IRS

An income tax preparer in the Miami, Florida suburb of Plantation has pleaded guilty to filing $22 million in false refund claims with the federal government.

Internal Revenue Service investigators have charged a Northeast Portland woman of filing as many as 173 fraudulent tax returns claiming more than a $1 million in refunds.

Congress keeps threatening to close some of the long-standing loopholes in the tax law. But one key tax break for business people has remained on the books despite numerous efforts to repeal it. It’s the special tax provision for certain heavy-duty vehicles.

Employers can’t get around the Obamacare “shared responsibility” provision simply by giving employees tax-free cash to pay for health insurance from a state-run exchange. In effect, this would pump up a worker’s pay and dump them in the marketplace. According to a new question and answer (Q&A) posted on the IRS website, as initially reported by the New York Times on May 25, the agency authoritatively states that the scheme won’t be allowed.

The Internal Revenue Service says that more than 150,000 taxpayers used its new web-based system IRS Direct Pay to pay their tax bills or make estimated tax payments directly from checking or savings accounts without any fees or pre-registration.

The Internal Revenue Service has announced that its Advisory Committee on Tax Exempt and Government Entities (ACT) will hold a public meeting on June 11, when the panel will submit its annual reports and recommendations to senior IRS executives. Ten newly appointed members of the panel (listed below) will also be introduced at the public meeting. They will begin two-year terms and join 10 returning members.

The nation's largest professional association for accounting professionals, the American Institute of CPAs (AICPA), has come out opposed to the new voluntary tax return preparer regulation program that the Internal Revenue Service (IRS) is planning.

As trusted financial advisors to millions of Americans and businesses, accounting firms are uniquely positioned to provide their clients with information and services regarding the Affordable Care Act. Thomson Reuters is offering a new solution to help firms market their expertise to clients and has released a tax act overview and monthly client marketing newsletter focused on the Affordable Care Act.