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The Internal Revenue Service is offering up to $10,000 to the winner of a new competition to make its online tax information more understandable to taxpayers. The IRS issued a notice Tuesday outlining the requirements and procedures for the Tax Design Challenge, a crowdsourcing competition with cash prizes that the IRS is hosting to begin […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints (Bloomberg) The Donald J. Trump Foundation, the charitable organization of the front-runner for the Republican presidential nomination, said it had made an error in making and failing to disclose a $25,000 donation to a political group in 2013. Donald Trump (Photo: Andrew Harrer/ Bloomberg) The statement comes a day after […]
The Internal Revenue Service is doing a better job of controlling its spending on conferences after the IRS faced ridicule three years ago for spending on an embarrassing series of training videos for conferences. The videos included parodies of “Star Trek,” “Gilligan’s Island,” “Mad Men” and a dance video (see IRS Lifts Veil on Star […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has raised interest rates for the calendar quarter beginning April 1, 2016, the first change to the interest rates since the fourth calendar quarter of 2010 when the federal short-term rate decreased from 1 percent to 0 percent. Revenue Ruling 2016-06 spells out the new rates […]
The Internal Revenue Service has released the Top 10 Identity Theft Prosecutions for Fiscal Year 2015 to highlights its efforts to combat tax refund fraud and identity theft. Richard Weber “The IRS continues fighting identity theft on several fronts, including the Security Summit initiative where we have joined with the states and the nation’s tax […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has updated its venerable tax guide for this tax season. Publication 17, Your Federal Income Tax, features details on taking advantage of a wide range of tax-saving opportunities, such as the American Opportunity Tax Credit for parents and college students, the Child Tax Credit and Earned […]
If you’re in the tax preparation business, chances are you’ve had a client experience tax-related identity theft. With the 2015 tax season in full swing, there is no doubt this trend is continuing. Most states have slowed the state refund process as they work to combat identity theft, and the IRS has issued numerous alerts […]
Nearly a quarter of Americans think it’s acceptable to lie to the Internal Revenue Service about under-the-table income. A recent survey by Harris Poll for the consumer finance site NerdWallet of 2,115 Americans 18 years and older found 24 percent said it’s acceptable to not report under-the-table income to the IRS. The breakdown by gender […]
The Treasury Inspector General for Tax Administration is pursuing fraudsters posing as IRS agents who call to harass taxpayers about fictitious tax debts, calling them back to warn them about their criminal activity and getting the phone company to shut them down. J. Russell George TIGTA said Thursday it has gone on counteroffensive against the […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. Disaster written all over it Taxjar: Guest blogger Deborah Sweeney of MyCorporation, a Californian who lives under the threat of El Niño (to name just one of dozens of possible natural disasters), examines how such messes can affect […]
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