IRS Sends Letters to Taxpayers as It Tries to Close out Inventory of Form 3520 Processing Issues
News:
The IRS plans over the next few months to send out letters to taxpayers as it attempts to close out outstanding inquiries/correspondence involving Form 3520 prior processing issues.
Published on May 17, 2013
President Names New Acting IRS Commissioner
News:
President Barack Obama on Thursday named Daniel Werfel acting commissioner of the IRS.
Published on May 17, 2013
IRS Gives Details of Operations on Furlough Dates
News:
The IRS issued a news release detailing how shutting down on furlough dates will affect operations.
Published on May 16, 2013
Acting IRS Commissioner Out in Tea Party Scandal
Article:
President Barack Obama announced the departure of Acting IRS Commissioner Steven Miller as a result of the ongoing scandal surrounding the IRS’s controversial methods for determining which organizations applying for Sec. 501(c)(4) status warrant further review.
Published on May 16, 2013
Justice Department Opens Criminal Probe of IRS Treatment Tea Party Groups
News:
Attorney General Eric Holder announced that the Justice Department has opened a criminal probe of the IRS and its reported scrutiny of tax-exemption requests by groups with the words “tea party” or “patriot” in their names.
Published on May 15, 2013
Final Regulations for Sec. 336(e) Elections Are Issued
News:
The IRS issued final regulations on the rules that apply when an election under Sec. 336(e) is made.
Published on May 14, 2013
Schedule M-3 Filing Requirement Reduced for Entities Below $50 Million in Assets
News:
The IRS announced changes in the filing requirements for Schedule M-3, Net Income (Loss) Reconciliation, for certain corporations and partnerships.
Published on May 14, 2013
Annual Inflation Adjustments Released by IRS, Many Remain Unchanged
News:
The IRS released its annual revenue procedure making inflation adjustments for various credits and other tax items for 2011.
Published on May 13, 2013
Mandatory Reporting of Health Care Coverage Costs Delayed by IRS
News:
The IRS issued a notice providing interim relief to employers regarding reporting the costs of group health plan coverage to employees.
Published on May 13, 2013
Average Premiums for Determining Small Business Health Care Credit Released by IRS
News:
The IRS issued average small group market premiums for use in determining the new small business health care credit under Sec. 45R.
Published on May 13, 2013
IRS Preparer Registration Plan Moves Forward
News:
The IRS issued proposed regulations that would put into place many of the parts of its plan to register and regulate tax return preparers.
Published on May 13, 2013
PTIN Fees Proposed by IRS
News:
The IRS proposed to begin charging all authorized tax preparers a $50 user fee to obtain or renew annually a preparer tax identification number (PTIN).
Published on May 13, 2013
Draft Form 8941 Health Insurance Credit for Small Businesses
News:
The IRS issued a draft form for businesses to use in figuring and claiming the new small business health insurance credit.
Published on May 13, 2013
IRS Will Not Seek Taxpayer Emails Without a Warrant
News:
The IRS announced a new policy regarding how it will request emails from internet service providers.
Published on May 10, 2013
U.S., U.K., and Australia Announce Cooperative Venture Against Tax Evasion
News:
The U.S., Australia, and the U.K. have obtained information about a large number of trusts and companies holding assets on behalf of residents throughout the world and plan to share that information with other countries’ tax authorities.
Published on May 10, 2013