July 1, 2014
The Internal Revenue Service announced on Tuesday that Individual Taxpayer Identification Numbers (ITINs) will expire if not used on a federal income tax return for five consecutive years. The IRS will not begin deactivating ITINs until 2016, however.
July 1, 2014
Small charities have a new, simpler process for applying for tax-exempt status. The Internal Revenue Service has introduced Form 1023-EZ, a shorter application form to help small charities apply for 501(c)(3) recognition.
June 27, 2014
Although it’s been almost five years since the floodgates were opened, we’re still seeing a steady stream of conversions to Roth IRAs. As long as Congress doesn’t clamp down on the rules, you can expect for this trend to continue.
June 26, 2014
The IRS has started a new voluntary program that it says is intended to encourage education and filing season readiness for paid tax return preparers who are not credentialed. The program will be in place to help taxpayers during the 2015 filing season.
June 25, 2014
On Tuesday, July 15, CPA Practice Advisor is hosting a free webcast titled, "Electronic Signatures and the IRS ... Everything You Need to Know." Sponsored by Wolters Kluwer CCH, the CPE-eligible webcast will cover the latest changes to electronic filing, including topics that are especially important for tax professionals and their clients.
June 24, 2014
The Internal Revenue Service’s proposed voluntary certification program for tax return preparers “would cause significant legal problems that may ultimately frustrate the IRS’s goals, confuse the public, and lead to litigation,” according to the American Institute of CPAs (AICPA).
June 24, 2014
Are those generous Section 179 deductions for business clients a thing of the past? Under current law, the maximum deduction is just a fraction of the high-water mark that was allowed prior to its expiration after 2013.
June 23, 2014
The IRS Office of Professional Responsibility will be sending out letters asking practitioners to stop using disclaimers required under Circular 230 (Regulations Governing Practice Before the Internal Revenue Service).
June 19, 2014
New version allows tax and accounting professionals to effectively track fixed asset repairs under the final tangible property regulations, issued by the Internal Revenue Service and U.S. Department of the Treasury.
June 18, 2014
The part of the U.S. Treasury Department that is tasked with overseeing the Internal Revenue Service has issue the findings of a recent audit of the taxing agency when it comes to its compliance with the budget cuts imposed on the agency's budget as a result of sequestration.
June 18, 2014
The Internal Revenue Service has made significant changes to its offshore voluntary compliance programs, with the intent of providing new options to help both taxpayers residing overseas and those residing in the United States. The agency says the changes are anticipated to provide thousands of people a new avenue to come into compliance with their…
June 15, 2014
A Twin Cities woman has pleaded guilty to dodging income taxes for many years in connection with her family excavation and sewage treatment business, when she claimed she and her husband were not U.S. citizens but permanent residents of the "Kingdom of Heaven."