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The Internal Revenue Service launched the tax-filing season Tuesday, promising better taxpayer and practitioner service, although a labor union official representing IRS employees warned there could still be problems. John Koskinen After five straight years of budget cuts, Congress increased the IRS’s fiscal year (FY) 2016 budget by $290 million over last year’s level, specifying […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The IRS and Free File Alliance have unveiled Free File with many changes and updates for 2016, including more free state return options and easier Form W-2 imports. For 2016, 13 tax software providers will make their federal tax return products available for free to eligible taxpayers. Taxpayers whose adjusted […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Highlights of some of our favorite tax-related blogs from the past week. Regs and those who love them The Tax Times: Give and It Might Hurt Dept.: A look at the IRS recently withdrawing proposed regulations that would have given nonprofits the option of reporting the names and Social Security […]
The Internal Revenue Service took an average of 70 days to accommodate requests by disabled employees for adaptive technology, according to a new report, even though it’s only supposed to take 15 days unless there are extenuating circumstances. The report, from the Treasury Inspector General for Tax Administration, noted that federal agencies, including the IRS, […]
The Internal Revenue Service is getting set for the opening of the 2016 individual income tax-filing season on January 19, promising improved taxpayer service and security, and a functioning Practitioner Priority Line, thanks to a funding boost from Congress. John Koskinen “The increase in our budget is an important development for the IRS and for […]
A pair of reports from the Government Accountability Office found serious problems with the Internal Revenue Service’s processes for determining which individuals and businesses should be audited. In one report, on the IRS’s Small Business/Self-Employed Division, the GAO found the IRS needs to strengthen certain internal controls for the audit. The GAO noted that the […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has released the first of a series of YouTube videos providing information on how taxpayers can protect their tax and financial data. John Koskinen The IRS is coordinating with state tax revenue departments and the tax industry on producing the videos as part of a security […]
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has issued correction procedures for employers who have paid benefits in excess of $130 per month in 2015 and wish to make corrections on their fourth quarter Form 941 in response to recent legislation. Notice 2016-06 details correction procedures for employers who paid the excess benefits […]
(Bloomberg) Former billionaire entrepreneur Samuel Wyly told a federal judge that he filed for bankruptcy to avoid burdening his children with a $2 billion claim by the Internal Revenue Service. Wyly, 81, said the agency’s demand for back taxes and penalties was too much to bear on top of a demand for hundreds of millions […]
The Internal Revenue Service is giving educational institutions a pass if they fail to include the correct taxpayer identification number on a student’s tuition statement form. Announcement 2016-03 provides notice that the IRS will not impose penalties under section 6721 or 6722 on eligible educational institutions required to file Forms 1098-T, Tuition Statement, for the […]
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