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The Information Reporting Program Advisory Committee (IRPAC) is a federal advisory committee that, using public forums, gathers information regarding IRS reporting issues. Members of the committee come from a cross-section of individuals from the professional community, including tax professionals, financial institutions, small and large businesses, universities and colleges, and securities and payroll firms. Once a […]
The IRPAC is a federal advisory committee that, using public forums, gathers information regarding reporting issues. Members of the committee come from a cross-section of individuals from the professional community, including tax professionals, financial institutions, small and large businesses, universities and colleges, and securities and payroll firms. Once a year they submit a report to […]
December 31st of this year is the last day tax preparers can complete the continuing education (CE) requirements for a new voluntary IRS program intended to help taxpayers determine 2015 return preparer qualifications. According to the press release, “The AFSP Record of Completion allows uncredentialed return preparers who complete required CE to be included in […]
On July 30th, newly appointed Deputy Commissioner Danny Werfel spoke at the IRS Nationwide Tax Forum in Dallas, Texas. There he addressed key IRS accomplishments and struggles while sharing his vision for the Internal Revenue Service as the organization continues to move forward and fulfill its obligations and responsibilities. Werfel took the time to acknowledge […]
Following recent budget cuts, IRS Commissioner John Koskinen announced that a shutdown is currently being considered as one possible way to save the agency money. He explained, “People call it furloughs; I view it as: Are we going to have to shut the place down? And at this point, that will be the last thing […]
Every year the National Taxpayer Advocate submits a report to Congress identifying the most significant issues encountered by taxpayers. On January 14th, 2015, National Taxpayer Advocate Nina E. Olson released the 2015 annual report which expresses concern that taxpayers will experience the worst service since 2001 when the IRS implemented its current performance measures. In […]
Submitted by: Ankur Kholsa-Gandhi Small Business Specialist Paychex On June 25, 2015, the United States Supreme Court rendered a decision in the King v. Burwell case, stating that premium tax credits ARE allowed for eligible individuals who sign up for health insurance coverage through federal as well as state health insurance marketplaces. With the ruling, […]
On September 24th, the IRS issued a press release warning financial institutions of scams designed to steal FATCA-related account data. Scam artists posing as the IRS have fraudulently requested Foreign Account Tax Compliance Act (FACTA) holder identity and financial account information. The press release emphasizes that the IRS does not require institutions to provide such […]
PTIN Renewal If you’re a paid tax preparer and haven’t already done so, now is the time to submit applications and renewals for your PTIN. The IRS recently released information, including an audio troubleshooting video, designed to help tax professionals complete this important requirement with little time and energy. It can be accomplished by completing […]
The IRS, in addition to being a somewhat ominous government agency which exacts compliance and accuracy, also provides taxpayers with resources designed to simplify the tax reporting process. As a tax preparer, you should be aware of these resources and not only share them with clients but utilize them yourself. Here are just a few […]
On October 1st the IRS announced the availability of online seminars filmed at the 2014 IRS Nationwide Tax Forums. Tax professionals can register for these self-study seminars and receive continuing professional education credits. These 14 seminars can be accessed at the IRS Nationwide Tax Forums Online (NTFO) and cover the following topics: Highlights of the […]
In attempts to better educate tax payers, the IRS has recently released a new video series on the IRS YouTube channel, featuring Commissioner John Koskinen discussing Affordable Care Act provisions that will impact 2014 tax returns: the premium tax credit and the individual shared responsibility provisions. In one of the videos, Koskinen details how the […]
