GAO Has Suggestions for a Better IRS
The Government Accountability Office (GAO) says it has some suggestions for the IRS that could make significant improvements in the agency’s operations.…
IRS Touts Progress Against Identity Theft
With just days left in the TY 2018 filing season, the IRS and its Security Summit partners have announced major progress has been made in the fight against tax-related identity theft. What’s more, they say, their combined efforts have added protection for thousands of taxpayers and billions of dollars in refunds.…
New Bill Promises IRS Reform
The House Ways and Means Committee this month announced that they passed “historic legislation to redesign the IRS:” The Taxpayer First Act of 2019. According to the press release, this type of bipartisan agency overhaul has not been attempted in more than two decades, and it focuses on taxpayer customer service, data security, and updating internal IRS rules and technology.…
IRS Releases Scenarios for SALT Limitation
The IRS issued a revenue ruling that outlines how taxpayers should treat their now-limited SALT deductions on tax year (TY) 2018 returns and explains how those decisions could affect their tax return next year.…
GAO Finds Foreign Tax Reporting Needs Tweaks
A new report finds the U.S. isn’t using the available tools effectively to improve compliance among American taxpayers living abroad.…
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IRS Tweaking EIN Application Process
The Internal Revenue Service is making a few changes to the application process for Employer Identification Numbers, or EINs. Starting May 13, only those individuals with tax identification numbers…
Study Says Cuts Put IRS Mission at Risk
The Government Accountability Office says a decade of budget and staffing cuts aimed at the Internal Revenue Service have left the nation’s tax collection agency poorly positioned to handle its future mission.…
Brady Lievens Explains ProtectionPlus - E24
Filing season starts in late January and end in mid-April, so some tax professionals look for ways to get clients back in their office the remainder of the year.…
GM Electric Vehicle Credit to Phase Out
Taxpayers interested in getting a Chevy Volt don’t have much longer to take advantage of the Qualified Plug-In Electric Drive Motor Vehicle Credit. According to the Internal Revenue Service, General Motors officially hit the 200,000-vehicle threshold that triggers the phase out of the credit.…
IRS Lowers Withholding Penalty Threshold Again
In January, the IRS announced it was lowering the threshold for applying the estimated tax penalty from 90 percent to 85 percent. This change was designed to shield taxpayers who were already getting an unexpected tax bill due to tax reform from also owing a penalty. Last Friday, the IRS said they were lowering the threshold once again to provide penalty relief to even more taxpayers.…
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