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The Internal Revenue Service’s computer systems miscalculated the allowable Premium Tax Credits for more than 27,000 taxpayers who received subsidies for health insurance under the Affordable Care Act, according to a new report. J. Russell George The report, from the Treasury Inspector General for Tax Administration, evaluated the effectiveness of the IRS’s verification of health […]
Not everyone is a fan of Congress’ plan to have the Internal Revenue Service use outside agencies to collect unpaid taxes. (See “Highway Bill Would Revive Private Collection of Tax Debts.”) For starters, it’s been tried before, and failed – twice. Both efforts, from 1996-1997, and 2006-2009, lost money. And given the current atmosphere of […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has issued inflation-adjusted deduction limits for health savings accounts next year. Revenue Procedure 2016-28 provides the 2017 inflation adjusted deduction limitations for annual contributions made to an HSA under Section 223 of the Tax Code. The deduction limitations are updated annually to reflect the cost-of-living adjustments. […]
The Internal Revenue Service reported that the average annual tax gap has increased to $458 billion for tax years 2008-2010, compared to $450 billion for tax year 2006. John Koskinen The voluntary compliance rate was 81.7 percent for tax years 2008-2010, compared to 83.1 percent in tax year 2006. The IRS periodically estimates the tax […]
The Internal Revenue Service plans to make changes in its procedures and computer systems to better identify a taxpayer’s outstanding tax debts and subtract them from the tax refunds they receive, particularly for owners of small businesses. J. Russell George A new report from the Treasury Inspector General for Tax Administration found that the IRS […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. Fun Don’t Mess With Taxes: Loss of Down Dept.: How the court backing up New England quarterback Tom Brady’s suspension will cost Arizona and Massachusetts, seeing as how the Patriots take on the Cardinals within the four-game scope […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Texas storm victims, including those in the Houston area, have until September 1 to file their returns and pay any taxes due, the IRS said. All workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization also qualify for relief. Following the recent disaster declaration […]
A Georgia couple have pleaded guilty to participating in a identity theft-related tax fraud scheme in which they used the Internal Revenue Service’s online ‘Get Transcript’ application to steal other taxpayers’ refunds. Anthony Alika, 42, pleaded guilty to one count of conspiracy to commit money laundering, and his wife Sonia Alika, 27, of Austell, Ga., […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has released final regulations providing guidance to private foundations on program-related investments. In T.D. 9762, the IRS offers a series of examples illustrating investments that qualify as program-related investments. In addition to private foundations, the final regulations affect foundation managers who participate in the making of […]
(Bloomberg) The two top Sprint Corp. executives who were caught up in a tax-shelter scandal in 2003 now blame the Internal Revenue Service for losing their jobs. William Esrey (Photo: Haruyoshi Yamaguchi/Bloomberg) Former Chairman and Chief Executive Officer William T. Esrey and Ronald T. LeMay, a former president and chief operating officer, sued the U.S. […]
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