IRS Offers Settlement Scheme To Micro-Captives

by Mike Godfrey, Tax-News.com Washington

Last updated 41 hours ago | Friday, September 20, 2019

On September 16, 2019, the United States Internal Revenue Service announced the mailing of a time-limited settlement offer for certain taxpayers under audit who participated in abusive micro-captive insurance transactions. Read Full Story

IRS Provides Additional Transition Tax Guidance

by Mike Godfrey, Tax-News.com, Washington

Thursday, July 25, 2019

On July 16, 2019, the United States Internal Revenue Service announced the publication of additional information to help taxpayers meet their filing and payment requirements in respect of the Section 965 transition tax on untaxed foreign earnings. Read Full Story

US Congress Passes IRS Reform Bill

by Mike Godfrey, Tax-News.com, Washington

Friday, June 21, 2019

On June 13, 2019, the US Senate approved the Taxpayer First Act, which is intended to overhaul the Internal Revenue Service and strengthen taxpayer rights. Read Full Story

Mauritius's FATCA Filing Deadline July 31

by Mike Godfrey, Tax-News.com, Washington

Thursday, June 14, 2018

The Mauritius Revenue Authority on June 11, 2018, warned those financial institutions required to report information on the accounts of US persons under the US Financial Account Tax Compliance Act that declarations are required by July 31, 2018. Read Full Story

AICPA Urges IRS To Augment Virtual Currency Guidance

by Mike Godfrey, Tax-News.com, Washington

Monday, June 4, 2018

The American Institute of CPAs has urged the Internal Revenue Service to supplement its guidance on the tax treatment of virtual currency transactions with answers to a set of frequently asked questions. Read Full Story

US House Lawmakers Considering IRS Overhaul

by Mike Godfrey, Tax-News.com, Washington

Friday, April 13, 2018

The Ways and Means Committee of the US House of Representatives considered bills to overhaul the Internal Revenue Service (IRS) and strengthen taxpayer protections at its recent markup session. Read Full Story

IRS Adds To Transition Tax Guidance

by Mike Godfrey, Tax-News.com, Washington

Friday, March 16, 2018

The Internal Revenue Service has issued additional information to help taxpayers to meet their filing and payment obligations for the newly introduced Section 965 transition tax. Read Full Story

IRS Offers Filing Extension To Businesses Affected By Winter Storms

by Mike Godfrey, Tax-News.com, Washington

Wednesday, March 14, 2018

The Internal Revenue Service has granted some businesses affected by severe winter storms additional time to request a six-month extension to file their 2017 federal income tax returns. Read Full Story

IRS To End Offshore Voluntary Disclosure Program

by Mike Godfrey, Tax-News.com, Washington

Wednesday, March 14, 2018

The Internal Revenue Service has announced plans to close the 2014 Offshore Voluntary Disclosure Program (OVDP) from September 28, 2018. Read Full Story

Unclaimed Refunds For 2014 Total More Than USD1bn: IRS

by Mike Godfrey, Tax-News.com, Washington

Tuesday, March 13, 2018

Unclaimed federal income tax refunds of about USD1.1bn have gone unclaimed by an estimated one million taxpayers who did not file a 2014 federal income tax return, according to the Internal Revenue Service (IRS). Read Full Story

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