August 19, 2015
IRS Data Breach Was Much Worse Than Initially Thought
The IRS has a confession: The data breach involving its “Get Transcript” app was larger than it initially reported. How much larger? About three times as much.
August 9, 2015
IRS Lacks Ability to Authenticate Foreign Documents for ITIN Applications
This audit was initiated because TIGTA received an IRS employee complaint referred from a Member of Congress alleging that the IRS’s ITIN application processes and procedures do not ensure that documents certified by a foreign issuing agency are ...
August 2, 2015
Want Reform? The Tax Plans of the 2016 Presidential Candidates
The field for next year’s presidential derby is crowded and prospective candidates have started jockeying for position. One of the main issues that can set these politicians apart is tax reform. Some candidates have already unveiled detailed proposals ...
July 31, 2015
New Highway Law Changes Filing Deadlines and Requirements for Business Taxes
Currently, the tax return due date for calendar-year partnerships is April 15th, the same the due date for individual returns. The law changes the deadline to March 15th for calendar-year partnerships and the 15th day of the third month following the ...
July 30, 2015
Republicans Call for IRS Commissioner’s Head
Koskinen stepped into the limelight in 2013 when President Obama appointed him to succeed Daniel Werfel, who in turn had replaced Acting IRS Commissioner Steven Miller while the Tea Party scandal unfolded. The current head honcho at the IRS had ...
July 24, 2015
Focus on Tax Breaks for Disabled as IRS Marks 25th Anniversary of ADA
The Internal Revenue Service is marking the 25th anniversary of the ADA by spotlighting a number of tax benefits and services that can help taxpayers with disabilities.
July 22, 2015
IRS Program Offers Penalty Relief for Businesses with Unfiled Retirement Plans
The program is designed to help small businesses that may have been unaware of the reporting requirements that apply to their retirement plans.
July 22, 2015
IRS Changing Identity Theft Policy to Combat Tax ID Threats
If you have ever had a client facing identity theft, you know that the first thing they want to find out is what specific information was compromised. But, until recently, the IRS has had a policy in place that prevented identity theft victims from ...
July 22, 2015
AICPA to Congress: Compliance with Federal Tax Laws Can Hamper Small Business Growth
Lewis also recommended specific changes to the tangible property regulations that address how businesses should report the acquisition and improvement of tangible property to reduce complexity. The $500 de minimis safe harbor threshold for taxpayers ...
July 22, 2015
AICPA Tax Leader Endorses Small Business Tax Compliance Act
Says the bill encompasses recommendations proposed by the AICPA that would relieve burdens imposed on small businesses by the tax code.
July 7, 2015
New Healthcare Penalty Can Sneak Up on Employers
Effective midway through this year -- July 1, 2015, to be exact – certain employers that pay the health insurance premiums of its employees will be assessed hefty fines for their generosity.
July 7, 2015
Healthcare Cadillac Tax Might Drive Employers to Drink
The provision for so-called Cadillac plans doesn’t take effect until January 1, 2018. But employers are already exploring the available options or at least they should be. Reason: If a plan exceeds certain limits, it is subject to a stiff penalty in ...