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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...
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...
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...
