June 21, 2016
Tax Time for Foreign Accounts: FBARs Due June 30
It's tax time again. Americans with bank or investment accounts located outside of the United States, or signature authority over such accounts, have until June 30 to file an FBAR.
June 16, 2016
Congressional Committee Votes to Censure IRS Commissioner
Koskinen took over the reins at the IRS in December 2013. Despite the charges levied against him, he has previously said that he intends to stay on until the end of his four-year term.
June 15, 2016
IRS To Hold EITC and ACTC Tax Refunds Until Mid-February Starting in 2017
The IRS says that, next tax season, processing of early-filed income tax returns with the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) will be delayed. Specifically, the agency will hold tax refunds until at least Feb 15.
June 13, 2016
States Could Improve Business Tax Compliance By Sharing Data
Business tax non-compliance is a problem that plagues states across the U.S., but could be improved if states were able to more easily share data, according to new research by the Governing Institute. The survey of tax and revenue officials across 29 ...
June 8, 2016
No Change for IRS Interest Rates in 3rd Quarter 2016
Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points.
June 8, 2016
IRS Strengthens Authentication Process for Online Transcripts
After being disabled last spring, Get Transcript Online is now available for all users to access a copy of their tax transcripts and similar documents that summarize important tax return information.
June 6, 2016
IRS Explains Certified PEO Program
Revenue Procedure 2016-33, posted on IRS.gov, along with temporary and proposed regulations published last month in the Federal Register, carries out legislation enacted in late 2014 requiring the IRS to establish a voluntary certification program for ...
May 20, 2016
IRS Holding CPE Tax Forums Across the Country This Summer
CPAs, EAs and other tax professionals can register online for the 2016 IRS Nationwide Tax Forums for an opportunity to earn up to 19 continuing professional education credits at any of the five forums held throughout the country beginning this July.
May 17, 2016
NSA Wants Major Changes To IRS Technology
The National Society of Accountants says that major changes to the technology and infrastructure the IRS uses is necessary to provide effective and responsible service.
May 8, 2016
Advancements in Technology Are Driving Risk of Tax Controversy
Controversy is also expected to increase due to international regulatory initiatives that demand country-by-country reporting. Countries adopting the OECD Base Erosion and Profit Shifting recommendations are not likely to be consistent.
May 6, 2016
IRS Issues Temporary Regulations for PEO Voluntary Certification
The Internal Revenue Service has released temporary and proposed regulations implementing a new voluntary certification program for professional employer organizations (PEOs).
May 2, 2016
Tax Gap Hits $458 Billion Per Year: Who’s Not Paying Their Tax Debt?
Estimating the gap requires a “major statistical effort,” according to the IRS, so the gap is only estimated every few years. The last full update reported showed that the compliance rate for tax year 2006 was basically unchanged from the report on ...