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The internal Revenue Service has always been able to match individual returns against information statements and propose under-reporter adjustments that come in the form of CP2000 notices. But things are changing, and a new era is upon us.
January 1 -
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The Internal Revenue Service released new income tax withholding tables for 2013 late Monday to reflect the expiration of the 2001 and 2003 Bush tax cuts and the more recent payroll tax cuts of 2011 and 2012, but noted that the guidance would be modified if Congress acts.
January 1 -
The U.S. Senate passed a bipartisan budget deal two hours after income tax cuts expired, reaching an after-deadline deal to undo the potential economic harm of $600 billion in tax increases and spending cuts.
January 1 -
The U.S. House of Representatives doesnt plan any votes on the federal budget tonight, meaning that Congress for now will fail to avert $600 billion in tax increases and spending cuts set to start at midnight.
December 31 -
In addition to the previously announced Centralized Authorization File outage from December 26 to January 2 at 6 a.m. ET (see "IRS Warns of Service Disruption Christmas Week"), the IRS e-Services' Transcript Delivery System, Disclosure Authorization and Electronic Account Resolution systems will be unavailable for three additional business days. They should return to operation January 6.
December 31 -
The Internal Revenue Service has issued proposed regulations on the shared responsibility for large employers to provide health care coverage under the Affordable Care Act.
December 30 -
Senate Majority Leader Harry Reid rejected the latest Republican offer to resolve the U.S. fiscal crisis as Minority Leader Mitch McConnell reached out to Vice President Joe Biden in an effort to break the impasse.
December 30 -
The U.S. Justice Department opened an investigation relating to Autonomy Corp. after Hewlett- Packard Co. accused the software company of misrepresenting its performance before being bought last year.
December 28