Internal Revenue Service (IRS) News

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 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

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

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

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 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

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