Internal Revenue Service (IRS) News
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
IRS Revises Interest Rates On Overpayments, Tax Debts
by Mike Godfrey, Tax-News.com, Washington
Thursday, March 8, 2018
The Internal Revenue Service has announced an increase in interest rates for the calendar quarter beginning April 1, 2018. Read Full Story
IRS Struggling To Authenticate Tax Credit Claims: TIGTA
by Mike Godfrey, Tax-News.com, Washington
Wednesday, March 7, 2018
Internal Revenue Service processes do not properly prevent the issuance of refundable tax credit claims to taxpayers whose income is not supported, according to a March 1 audit report from the Treasury Inspector General for Tax Administration. Read Full Story
Democrats Challenge IRS's SALT Rules For Property Owners
by Mike Godfrey, Tax-News.com, Washington
Wednesday, March 7, 2018
Democrat members of the Ways and Means Committee have sent a letter to Internal Revenue Service Acting Commissioner David Kautter questioning why the agency decided to restrict the prepayment of 2017 property taxes that are not included in the Tax Cuts and Jobs Act of 2017. Read Full Story
IRS Will Close Carried Interests Tax Loophole
by Mike Godfrey, Tax-News.com, Washington
Wednesday, March 7, 2018
The Internal Revenue Service has said it will soon issue regulations to confirm that S corporations are also subject to the three-year holding period for partnerships interests introduced in the Tax Cuts and Jobs Act, to prevent individuals from circumventing the measure. Read Full Story
US Taxpayer Made To Shoulder Legal Costs, Despite IRS Inaction
by Mike Godfrey, Tax-News.com, Washington
Tuesday, March 6, 2018
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