It’s never too early to get a leg up on Uncle Sam. hand pulling cash out of wallet MORE Americans Spend More on Taxes Than Food, Clothing and Shelter Combined You’re Not Paying Enough in Taxes on These 7 Things Thieves Stole 100,000 People’s Tax Info From IRS Though the ink’s barely dry on your…
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Our weekly roundup of tax-related investment strategies and news your clients may be thinking about. 8 smart mid-year tax moves to pocket more money: Clients who want to save on taxes in next year’s tax season are advised to adjust their withholding if they receive a hefty refund every year, according to Kiplinger. They also…
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The Internal Revenue Service has released new guidance on penalties for failing to file a foreign bank account report, capping the maximum percentage of the penalty and providing new requirements for documentation and approval by IRS examiners. In a memorandum last month from three commissioners in charge of various divisions of the IRS, they wrote,…
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The Internal Revenue Service’s Criminal Investigation unit was among the law enforcement agencies involved in indicting nine officials from FIFA, the international soccer federation that hosts the World Cup, along with five corporate executives involved in a massive bribery scheme. A 47-count indictment was unsealed early this morning in federal court in Brooklyn charging 14…
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The Internal Revenue Service’s collection employees might not be taking all the actions they could to collect tax debts owed by defunct companies before closing out the cases, according to a new report. The report, from the Treasury Inspector General for Tax Administration, found that IRS employees did not complete all the required case actions…
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The Internal Revenue Service warned of a huge data breach of its online Get Transcript application that allowed the tax returns of approximately 104,000 taxpayers to be accessed by identity thieves. The IRS said Tuesday that criminals used taxpayer-specific data acquired from non-IRS sources to gain unauthorized access to information on the tax accounts through…
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The IRS is refunding test fees to those who took the Registered Tax Return Preparer test. The agency plans to mail “RTRP Refund Notification” letters to people who are due a refund before the end of May. Refund checks will be mailed separately, starting approximately June 2, 2015. The IRS cited the recent federal Appeals…
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If you gave money or property to someone as a gift, you may wonder about the federal gift tax. Many gifts are not subject to the gift tax. Here are seven tax tips about gifts and the gift tax. 1. Nontaxable Gifts. The general rule is that any gift is a taxable gift. However, there…
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No doubt a good portion of your overwhelming workload over the past tax season involved correcting goofs from clients’ previous tax preparers. Mistakes seem to run the gamut from typos to tangibles, from basics to basis. “Depreciation: It’s crazy how many mistakes I see,” said Enrolled Agent Jeffrey Schneider in Port St. Lucie, Fla. “I’ve…
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The American Institute of CPAs kicked off its Spring Meeting of Council in Washington, D.C., on Sunday with a packed agenda of meetings with lawmakers to press for priorities, including improvements in taxpayer service by the Internal Revenue Service. The AICPA Council members passed a resolution calling on policy makers to “create an objective, bipartisan…
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