IRS

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.

The IRS seized more than $150,00 from a convenience store owner’s bank account in 2014 – virtually all the money he had in the world – even though he did absolutely nothing wrong. It has taken the taxpayer nearly two years to get the money bank and ...

The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) may be the last significant tax bill of the Obama administration. With the 2016 presidential election looming, tax directors are closely watching how America’s choice will impact the tax ...

In cases where a tax return was not filed, the tax law provides most taxpayers with a three-year window of opportunity for claiming a refund. However, if no return is fled in time, the money becomes the property of Uncle Sam. For 2012 tax returns, the ...

The new TAP members will join 41 returning members to round out the panel of 73 volunteers for 2016. The new members were selected from more than 1,000 interested individuals who applied during an open recruitment period last spring and the pool of ...

The Internal Revenue Service says that federal income tax refunds totaling $950 million are waiting for an estimated one million taxpayers who did not file a federal income tax return for 2012. To collect the money, these taxpayers must file a ...

Election-year politics will dominate legislative action in 2016 as both parties seek to lay out policy agendas for 2017 and beyond, which would seem to dim prospects for legislation in 2016.

NAEA President Terry Durkin, EA, has requested that IRS share the costing models or methodology used to derive the user fees, but as of today NAEA has not received that information. Without this information, it is difficult to determine whether or not ...