by Rupinder | Jul 28, 2017 | Uncategorized
The IRS has issued regulations updating the due dates and time extensions for filing certain tax returns and information returns to reflect recent laws. The changes are set out in final and temporary regulations (T.D. 9821) issued July 18 and will bring those dates...
by Rupinder | Jun 30, 2017 | Uncategorized
A House panel on June 29 approved a bill calling for an additional $149 million cut to the IRS budget. The proposal would also limit the agency’s oversight of conservation easements, tax-exempt organizations, and estate taxes. The bill protects “the rights...
by Rupinder | Jun 26, 2017 | Uncategorized
The IRS is now accepting renewal applications for the ITINs set to expire at the end of 2017. The agency urges taxpayers affected by changes to the ITIN program to submit their renewal applications as soon as possible to avoid the rush. In the second year of the...
by Rupinder | Jun 23, 2017 | Uncategorized
The IRS, state tax agencies and the tax industry today warned tax professionals to beware of phishing emails purporting to be from a tax software education provider and seeking extensive amounts of sensitive preparer data. The email’s origin is unknown but likely...
by Rupinder | Jun 21, 2017 | Uncategorized
The IRS has announced it will begin issuing new and renewal PTINS at no cost beginning today. The change follows the suspension of the PTIN program as a result of the June 1 court decision in Steele v. United States, where the U.S. District Court for the District of...
by Rupinder | Jun 5, 2017 | Uncategorized
On June 1, 2017, the United States District Court for the District of Columbia upheld the Internal Revenue Service’s authority to require the use of a Preparer Tax Identification Number (PTIN), but enjoined the IRS from charging a user fee for the issuance and renewal...
by Rupinder | May 26, 2017 | Uncategorized
The IRS has just released a statement about a major online hack that has exposed 100,000+ taxpayers’ personal information. The data included Social Security information, address and date of birth. These third parties gained sufficient information from an...
by Rupinder | May 16, 2017 | Uncategorized
Over 66 million people in the United States are currently receiving Social Security or SSI benefits, yet the Social Security system is one of the most complicated retirement plans in the world. Unfortunately, most clients on their own do not know how to maximize...
by Rupinder | May 12, 2017 | Uncategorized
There are various factors that may lead to an IRS audit (e.g., 1099 matching, high Discriminant Inventory Function (DIF) score, whistleblower, etc.). The easy answer to avoiding an IRS audit is to report all items on the return properly and file all forms timely. ...
by Rupinder | May 8, 2017 | Uncategorized
The National Society of Accountants (NSA) announced dates for its series of four webinars to help accounting and tax professionals prepare for and pass the Enrolled Agent (EA) exam. The webinar series is useful for accounting professionals who are beginning their...
