IRS Says Bitcoin Not Reportable On FBAR (For Now)
The IRS has finally issued some guidance on Bitcoin and FBAR. The verdict? Not reportable for now…
-
-
IRS Announces New Tax Preparer Program To Mixed Reactions
There will be a tax preparer certification program after all. That was the word from Internal Revenue Service Commissioner John Koskinen. If you’re scratching your head after Loving v. Commissioner and wondering how that’s possible, here’s your answer: the program will be voluntary. Following losses at the lower court and the appellate court which held…
-
Lois Lerner And The Case Of The Missing Emails
(Author’s note: This post was based on information provided to/from Committee as of June 24. I will post updates as separate posts as the hearings and inquiries progress.) It sounds like a bad premise for a mystery: a crime was (allegedly) committed and the key to the whole thing has incomprehensibly and irretrievably gone missing….
-
IRS Releases Much Anticipated ‘Taxpayer Bill Of Rights’
A 2012 taxpayer survey revealed that only 46% of taxpayers believe that they have any rights before the Internal Revenue Service (IRS). Just a mere 11% of taxpayers actually knew what those rights were. Those statistics, according to National Taxpayer Advocate Nina E. Olson, are demonstrative of why she has worked for the better part…
-
After TIGTA Report, Expect More Tax Refund Delays
In 2012, the Internal Revenue Service (IRS), collected nearly $242 million as a result of the Delinquent Return Refund Hold Program. Under the program, the IRS can hold onto income tax refunds for up to six months while it investigates return delinquencies from other tax years. If it turns out that a taxpayer owes money,…
-
IRS Filing Deadline For Tax-Exempt Organizations A Few Days Away
While most taxpayers – including for-profit corporations – have already filed their tax return (or extension) for the year, it’s still filing season for many tax-exempt organizations. There are just a few days left for those organizations to comply: for most tax-exempt organizations, the key date is May 15. May 15 is the filing deadline…
-
House Finds Lerner, Central Figure In Tax Exempt Scandal, In Contempt Of Congress
Today, the House voted to hold Lois Lerner, the former Director of Exempt Organization for IRS, in Contempt of Congress. So what’s next?
-
Timeline Of IRS Tax Exempt Organization Scandal
As the news circulates that the House voted to hold Lois Lerner in Contempt of Congress, it’s getting increasingly difficult to remember what happened when. Here’s an updated timeline of the IRS tax exempt organization scandal.
-
IRS Reports Tax Filing Numbers As Expected, Issues Statement On Refund Delays
Of tax returns filed before Tax Day 2014, the IRS says it issued more than 85 million refunds. Statistically, that’s about 75% of tax returns filed.
-
IRS, CRA Take Dramatically Different Positions On Heartbleed Security Concerns
With security and privacy concerns mounting about the Heartbleed bug, the Canada Revenue Agency (CRA) has temporarily shut down its online filing options. What does IRS say about it?