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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,...
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...
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...
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...
The California Franchise Tax Board (FTB) is experiencing a significant number of telephone calls, online chat queries, and in-person office visits related to withholding reports that were submitted late by taxpayers' employers. Taxpayers' returns were assessed and...
The Internal Revenue Service (IRS) issued a warning on May 27, 2016 about a new tax scam in which callers impersonating IRS employees, tax preparers, or even state revenue agents are demanding payment for a so-called "Federal Student Tax" (which does not exist). ...
Taxation can be a touchy subject, especially when it comes to personal items. Consumers in California currently pay over $20 million each year in taxes on tampons and sanitary napkins alone, which some lawmakers say are necessary health items for women. The state...
The Treasury Inspector General for Tax Administration (TIGTA) released an audit report on May 19, 2016 in which it claims that "billions of dollars in potentially improper payments will continue to go unaddressed unless the Internal Revenue Service (IRS) is allowed...
The Internal Revenue Service is presenting "Overseas Filing for US Taxpayers" in webinar format on May 25, 2016 from 1:00pm-3:00pm EDT. You must register to attend this webinar. The session will be recorded. To register, click here.
Are you submitting an Offer in Compromise (OIC) application to the Internal Revenue Service? Make sure all your tax returns have been filed! Effective immediately, the IRS will be returning any newly filed OIC applications if the taxpayer involved has not yet come...
