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The Internal Revenue Service is changing its procedures for resolving issues with corporate taxpayers through pre-filing agreements while also increasing the fees. Revenue Procedure 2016-30 revises Rev. Proc. 2009-14, which outlines the procedures to resolve issues through a pre-filing agreement, or PFA. The revenue procedure expands the scope of a PFA to include issues relating […]
The Internal Revenue Service could be doing more to identify and examine taxpayers who may be deducting hobby losses to offset their actual income, according to a new report. J. Russell George The report, from the Treasury Inspector General for Tax Administration, found that the IRS’s methods for identifying high-income taxpayers who may be offsetting […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. Say what? BNA blogs: There go da judge: How a retired U.S. Tax Court judge and her husband have been charged with – “wait for it” – tax skullduggery. The Wandering Tax Pro: “It seems a bit funny, […]
A bipartisan group of lawmakers in both the House and Senate are asking the Internal Revenue Service and the Treasury Department to remove the barriers to providing tax-exempt refinancing options for student debt. Senators Chuck Grassley, R-Iowa, and Jack Reed, D-R.I., and Representatives Todd Young, R-Ind., and John Larson, D-Conn., along with other lawmakers, have […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The IRS is accepting applications for the Tax Counseling for the Elderly and Volunteer Income Tax Assistance grant programs, as well as for the 2017 Low Income Taxpayer Clinic grant program. TCE and VITA application packages are on Grants.gov. All applications must be submitted through Grants.gov by June 1. Electronic versions of […]
The Internal Revenue Service plans to hire an additional 600 to 700 more enforcement employees in an effort to increase its audit rate. John Koskinen The IRS found money within its existing budget to hire the additional employees after a series of budget cuts in recent years at the hands of Congress. “As we continue […]
document.createElement(‘aside’); http://www.accountingtoday.com The Internal Revenue Service has issued a notice and revenue procedure on requirements for investing in money market funds. Notice 2016-32 provides guidance to taxpayers regarding the diversification requirements under Section 817(h) of the Tax Code for a segregated asset account that invests in a government money market fund, or MMF. The notice […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has released final and temporary regulations on the self-employment tax treatment of partners in a partnership that owns a disregarded entity and whether they can participate in employee benefit plans. The regulations take effect Wednesday. The Tax Code states that, except as otherwise provided, a business […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has released temporary and proposed regulations implementing a new voluntary certification program for professional employer organizations, or PEOs. The regulations, available today in the Federal Register, carry out legislation enacted in late 2014 requiring the IRS to establish a voluntary certification program for these organizations. PEOs […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The IRS announced that it will accept applications for its Internal Revenue Service Advisory Council through June 24. IRSAC provides an organized public forum for IRS officials and representatives of the public to discuss relevant federal tax administration issues. IRSAC members submit a report to the IRS commissioner annually at […]
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