IRS
IRS Announces New Efforts to Help Offshore Taxpayers Be in Compliance
IRS Announces New Efforts to Help Offshore Taxpayers Be in Compliance For years the IRS has been trying to track down U.S. citizens’ offshore assets in order to ensure that taxpayers are paying every penny they owe. However, these efforts have often affected many people who had no intention of ever skipping out on their…
Read MoreIRS Eases Reporting Burden on Corporations and Shareholders
IRS Eases Reporting Burden on Corporations and Shareholders WASHINGTON — The Internal Revenue Service today announced new regulatory revisions that will reduce the reporting burden on corporations and shareholders while also making it easier for them to file their tax returns electronically. The announcement is part of an on-going effort by the IRS to remove…
Read MoreCan the IRS Really Tax You on Income Not Earned?
Can the IRS Really Tax You on Income Not Earned? By Kent Livingston Just imagine for a moment that you discovered there was a treasure buried in your backyard. Not likely, but just play along. Of course, you decide to dig this treasure up and enjoy all the benefits that come with it. Now imagine…
Read MoreIRS Says Its Auditors May Routinely Ask for Effective Tax Rate Reconciliation Workpapers
IRS Says Its Auditors May Routinely Ask for Effective Tax Rate Reconciliation Workpapers Chief Counsel Notice 2007-015 A Chief Counsel Notice concludes that effective tax rate reconciliation workpapers are neither tax accrual workpapers nor audit workpapers. As such, they aren’t included in the documents the IRS will not routinely request during an audit. Effective tax…
Read More10 Strategies When Handling an IRS Audit
10 Strategies When Handling an IRS Audit The IRS is using new technology to process tax returns and conduct tax audits. As more people are submitting returns through Electronic Filing, the IRS efficiency in processing returns is improving. They also have more data in their system to identify tax returns with non-compliance issues. The IRS…
Read MoreIRS Announces 2015 Standard Mileage Rates
IRS Announces 2015 Standard Mileage Rates By Alan Olsen, CPA, MBA (tax) Managing Partner Greenstein Rogoff Olsen & Co. LLP Although most people typically use their vehicles to commute back and forth to work, there are many individuals that are required to use their personal vehicles as part of their job. Did you know that…
Read MoreIRS Publication 4681: Canceled Debts, Foreclosures, Repossessions, and Abandonments (For Individuals) For use in preparing 2008 Returns
IRS Publication 4681: Canceled Debts, Foreclosures, Repossessions, and Abandonments (For Individuals) For use in preparing 2008 Returns For use in preparing 2008 Returns Link: http://www.irs.gov/pub/irs-pdf/p4681.pdf This publication explains the federal tax treatment of canceled debts, foreclosures, repossessions, and abandonments. Generally, if you owe a debt to someone else and they cancel or forgive that debt,…
Read MoreIRS Redirects Its Approach To Ensure Withholding Compliance
IRS Redirects Its Approach To Ensure Withholding Compliance The IRS has released temporary and proposed regulations (REG-162813-04 & TD 9196) under IRC section 3402 modifying employer requirements to furnish copies of Forms W-4, Employee’s what is withholding compliance program Allowance Certificate, to the IRS. The temporary regulations provide that employers are no longer required to…
Read MoreIRS Clarifies Home Sales Rules
Did you know the IRS Clarifies home sales rules? For many of us, the equity that we have built up in our homes represents a comfortable nest egg for the future. At retirement, many people sell the family primary residence defined and move to a smaller, less expensive home. The freed-up money, thereafter invested, may…
Read MoreIRS Delays User Fee Charges for Form 8802
IRS Delays User Fee Charges for Form 8802 October 10, 2006 Notice 2006-90 announces that the new user fee will be charged for all Forms 8802, Application for United States Residency Certification, received with a postmark date on or after November 1, 2006. Form 8802 is used to request Form 6166, a letter that the…
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