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document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service said Wednesday evening its tax-processing systems have suffered a hardware failure and that tax processing could be affected into Thursday. “The IRS experienced a hardware failure this afternoon affecting a number of tax processing systems, which are currently unavailable,” said the IRS. “Several of our systems […]
The American Institute of CPAs has sent comments to the Internal Revenue Service and the Treasury Department asking for changes in the IRS’s draft Form 8971, Information Regarding Beneficiaries Acquiring Property from a Decedent, and draft instructions. Troy Lewis In its Jan. 29 letter, the AICPA suggested eight recommendations for consideration by the IRS. Among […]
Accounting firms that prepare the taxes of companies they also audit tend to steer away from dubious tax deductions, according to a new study. Petro Lisowsky The study found that tax returns prepared by companies’ external auditors claim roughly 30 percent less in questionable tax benefits than do those prepared by other outside accountants or […]
The Internal Revenue Service joined partners across the country in promoting the Earned Income Tax Credit on EITC Awareness Day on Friday. John Koskinen January 29 marked the 10th anniversary of the EITC Awareness Day campaign, a nationwide effort to alert millions of low and moderate-income workers who may be missing out on this significant […]
A radical revamping of the partnership audit rules will impact every partnership and LLC taxed as a partnership, starting in 2018. Although mandatory compliance is nearly two years away—and many unknowns exist—now is the time to begin to educate clients, review business structures, and amend partnership and operating agreements in preparation for the impact. To […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. Sin out loud Backtaxeshelp: There’s big money in big forbiddens: In “Most Popular Sin Taxes and Which States Are Using Them Most?” blogger Kent Livingston looks at how governments milk our vices. “Ever since Man has existed there has […]
The Internal Revenue Service needs to do more work to refine its latest fraud detection system to catch the new schemes that its older system managed to detect, according to a government report. The report, from the Treasury Inspector General for Tax Administration, found that a pilot program of the IRS’s replacement fraud detection system […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The IRS Return Preparer Office has begun sending PTIN expiration notices to tax professionals who have not renewed their PTINs. Notices will go to approximately 150,000 PTIN holders. The notice explains that the recipient’s PTIN has expired but can be renewed at any time. The user fee is $50. Until […]
A large number of important tax changes go into effect for partnerships this year, along with due dates for business tax returns. Many were ushered in by the Protecting Americans from Tax Hikes (PATH) Act of 2015, although legislation enacted earlier in 2015 and in 2014 also contributed a fair share. Still other changes are […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service is urging taxpayers to choose their tax preparer carefully, warning that some unscrupulous preparers are pocketing their individual health coverage payments under the Affordable Care Act. “In some cases, these preparers were instructing their clients to make individual shared responsibility payments directly to that preparer,” said […]
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