Republicans plan massive tax code overhaul

WASHINGTON — Congressional Republicans are planning a massive overhaul of the nation’s tax system, a heavy political lift that could ultimately affect families at every income level and businesses of every size. Their goal is to simplify a complicated tax code that rewards wealthy people with smart accountants, and corporations that can easily shift profits…

Tax Professionals Provide Insights on IRS Future State; Feedback Efforts Continue in 2017 as Online Account Shows Strong Early Use

WASHINGTON — As part of ongoing efforts to receive feedback from the tax community and partner groups, the Internal Revenue Service today said tax professionals attending the Nationwide Tax Forums this year highlighted a number of areas to help the agency shape Future State efforts to improve taxpayer service. “This year’s Tax Forums were an…

IRS Extends Relief For Form 1098-T Filer Penalties

In Announcement 2016-42, the IRS said that it would extend relief from penalties under Sections 6721 and 6722, related to information reporting, for qualified educational institutions required to report on Forms 1098-T, “Tuition Statement.” The relief from penalties applies to amounts to be reported on Forms 1098-T for the 2017 calendar year, and relief previously…