The Internal Revenue Service (IRS) has returned its Get Transcript Online tool back into service after disabling it in Spring 2015 due to security issues. With a "more rigorous e-authentication process" in place, all users can access copies of their tax transcripts...
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Month: June 2016
IRS Filing Deadline for Employers and Health Coverage Providers
Self-insured employers, applicable large employers, and health coverage providers must electronically file their Forms 1094-B and 1095-B by June 30, 2016. Paper returns were due May 31, 2016. The Internal Revenue Service created this chart to help you determine your...
UBS Provides Foreign Records to IRS
The US Department of Justice recently determined that the Singapore affiliate of UBS (UBS AG) "has complied with an Internal Revenue Service (IRS) summons for bank records" related to a taxpayer whose liabilities are at issue. The international financial institution...
Treasury Inspector General for Tax Administration Estimates Over $34 Million in Inappropriate Tax Refunds and Abatements
The Treasury Inspector General for Tax Administration (TIGTA) issued a final report on May 17, 2016, after auditing the Internal Revenue Service's handling of amended individual tax returns. It found that examinations of such returns "did not always ensure that claims...
IRS Commissioner Addresses Significant Reduction in Younger Employees
In his speech to the National Press Club recently, IRS Commissioner John Koskinen noted that the IRS' age 25-and-under recruits has recently dropped from 650 to only 200. Since more than 40 percent of the current IRS workforce will be eligible for retirement in the...
Tax Treatment of Employer Wellness Programs
The IRS Office of Chief Counsel recently released a memo from April 14, 2016, regarding the tax treatment of benefits an employee receives through an employer wellness program. Specifically, the Chief Counsel determined that cash benefits paid as a reward for or...
New Federal Tax Law May Delay Some Tax Refunds in 2017
The Internal Revenue Service announced plans to change how it processes tax returns in 2017 regarding the Earned Income Tax Credit and the Additional Child Tax Credit. Due to the Protecting Americans from Tax Hikes Act of 2015 (PATH Act) enacted on December 18, 2015,...
IRS Interest Rates To Hold Steady in Third Quarter 2016
The Internal Revenue Service announced that interest rates will not change for the calendar quarter beginning July 1, 2016. Current rates are:4% for overpayments (3% for corporations);4% for underpayments;6% for large corporate underpayments; and1.5% for the portion...
House Approves Cut to IRS Funding
The House Committee on Appropriations approved a spending bill on June 9, 2016 that allocates $10.9 billion to the Internal Revenue Service for fiscal year 2017, as compared to the $11.23 billion allocated for FY 2016. The bill, available here, earmarks portions of...
IRS Launches Online Estimator Tool for Businesses
The IRS' Taxpayer Advocate Service recently released a web-based estimator to help employers understand how the Employer Shared Responsibility Provision (ESRP) of the Affordable Care Act will affect their taxes. Employers can use the tool to determine how many...
