The Internal Revenue Service’s Large Business & International division has opened a gateway that financial institutions and the tax authorities abroad can use to send information on financial accounts held by U.S. taxpayers in accordance with the Foreign Account Tax Compliance Act.
The Internal Revenue Service has released a notice that provides guidance to employers on the requirements for employee consents used by an employer to support a claim for refund of over-collected Social Security tax and Medicare tax.
Sen. Chuck Grassley, R-Iowa, said he plans to introduce legislation to deny undocumented immigrants who qualify under President Obama’s executive action on immigration reform the ability to claim the Earned Income Tax Credit for previous years.
The Governmental Accounting Standards Board has released finalized guidance on accounting and financial reporting issues related to fair value measurements, primarily applying to investments made by state and local governments.
The Internal Revenue Service said Monday that farmers and fishermen who miss this year’s March 2 tax deadline because they are receiving corrected premium tax credit forms from the Healthcare.gov health insurance marketplace will have until April 15, 2015, to file their 2014 returns and pay any tax due.
The Internal Revenue Service reportedly sent a tax lien for $6,410,449.20 to Academy Award-winning actor Robert De Niro for his 2013 taxes, but it has now been paid after the notice went to the wrong address.