Alexandria, VA, July 1, 2021 — NSA expresses support for the proposed legislation, Tax Deadline Simplification Act , introduced by U.S. Congresswoman Debbie Lesko (R-AZ) and Representative Bradley S. Schneider (D-IL). The bipartisan legislation will streamline the quarterly installments for...
The January 20 swearing-in of Donald Trump as President - and the resulting change in control of the Administration to Republican hands – will result in significant changes in tax policy. What can tax professionals expect as we begin tax season and beyond? IRS Commissioner: IRS...
The IRS yesterday issued final regulations that aim to curtail earnings stripping transactions by corporations. The rules set documentation requirements "for certain related-party interests in a corporation to be treated as indebtedness for federal tax purposes, and treat as stock certain...
IRS Definition of a Farm IRC Section 2032A(e)(4): The term “farm” includes stock, dairy, poultry, fruit, furbearing animal, and truck farms, plantations, ranches, nurseries, ranges, greenhouses or other similar structures used primarily for the raising of agricultural or...
Most tax professionals know by now that under The Protecting Americans from Tax Hikes (PATH) Act of 2015, the rules for eligibility as Qualified Leasehold Improvements (QLI), Qualified Restaurant Property, and Qualified Retail Property with a 15 year recovery period are now permanent....
NSA Executive Vice President and Member of the IRS Advisory Council, John Ams participated in today’s IRS Security Summit to review 2016 accomplishments and announce initiatives for 2017. Fewer people became victims of tax-related identity theft during the 2016 filing season. Summit partners...
The IRS recently released a Memo regarding a Change in Policy on Initial Taxpayer Contact in Examination Cases. Effective immediately, all initial contacts must be made my mail , instead of telephone, using the appropriate initial contact letters. In the memo, the IRS recognized...
The Senate Finance Committee on Wednesday, April 20, approved two bills that would require the IRS to increase security measures and enforce new policies, but rejected a provision to regulate tax return preparers. The so-called Prevent Identity Theft and Tax Refund Fraud Act would reinstate...
Things to Know about Filing Late Returns and Paying Penalties April 18 was this year’s deadline for most people to file their federal tax return and pay any tax they owe. If you are due a refund there is no penalty if you file a late tax return. If you owe tax, and you...
IRS, States and Tax Industry Deploy New Safeguards for 2016 Because of improved protections in recent years, the Internal Revenue Service stops the vast majority of fraudulent tax returns using stolen identities. But identity thieves and criminal syndicates continue to persist and evolve. ...
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