IRS

Are those generous Section 179 deductions for business clients a thing of the past? Under current law, the maximum deduction is just a fraction of the high-water mark that was allowed prior to its expiration after 2013.

The IRS Office of Professional Responsibility will be sending out letters asking practitioners to stop using disclaimers required under Circular 230 (Regulations Governing Practice Before the Internal Revenue Service).

New version allows tax and accounting professionals to effectively track fixed asset repairs under the final tangible property regulations, issued by the Internal Revenue Service and U.S. Department of the Treasury.

The part of the U.S. Treasury Department that is tasked with overseeing the Internal Revenue Service has issue the findings of a recent audit of the taxing agency when it comes to its compliance with the budget cuts imposed on the agency's budget as a result of sequestration.

The Internal Revenue Service has made significant changes to its offshore voluntary compliance programs, with the intent of providing new options to help both taxpayers residing overseas and those residing in the United States. The agency says the changes are anticipated to provide thousands of people a new avenue to come into compliance with their U.S. tax obligations.

A Twin Cities woman has pleaded guilty to dodging income taxes for many years in connection with her family excavation and sewage treatment business, when she claimed she and her husband were not U.S. citizens but permanent residents of the "Kingdom of Heaven."

Income from an S corporation, which flows through to its shareholders and is taxed at the individual level, is normally not subject to self-employment tax. Most S corporations, however, have shareholders performing substantial services for the corporation as officers and otherwise.

The National Society of Accountants has announced that Internal Revenue Service Commissioner John Koskinen will deliver the keynote address at the organization's 69th Annual Meeting, which will be August 20-23, 2014 at the Hyatt Regency Inner Harbor in Baltimore, Maryland.