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IRS Says Security Summit Yields Positive Results



On June 28, private- and public-sector tax administration leaders met to review what had been accomplished in 2016 and plan for next year, concluding that the Security Summit’s past efforts reduced the number of would-be victims.  [Read more…]

2016 Foreign Tax Issues – Part II



The following is the second installment in a two-part series by regular Taxing Subjects contributor Ben Tallman. While Part I looked at  Foreign Bank Account Reporting (FBAR) and FATCA in detail, Part II examines the foreign earned income exclusion and how tax preparers can determine the residence requirement for their clients. [Read more…]

IRS Commissioner Headlines Chicago Nationwide Tax Forum



The first in a series of IRS Nationwide Tax Forums kicks off July 14 in Chicago, with Commissioner John Koskinen delivering the event’s keynote address. [Read more…]

IRS Shuts Down Electronic Filing PIN Tool After Suspected Attack



The Internal Revenue Service has taken its electronic filing PIN tool off IRS.gov after an attempted cyberattack was launched against new security measures. In addition to removing it from the website, the IRS also removed the electronic filing PIN tool from its automated toll-free telephone line. [Read more…]

2016 Foreign Tax Issues – Part I



The following is a two-part series by regular Taxing Subjects contributor Ben Tallman, who provides insight into foreign tax issues. Part I describes Foreign Bank Account Reporting (FBAR) and FATCA in detail, while Part II discusses the foreign earned income exclusion and provides three examples of how to determine the residence requirement. [Read more…]

Remind Clients Not to Jeopardize Premium Tax Credit Advance Payments



If you have clients who filed for an extension of time to file their 2015 returns, and they receive advance payments of the premium tax credit, those taxpayers should file their income tax return sooner rather than later. [Read more…]

Audit Finds Some Amended Returns Going Unchecked for Fraud



When taxpayers file an amended income tax return, it’s up to the Internal Revenue Service to review that return before it can be accepted. If the amended return includes a refund or a claim of less tax due, that review takes on a bigger role in order to head off possible fraud. [Read more…]

Texas Flood Victims Get Relief from IRS



The Internal Revenue Service is granting tax relief for taxpayers in southern and central Texas after record-breaking May storms left a dozen counties under water. [Read more…]

IRS Announces Winners for First-Ever Crowd-Sourcing Competition



The IRS has spent much of 2015 and 2016 reaching out to taxpayers, whether through the security summit resulting in the “Taxes. Security. Together.” initiative or the Taxpayer Advocate Forums encouraging dialogue from taxpayers and tax professionals. This outreach is perhaps best represented by the recent Tax Design Challenge – the IRS’s first ever crowd-sourcing competition. [Read more…]

“False Positives” on 1042-S Spur IRS to Action for Foreign Students



A recently completed review by the IRS shows some foreign students have difficulty getting a refund of the withholding tax they reported on Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding. So the Internal Revenue Service is working to remedy the situation. [Read more…]