In the Blogs: Watching the Ball
Highlights of some of our favorite tax-related blogs from the past week.
Tag: tax news
IRS Raises Tangible Property Expensing Threshold to $2,500
The Internal Revenue Service is simplifying the paperwork and recordkeeping requirements for small businesses by raising the safe harbor threshold for deducting certain capital items from $500 to $2,500. John Koskinen
IRS Needs to Improve Authentication Processes
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service has not established a service-wide approach to managing effective authentication processes and procedures for individual taxpayers’ identities, according to the Treasury Inspector General for Tax Administration. “The increasing number of data breaches in the private and public sectors means more personal information than ever before is […]
IRS Announces Start Date for Tax Season
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Internal Revenue Service will begin accepting individual tax returns on Tuesday, Jan. 19, 2016, it announced today. John Koskinen The announcement followed the passage on Friday of the tax extenders legislation last Friday (see “Tax Extenders Pass Final Hurdle”). January 19 is one day earlier than the start of […]
Rates Hold for Q1 of 2016
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The IRS has announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2016, as in the previous quarter. The rates will be: 3% for overpayments (2% in the case of a corporation); 3% for underpayments; 5% for large corporate underpayments; and, 0.5% for the […]
Programming Error, Poor Oversight Cost $46 mn in Bad Refunds
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints Ineffective monitoring of refunds and a computer programming error caused the Internal Revenue Service to issue more than $46 million in erroneous refunds, according to a new report. J. Russell George The report from the Treasury Inspector General for Tax Administration was the result of an audit of the IRS’s […]
IRS to Target Payment Card Noncompliance
The Internal Revenue Service plans to take extra steps to enforce the rules requiring information reporting of payment card transactions, such as those made through credit and debit cards. J. Russell George
PTIN System Down for Parts of Holiday Season
document.createElement(‘aside’); http://www.accountingtoday.com Print Email Reprints The Preparer Tax Identification Number system will be down for approximately two to three hours for necessary maintenance beginning at 8 a.m. EST on Monday, Dec. 21, as well as a few days over New Year’s. The system will also be down for end-of-year updates from Thursday, Dec. 31, at […]
IRS Gets an Extra $290 mn for Taxpayer Service, ID Theft
In addition to extending a number of tax provisions, the omnibus spending bill signed into law last week will give the Internal Revenue Service an additional $290 million in funds – but it must be spent only taxpayer services and efforts against tax-related identity thef The Obama administration had sought $2 billion in extra funding […]
IRS Warns of Email Phishing Scam Targeting Tax Preparers
The Internal Revenue Service sent out an alert Tuesday warning tax preparers about an phishing email message purporting to ask them to update their IRS e-Services information. John Koskinen
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