TIGTA to IRS: Stop Hoarding Old Papers
TIGTA says the IRS has a hoarding problem. It's not cats, or old newspapers, or clothing they will never wear. It's documents that should have been disposed of long ago that the service none the less...
View ArticleTIGTA to IRS: Go After People You Can Actually Get Something From
The Treasury Inspector General for Tax Administration (TIGTA) said that the IRS needs to get better at picking its battle, as it found 40 percent of delinquent accounts closed by the field were...
View ArticleIRS Relaxes 401(k) Rules
In recognition of the higher cost of living, the IRS has announced changes to 401(k) pension contribution rules. Among the changes are: read more
View ArticleIRS to Scale Back Civil Forfeitures
The IRS has been ramping up the number of civil forfeitures over the past few years, going from 114 in 2005 to 639 in 2012, but the New York Times reported that, in response to reports that these...
View ArticleIRS Bumps Up Estate Tax Exemption to $5.43 Million
The IRS has increased the exemption for the estate tax from $5.34 million to $5.43 million, a move that is meant to account for inflation, according to the Wall Street Journal. Since married couples...
View ArticleIRS Announces 2015 Tax Brackets
The Internal Revenue Service has announced the annual inflation adjustments for a number of provisions for the year 2015. In addition to the big news (the tax brackets), the IRS has also released...
View ArticleIRS's Koskinen: "Phone service could plummet to 53 pct." This Filing Season
As if it wasn't hard enough to get the IRS on the phone, Commissioner John Koskinen said that people may have only a slightly higher than 50-50 shot at actually getting through to the agency this...
View ArticleIRS Issues Clarification of Tax-Free IRA Rollover Limit
In April, the Internal Revenue Service announced a change in the way the statutory one-per-year limit applies to rollovers between IRAs. The change prohibited an individual from making more than one...
View ArticleTIGTA Urges IRS to Increase E-Filing Opportunities for Businesses
The Treasury Inspector General for Tax Administration (TIGTA) released a report saying that, as much work as the IRS has put into increasing access to electronic filing for individual returns, the IRS...
View ArticleStudy: IRS Increasingly Interested in 10-K Disclosures
New data shows that the IRS has become increasingly interested in the information disclosed on a company's form 10-K, going from 5,000 downloads in 2006 to 45,000 in 2010, according to CFO.com.read more
View ArticleLondon Mayor Being Pursued by IRS
London Mayor Boris Johnson is said by the IRS to owe more than $160,000 in taxes to the U.S. on the profits he got from selling his home, though the dual citizen has publicly stated that he will not...
View ArticleMicrosoft Sues IRS for Information on Contract
Software giant Microsoft has sued the IRS for failing to comply with a Freedom of Information Act request for the full contract between the service and a law firm assisting it with an audit of the...
View ArticleCongress Cuts IRS Budget by Another 3 Percent
Congress has decreased the IRS’s budget yet again, reducing the agency’s fiscal year 2015 budget by 3 percent compared to this year’s funding level, according to Accounting Today.read more
View ArticleIRS Civil Asset Forfeitures Targeted in Bipartisan Effort
The Republican and Democratic leaders of the House Ways and Means Committee have introduced legislation that would protect taxpayers against the inappropriate use of civil asset forfeitures by the IRS,...
View ArticleIRS to Auction Former Mets Player’s Deferred Comp
The IRS is slated to auction off Darryl Strawberry’s contractual right to receive payments under his deferred compensation agreement with the New York Mets, according to Accounting Today.read more
View ArticleIRS Launches Centralized FATCA Application
To assist foreign financial institutions helping their American clients comply with the Foreign AccountTax Compliance Act (FATCA), the IRS has announced a new international service called the...
View ArticleIRS Slashes Help Desk Hours for Tax Pros
The IRS is getting rid of the extended weekday hours, Saturday and President’s Day availability of its e-help desk service due to budget cuts, according to Accounting Today. The help desk offers...
View ArticleLondon Mayor Boris Johnson Caves to IRS
A couple of months ago, we blogged about London Mayor Boris Johnson, who was being pursued by the IRS. The service said that Johnson, who was born in New York and left the U.S. at age 5, owes the...
View ArticleTIGTA: IRS Re-Hiring Too Many Problem Employees
There are many reasons people may get fired from the IRS: they could be caught looking at confidential files, falsifying official reports, or even willfully failing to file federal tax returns.read more
View ArticleIRS Identifies 2015's Most Frivolous Tax Arguments
Do you think filing of federal income taxes is entirely voluntary? Do you think that the 16th Amendment was not properly ratified and therefore income taxes are unconstitutional? Do you think anything...
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