A series of IRS reform related bills passed by the House on April 17 are still pending in the Senate, but it is unclear as to how the upper chamber will proceed. The Senate Finance Committee is currently reviewing the House bills and will craft its own package in the coming weeks.
According to intel…
Identity thieves continue to become increasingly sophisticated. The IRS noted an increase in fake filings for C corporations, S corporations, partnerships, and returns from trusts and estates. Forms 1120, 1120S, 1041, and Schedule K-1 are all affected by the rise in fraud.
Cybercriminals are using stolen Employer Identification Numbers (EINs) to file fake returns. The…
The House Ways and Means Committee will hold a markup for a series of bills related to IRS reform on April 11 at 10 a.m. Among the bills to be considered is The Taxpayer First Act – a bipartisan measure to improve IRS operations and tax administration procedures.
House Ways and Means Oversight Subcommittee Chairwoman…
With a shrinking pot of funding and workforce constraints, the IRS may have difficulties offering in-person appeals conferences at the taxpayer’s preferred location. As a result, the IRS appeals office is evaluating two pilot programs:
(1) Virtual appeals conferences: The virtual conference pilot program gives taxpayers and practitioners the option to remotely attend IRS…
The Bipartisan Budget Act of 2018, enacted on Feb. 9, retroactively renewed for tax year 2017 a number of tax extenders that expired at the end of 2016. In order for taxpayer to claim the benefits, the IRS has had to reprogram its processing systems.
On Feb. 22, the IRS announced that it is…
The Senate Finance Committee held a hearing yesterday on the president’s FY 2019 budget request for the IRS. Here is a quick summary of the hearing if you’re interested in reading the highlights.
President Donald Trump will officially nominate Charles Rettig as IRS commissioner later today, according to a White House official. Rettig is currently a tax lawyer with the firm Hochman, Salkin, Rettig, Toscher, and Perez, P.C. and has been with the firm for 35 years. Rettig would replace Treasury Assistant Secretary for Tax Policy David Kautter…
On Jan. 30, the House Ways and Means Oversight Subcommittee, chaired by Rep. Lynn Jenkins (R-KS), convened a member-day hearing to discuss various legislation to improve tax administration, IRS operations, and taxpayer services. This hearing is a continuation of the subcommittee’s efforts to restructure the IRS.
The hearing came at a difficult time for the…
President Donald Trump plans to nominate Charles “Chuck” Rettig to be the next commissioner of the Internal Revenue Service (IRS). If nominated and confirmed by the Senate, Rettig would serve a five-year term as head of the revenue collection agency. Rettig would replace Treasury Assistant Secretary for Tax Policy David Kautter who has served as…
