May 15, 2013
President Obama announced during a press conference at about 5:30 on Thursday evening that the Treasury Secretary had asked for, and received, the resignation of the acting Commissioner of the Internal Revenue Service.
May 10, 2013
In an awkward and unprecedented announcement this week, the Internal Revenue Service admitted that it targeted non-profits with “Tea Party” and “Patriot” in their names during the 2012 election year. The agency admitted they held up non-profit status for these groups, demanded lists of contributors to those organizations, and sought additional information about the groups.
May 10, 2013
Critics contend that delays and inadequate rules have hindered what could be a powerful way to fight tax fraud
May 5, 2013
The IRS has released the 2014 inflation-adjusted amounts for health savings accounts (HSAs) in Rev. Proc. 2013-25.
May 3, 2013
In a recently released report to Congress, the U.S. Government Accountability Office (GAO) says that while the IRS has collected billions of dollars from offshore tax evasion, it may be missing even more.
May 2, 2013
A federal court in San Francisco has granted an order authorizing the U.S. Internal Revenue Service (IRS) to serve a summons seeking information about US taxpayers who may hold offshore accounts with FirstCaribbean International Bank (FCIB), a subsidiary of Canadian Imperial Bank of Commerce.
April 25, 2013
The Internal Revenue Service today released its final report summarizing audit results from the IRS’ colleges and universities study, which began in 2008. This final report describes the agency’s multi-year project on a major segment of tax-exempt organizations.
April 23, 2013
The most recent estimate of the Tax Gap is $385 billion, and the the Internal Revenue Service needs to do more to collect those funds, according to a new report. The Tax Gap is the amount of taxes the agency estimates is owed, but is not reported or paid by U.S. taxpayers each year.
April 23, 2013
The Treasury Inspector General for Tax Administration released a new report that showed several favorable trends among the IRS’s performance measures for its Collection Program. The performance measures help IRS managers make decision about how to fund and allocate resources to collect the estimated $360 billion from taxpayers who owe but have not paid taxes...…
April 18, 2013
O.K., it's now after April 15. If you haven't filed your income tax returns or an extension, it's time for damage control.
April 17, 2013
Because the IRS does not always recognize and properly investigate possible tax fraud, it may be missing opportunities to further promote voluntary compliance and enhance revenue.