The IRS has issued proposed regulations to raise the user fees for installment agreements and offers in compromise on January 1, 2014. For more information, click here.
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Month: August 2013
IRS Announces Guidance on Federal Tax Treatment for Same-Sex Couples
On August 29, 2013, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) ruled that same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for all federal tax purposes. The ruling applies...
FATCA News and Information
The Internal Revenue Service has opened a new online registration system for financial institutions that need to register with the IRS under the Foreign Account Tax Compliance Act (FATCA).Financial institutions that must register with the IRS to meet their FATCA...
Reminder: For Most Truckers, Highway Use Tax Return Due Sept. 3
For Truckers and other owners of heavy highway vehicles, the next federal highway use tax return is due on Tuesday, September 3, 2013. This due date generally applies to Form 2290 and the accompanying tax payment for the tax year that begins on July 1, 2013, and ends...
Revocation of California tax breaks leaves many with tax debt
Five years ago, the state of California offered small business owners tax breaks if they opened specific types of businesses. In Dec. 2012, the tax breaks were ruled unconstitutional by a court. As a result, the small businesses that once benefited from the tax breaks...
California audits: IRS may not be in compliance with Tax Code
California taxpayers may be interested to know that the Treasury Inspector General for Tax Administration (TIGTA) recently released its annual report on whether the IRS is in compliance with Section 6501(c)(4)(B) of the Tax Code. The IRS is supposed to give taxpayers...
IRS Targets Small Businesses for Tax Payments
The IRS is contacting small businesses based on a determination that close to $450 billion of taxes goes uncollected and approximately $140,000 billion of that amount is owed by small businesses. By identifying small businesses with high credit card sales, the IRS is...
Income Tax Benefits to Families with Special Needs
The number of individuals with special needs is on the rise. Whether this is due to better recognition and diagnostic tools or an actual escalation in disabilities, the increase is taking its toll on state and local government program budgets. Such shortfalls require...
SWISS LAYWER PLEADS GUILTY TO US TAX CRIMES
On Friday, August 16, 2013, the US Attorney's Office for the Southern District of New York announced that Swiss lawyer Edgar Paltzer pled guilty to conspiring with U.S. taxpayers and other to evade federal income taxes and file false tax returns. Mr. Paltzer worked...
IRS Offers Free Tutorial entitled “Understanding Taxes”
The IRS offers a free online interactive program entitled "Understanding Taxes." Designed in partnership with teachers for use in middle school, high school, or community college classrooms, the program can be used by anyone to learn about the history, theory, and...
