IRS Updates

  • Fast Track Settlement Program Now Available Nationwide

    IR-2013-88, Nov. 6, 2013  The Internal Revenue Service today announced the nationwide rollout of a streamlined program designed to enable small businesses under audit to more quickly settle their differences with the IRS. 

  • IRS Contractor Employees Owe Millions in Tax Debts

    A report from the Treasury Inspector General for Tax Administration points out that the IRS’s own employees and contract employees are required under the Internal Revenue Manual to pay any federal tax debts and file their taxes on time, but employees of IRS contractors are not held to the same standards.  So notes Accounting Today. …

  • IRS Releases Details on PTIN Holders

    The Return Preparer Office of the IRS has released details on the professional credentials of those who currently hold Preparer Tax Identification Numbers. Just over 690,000 people hold PTINs, which are required of all paid tax preparers. By far the largest professional group among them are CPAs, with 214,267 PTINs. Enrolled Agents follow with 46,795…

  • IRS Rides 1884 ‘dead horse’ Law to Defense of Tax Preparer Rules

    WASHINGTON (Reuters) – The Obama administration defended its effort to regulate the tax return preparation business for the first time in US history, basing its case largely on a 19th century law dealing with horses lost or killed in the Civil War, according to Reuters.

  • IRS Operations During The Government Shutdown

    Due to the current lapse in appropriations, IRS operations are limited. However, the underlying tax law remains in effect, and all taxpayers should continue to meet their tax obligations as normal, according to The Internal Revenue Service. Versión en español

  • Accounting Today Chooses Best Firms to Work For in 2013

     Accounting Today magazine has released its annual list of the Best Firms to Work For in 2013.  The annual list of the Best Accounting Firms to Work For was created by Accounting Today and Best Companies Group. The survey and awards program are designed to identify, recognize and honor the best employers in the accounting…

  • Treasury and IRS Propose Rules for Affordable Care Act Information Reporting

    The Treasury Department and the Internal Revenue Service have issued proposed regulations to implement the information reporting requirements for insurers and certain employers under the Affordable Care Act, Accounting Today reports. The ACA provides for information reporting by insurers, self-insuring employers and other parties that provide health coverage. It also provides for information reporting by…

  • IRS Raises Fees For Installment Payments and Offers in Compromise

    The Internal Revenue Service has released proposed regulations that would increase the user fees for installment payment agreements and offers in compromise. The IRS has not raised the fees for paying off outstanding tax debts since 2007. The IRS currently charges $105 for entering into an installment agreement, except that the fee is $52 for…

  • IRS Sends EA Termination Letters

    The Internal Revenue Service has sent letters to Enrolled Agents who have not renewed their status for one or two renewal cycles.  The letters set out the requirements to be reinstated.  The termination letters read, in part: 

  • IRS Notifies Tax Professionals with Expired PTIN Numbers

    The Internal Revenue Services has notified tax preparation professionals who have Preparer Tax Identification Numbers (PTINs) that expired on December 31, 201X , that they must renew their PTINs. The letters state, in part: