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service plans to stop notifying taxpayers by telephone when they are subject to an in-person field examination, in an effort to avoid confusion with phone scammers. Instead, all such notifications will come by mail. The policy shift follows reports in Tax Analysts’ Tax Notes Today that attendees […]
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