IRS
IRS Taxpayer Advisory Panel Gets New Members
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 ...
Clock Ticking on $950 Million in Tax Refunds from 2012
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 ...
PwC Offers Economic and Tax Policy Outlook for 2016
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.
Association Tells IRS That Hike in EA Test Fees Are Too Much
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 ...
New Tax Laws Offer Big Benefits to Some Small Businesses
This legislation included the extension of more than 50 tax credit and incentive programs that expired on Dec. 31, 2014 – among them an array of federal tax credits that offer incentives to employers who implement various hiring, training and ...
New Law Increases Penalty for Not Filing Income Taxes
This penalty is equal to 5 percent of the additional taxes owed amount for every month (or fraction thereof) your return is late, up to a maximum of 25 percent. Previously, the minimum penalty for failing to file a return within 60 days of the due date ..
IRS Two Steps Closer to Regulating Tax Preparers
The IRS strategy to require independent, non-credentialed tax preparers took two steps forward in February. Both steps are designed to establish required education and licensing for the estimated 111,000 independent tax preparers in the US.
Is the IRS Off Its Rocker? Auction Set for Memorabilia
What would you pay a vintage guitar autographed by Ozzy Osbourne, front man for the rock band Black Sabbath and former star of a reality TV show? Never mind that the ubiquitous Ozzy never actually played guitar for the heavy metal group – the IRS is ...