The Internal Revenue Service's (IRS's) 2014 Offshore Voluntary Disclosure Program (OVDP) officially ends on Friday, September 28, 2018. This program was offered to help taxpayers get into compliance with their foreign account reporting requirements. The end of the...
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Month: September 2018
IRS SS-8 Program Does Not Sufficiently Address Gig Economy Worker Needs
The Treasury Inspector General for Tax Administration (TIGTA) recently audited the Internal Revenue Service's (IRS's) SS-8 Program, which addresses worker classification issues. The standard options have been either employee or independent contractor. However, in...
IRS Issues Final Regulations on Substantiation for Charitable Contributions
If you regularly claim deductions for donations, you may need to update your tax record keeping practices --- the Internal Revenue Service (IRS) issued final regulations this summer concerning the correct way to substantiate any charitable contributions you wish to...
Legislators Seek to Limit Impact of Wayfair Decision through New House Bill
On September 13, 2018, a bill was introduced in the U.S. House of Representatives "to prohibit States from retroactively imposing a sales tax collection duty on a remote seller," among other purposes. H.R. 6824, also called the Online Sales Simplicity and Small...
IRS Collection Due Process Program Remains Imperfect
The Treasury Inspector General for Tax Administration (TIGTA) recently reviewed the Internal Revenue Serivce's (IRS's) program on Collection Due Process requests, and found it to have similar room for improvement as compared to TIGTA's last review. For instance, the...
TIGTA Report Finds IRS Private Debt Collection Policies May Be Harmful to Taxpayers
The Treasury Inspector General of Tax Administration (TIGTA) recently conducted an audit of the Internal Revenue Service (IRS)'s latest private debt collection program and found much room for improvement. As of May 31, 2018, the private debt collection program had...
State and Local Tax Deductions Available to Businesses
The Internal Revenue Service (IRS) announced this week that business payments to charities that result in state or local tax credits will be deductible expenses in most cases. This is unlike the manner in which the IRS has said it will treat payments that individuals...
