Blog posts from: 2015
IRS warns of email phishing scam targeting tax preparers
The Internal Revenue Service recently issued an alert warning tax preparers about a phishing email message asking them to update their IRS e-Services information. “It has come to our attention that an email is being issued to tax preparers asking...
IRS provides tips for year-end gifts to charity
The Internal Revenue Service reminds individuals and businesses making year-end gifts to charity that several important tax law provisions have taken effect in recent years, including: Rules for charitable contributions of clothing and household items Household items include furniture, furnishings,...
IRS provides safe harbor for store and restaurant repairs
The Internal Revenue Service has provided retailers and restaurateurs with a safe harbor of accounting for expenditures related to repairs, remodeling and refreshes. Revenue Procedure 2015-56 provides certain taxpayers engaged in the trade or business of operating a retail establishment...
Payments to exempt organizations are deductible as business expenses
In a recent Chief Council Advice, the IRS ruled that a business that advertised it would donate a certain percentage of its sales proceeds to organizations promoting certain social missions could deduct the payments it made under this program as...
IRS allows fraud victims to obtain fraudulent return
Many of those who have fallen victim to tax return identity theft have wanted to see a copy of the fraudulent return filed. Initially, the IRS disallowed this request; however, they have changed their position. The new policy, detailed on the...
Michigan Department of Treasury finalizes the recognition of Power of Attorney
Dating back to 2013, the Michigan Association of Certified Public Accountants (MICPA) has worked tirelessly to clarify the rights of Authorized Representatives through Power of Attorney (POA) in the State of Michigan, starting with the filing of an Amicus brief in Fradco,...
IRS website to provide guidance on handling penalty notices
The IRS has a new web page that contains helpful information for small businesses who receive a penalty notice. The IRS advises recipients of a penalty notice to review the notice for accurate information. Businesses may qualify for a penalty...
2015 tax return due dates
The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, enacted July 15, changed the due dates and length of extension as follows: 1065: Due March 15, extension 6 months 1120 (C Corp): Due April 15, extension 5...
Best practices to deter and deal with identity theft
The volume and magnitude of identity theft incidents have grown to an alarming extent. Last year, more than 9.9 million Americans were victims of identity theft, a crime that cost them roughly $5 billion. Tax-related identity theft crimes have also...
Understanding the IRS’s tax settlement programs
Last month, the Internal Revenue Service announced that its tax settlement programs have collected more than $8 billion from its Offshore Voluntary Disclosure Programs, as more than 54,000 taxpayers have come forward to own up to previously hidden foreign assets....