Tag: IRS
IRS issues guidance on investments in qualified opportunity zones
The Internal Revenue Service today issued guidance (PDF) providing additional details about investment in qualified opportunity zones. The proposed regulations allow the deferral of all or part of a gain that is invested into a Qualified Opportunity Fund (QO Fund)...
IRS to end offshore voluntary disclosure program
The IRS recently announced it will begin to ramp down the 2014 Offshore Voluntary Disclosure Program (OVDP) and close the program on Sept. 28, 2018. By alerting taxpayers now, the IRS intends that any U.S. taxpayers with undisclosed foreign financial assets...
Tax credit can help employers hiring new workers
With many businesses facing a tight job market, the IRS is reminding employers to check out a valuable tax credit available to them for hiring long-term unemployment recipients and other categories of workers with employment barriers. The Work Opportunity Tax...
IRS online tool lets taxpayers check their account balance
The IRS is urging taxpayers to use a handy online tool to check the status of their federal tax accounts. The online account feature is one of many useful online tools driving the impressive growth in visits to the agency’s...
SCAM ALERT: New Refund Scam using deposit and reclaim phish
** ShindelRock has already had a client solicited with this type of scam! Fortunately he called us before he deposited the mysterious check from the IRS. Always confirm with your ShindelRock tax professional if you receive unexpected communications or money of any sort...
District Court denies IRS maximum FBAR penalty
Arthur Bedrosian, chief executive officer of Lannett Company, Inc. (LCI), has prevailed in his lawsuit with the IRS. Bedrosian filed a lawsuit against the IRS, after the IRS claimed Bedrosian failed to properly and timely report a foreign bank account,...
IRS issues proposed regulations for TTINs on Forms W-2
In an effort to reduce identity theft, the IRS has issued proposed regulations that would permit employers to use truncated taxpayer identification numbers (TTINs) on Forms W-2, Wage and Tax Statement, issued to employees (REG-105004-16). Permissible TTINs are Social Security...
IRS.gov now shows tax balances
Instead of taxpayers and their tax professionals being forced to call the IRS to ask for a payoff amount, taxpayers who authenticate their identities can use an online system to look up their outstanding tax balances. If they owe less...
IRS tests faster processing for certain installment agreements
Last year, the IRS piloted a test to provide streamlined processing of installment agreements for tax balances between $50,000 and $100,000. The test allowed people who these amounts to establish an installment agreement with payments terms of 84 months without...
IRS Collection Financial Standards expense limits increase
In late March/early April of each year, the IRS updates a set of standards it uses to help determine a taxpayers’ ability to pay a delinquent tax debt. These expense standards set budget limits for taxpayers’ maximum payment amounts for...