President Barack Obama on Thursday named Daniel Werfel acting commissioner of the IRS.
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Acting IRS Commissioner Out in Tea Party Scandal
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.
Justice Department Opens Criminal Probe of IRS Treatment Tea Party Groups
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.
Final Regulations for Sec. 336(e) Elections Are Issued
The IRS issued final regulations on the rules that apply when an election under Sec. 336(e) is made.
Schedule M-3 Filing Requirement Reduced for Entities Below $50 Million in Assets
The IRS announced changes in the filing requirements for Schedule M-3, Net Income (Loss) Reconciliation, for certain corporations and partnerships.
U.S., U.K., and Australia Announce Cooperative Venture Against Tax Evasion
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.
IRS Will Not Seek Taxpayer Emails Without a Warrant
The IRS announced a new policy regarding how it will request emails from internet service providers.
Final Regs. Permanently Extend Period to Receive Disclosure Authorization
The IRS issued final regulations extending from 60 days to 120 days the permitted period for submission of taxpayer authorizations allowing disclosure of returns and return information to third-party designees.
Final Rules Require EIN Updates
The IRS issued final regulations requiring taxpayers that obtain EINs to update their information with the IRS.
GAO: “Quiet Disclosures” of Foreign Accounts Potentially Much Higher Than IRS Detected
More than 10,000 taxpayers showed signs of having avoided offshore penalties by making “quiet disclosures” of foreign bank accounts for tax years 2003 through 2008, the GAO reported.
How Can Theft Prevention, Reporting, and Return Filing Be Improved?
An IRS Oversight Board hearing explored ways to combat fraud and improve tax administration.
Tokyo, Hong Kong Again Top IRS High-Cost Housing List
The IRS listed 288 places as having allowable foreign housing exclusions above the otherwise applicable limitation for 2013 of $29,280.
HSA Inflation Adjustments Issued for 2014
The IRS issued the inflation-adjusted figures for the annual contribution limitation for HSAs and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans for calendar year 2014.
Proposed Rules Address Minimum Value of Health Coverage for Premium Tax Credits
The IRS issued proposed regulations for determining whether an eligible employer-sponsored health plan provides minimum value for purposes of the Sec. 36B health insurance premium tax credit.
AICPA Makes Tax Reform Recommendations to Ways and Means Committee Working Groups
The AICPA submitted recommendations for tax reform to five of the 11 working groups the House Ways and Means Committee has formed.
Widow Avoids Jail Time and Probation in Sentencing for Offshore Account Tax Evasion
A taxpayer was sentenced to one year of probation in federal district court, following her guilty plea to charges of tax evasion, but the judge almost immediately revoked that sentence.
IRS Decides to Shut Down Completely on Furlough Dates
The IRS will close “all public-facing operations,” including toll-free operations and Taxpayer Assistance Centers, on five dates in response to the budget cuts from sequestration.
Basis Reporting for Debt Instruments and Options Is Phased-In
Final regulations implementing the basis reporting requirements under Sec. 6045(g) phase in the reporting requirements for debt instruments and transfer reporting.
Boston-Area Residents Get More Time to File Returns and Pay Tax
The IRS announced that it is extending the time for filing certain individual tax returns that were due April 15 and paying any tax due until July 15.
Witnesses Tell Senate Finance Committee Ways to Improve Tax System
Witnesses gave the Senate Finance Committee a variety of suggestions on how to fight tax identity theft and fraud, reform the tax system, and fund the IRS during a hearing on Tuesday.
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
