Mnuchin, Kautter Testify Before Senate Committee on Outdated IRS Technology

The IRS’s "Achilles’ heel" is using outdated software originating from the 1960s, Acting IRS Commissioner David Kautter told Senate lawmakers. Kautter and Treasury Secretary Steven Mnuchin testified in a May 22 Senate Appropriations Financial Services and General Government Subcommittee hearing. System Shut Down 2.3 million cyber attacks are launched against the IRS each day, one million of [...]

By |2020-03-06T18:50:20+00:00June 24th, 2018|Financial, Governments, Tax, Uncategorized|Comments Off on Mnuchin, Kautter Testify Before Senate Committee on Outdated IRS Technology

Focus Remains on Tax Reform

Congressional lawmakers on Capitol Hill continue to focus on tax reform. Republicans and Democrats alike have been discussing the effects of tax reform, albeit reaching different conclusions. Tax Reform Hearings The Ways and Means Committee held a hearing during the week of May 14, marking the first in a series of upcoming committee hearings on [...]

By |2020-03-06T18:50:20+00:00June 18th, 2018|Tax, Uncategorized|Comments Off on Focus Remains on Tax Reform

IRS Outlines New Five-Year Strategic Plan

The IRS has issued a new five-year strategic plan to guide its programs and operations and to help meet the changing needs of taxpayers and members of the tax community. "Providing service to taxpayers is a vital part of the IRS mission and the new Strategic Plan lays out a vision of ways to help improve [...]

By |2018-06-07T21:10:34+00:00June 12th, 2018|Governments, Tax, Uncategorized|Comments Off on IRS Outlines New Five-Year Strategic Plan

President Trump Signs Sweeping Tax Overhaul Into Law

The Tax Cuts and Jobs Act (H.R. 1) has been approved by Congress and signed by President Trump. After a last-minute procedural glitch that required the Senate to vote first on the final bill, the most sweeping tax overhaul / change to the U.S. tax code in decades cleared the Senate, 51 to 48, in [...]

By |2018-06-07T21:10:29+00:00June 7th, 2018|Tax, Uncategorized|0 Comments

LB&I Rolls Out Additional Issue-Based Compliance Campaigns

The IRS Large Business and International (LB&I) Division has identified and selected six additional compliance campaigns. The IRS previously announced 13 campaigns on January 31, 2017, followed by an additional 11 on November 3, 2017, and five more on March 13, 2018. These campaigns help LB&I move in the direction of issue-based examinations. In addition, [...]

By |2020-03-06T18:50:20+00:00May 12th, 2018|Financial, Governments, Tax, Uncategorized|Comments Off on LB&I Rolls Out Additional Issue-Based Compliance Campaigns

Life Insurance Transfer Transition Guidance Planned

The IRS intends to provide guidance on the new information reporting obligations for certain life insurance contract transactions under Code Sec. 6050Y. The proposed regulations will provide guidance on the modifications to the transfer for valuable consideration rules for life insurance contracts under Code Sec. 101(a). In addition, the IRS has delayed the reporting requirements under Code Sec. [...]

By |2020-03-06T18:50:20+00:00May 1st, 2018|Governments, Tax, Uncategorized|Comments Off on Life Insurance Transfer Transition Guidance Planned

Conviction for Obstructing Tax Administration Reversed

The U.S. Supreme Court reversed an individual’s conviction for obstructing tax law administration. The government failed to show that the individual knew that a "proceeding" was pending when he engaged in the obstructive conduct. Background The individual owned and operated a freight service that transported items to and from the United States and Canada. The [...]

By |2020-03-06T18:50:20+00:00April 19th, 2018|Governments, Tax, Uncategorized|0 Comments

Trump, House Republicans Discussing Phase-Two of Tax Reform

A top House tax writer has confirmed that House Republicans and the Trump administration are working on a second phase of tax reform this year. House Ways and Means Committee Chairman Kevin Brady, R-Tex., said in an interview that the Trump administration and House Republicans "think more can be done." A Ways and Means spokesperson [...]

By |2020-03-06T18:50:20+00:00April 12th, 2018|Governments, Tax, Uncategorized|0 Comments

AICPA Renews Call for 199A Guidance

The American Institute of CPAs (AICPA.org) has renewed its call for immediate guidance on new Code Sec. 199A. The AICPA highlighted questions about qualified business income (QBI) of pass-through income under the Tax Cuts and Jobs Act ( P.L. 115-97). "Taxpayers and practitioners need clarity regarding QBI in order to comply with their 2018 tax obligations," the AICPA said [...]

By |2020-03-06T18:50:20+00:00April 9th, 2018|Governments, Tax, Uncategorized|0 Comments

Trump Signs Government Funding Bill; Tax Provisions Included

Just hours before government funding was set to expire, President Trump on March 23 signed the bipartisan Consolidated Appropriations Act, 2018, averting a government shutdown. The $1.3 trillion fiscal year 2018 omnibus spending package, which provides funding for the government and federal agencies through September 30, contains several tax provisions and increased IRS funding. The [...]

By |2018-04-05T17:27:25+00:00March 24th, 2018|Accounting, Governments, Tax, Uncategorized|0 Comments
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