Internal Revenue Service Commissioner Charles Rettig pledged to do more to improve taxpayer service after Congress approved a $675 million funding increase. “Taxpayer service remains the most significant IRS priority, and we have implemented many new, innovative strategies in an effort to improve our overall level of service and processing of our unprecedented current and […]
Posts Tagged ‘levies’
The Internal Revenue Service is inundated with the volume of returns yet to be processed and phone calls for assistance, and is working hard to remedy the situation. While there are many factors contributing to this, it is overwhelming to the agency, according to Stephen Mankowski, tax chair of the National Conference of CPA Practitioners, […]
Your business structure affects how much you pay in taxes, your ability to raise money, the paperwork you need to file, and your personal liability. You’ll need to choose a business structure before you register your business with the state. Most businesses will also need to get a tax ID number and file for the appropriate licenses and permits. Choose carefully. […]
Tax practitioners are facing an increase in compliance efforts and controversies not only in the U.S. but worldwide, according to observers. “It started several years ago, and then slowed down because of COVID,” said Sharon Katz-Pearlman, head of global tax dispute resolution and controversy at KPMG International, and the national principal-in-charge of its Tax Dispute […]
The Internal Revenue Service will allow businesses that got their Paycheck Protection Program loans forgiven to write off expenses paid for with that money, shifting policy after Congress passed new legislation last month. IRS guidance overrides previous rules that recipients of PPP loans that had been forgiven couldn’t claim deductions for the wages, rent, utilities […]
The Internal Revenue Service reminded taxpayers Wednesday that they will need to resume paying their taxes on July 15 as its “People First Initiative” to provide tax and penalty relief in response to the novel coronavirus pandemic comes to a close. July 15 is also the date, of course, when taxpayers will be expected to […]
This time last year, the IRS was processing federal returns with few problems — nearly 138 million by the third week in May. This year, with staff sent home because of the novel coronavirus, the agency has only processed 117 million returns, down 14 percent from last year, according to the latest statistics for the […]
c These are truly trying times for everyone. For the Internal Revenue Service, our nation’s tax (and now stimulus) administrator, times are about to get even more hectic. The IRS is in the middle of a perfect storm. It’s in the midst of a busy filing season — with about 70 million individual tax returns […]
The IRS published its annual trove of tax statistics Internal Revenue Service Date book, 2018. The book is a collection of statistics, and reveals declining enforcement and in-person taxpayer services resulting from a shrinking budget and staff. While the growing use of electronic filing and third-party data reporting can ease compliance, budget and staff cuts […]
If you don’t file a tax return, the IRS may file for you with something called a Substitute for Return to determine the amount you owe them. A substitute for return is the IRS’ estimation of what you owe for that year. They use past returns, as well as income reported by your employer(s) to approximate […]