July 25, 2016
3 Tax Tips for Millennials – How to Overcome the Fear
If there’s one thing we all have in common, it’s that no one enjoys filing taxes. But, according to recent studies, millennials feel particularly anxious about the annual process.
July 20, 2016
IRS Awards $385,000 in Matching Grants to Low Income Taxpayer Clinics
The LITC program is a federal grant program administered by the Office of the Taxpayer Advocate at the IRS, led by National Taxpayer Advocate Nina E. Olson. Although LITCs receive partial funding from the IRS, LITCs, their employees and their ...
July 18, 2016
National Taxpayer Advocate Weighs In on IRS Affairs
Just like clockwork, twice a year the National Taxpayer Advocate (NTA) Nina E. Olson delivers reports to Congress on the state of affairs at the IRS. In the mid-year report released on July 7, Olson focused on a new initiative, the Public Forums on ...
July 8, 2016
2016 Fringe Benefits Tax Series #6: Dependent Care Assistance Plans
To help ease the burden of hard-working parents, employers may institute a dependent care assistance plan for employees. Under such a plan, payments made to third parties like babysitters and day care centers are excluded from income if the costs ...
June 24, 2016
IRS Crowdsourcing Contest Winners Improve Taxpayer Experience
Winners of a crowdsourcing contest sponsored by the Internal Revenue Service were recently announced. “Tax Design Challenge” encouraged innovative ideas for the taxpayer experience of the future.
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 ...