Practice Management

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IRS OVERHAULS LIEN SYSTEM

Taxpayers with undisclosed income from offshore accounts are under mounting pressure to come forward to the Internal Revenue Service.

Any move on tax reform should take into consideration what the European Union and various countries are doing with their tax systems, observed David Lifson, past president of the New York State Society of CPAs and a tax partner at Crowe Horwath.

The IRS has needed to deal with several challenges this tax filing season, including late tax law changes and an increase in the volume of telephone calls, according to a new report by the Government Accountability Office, but to ensure that the IRS can adequately enforce certain tax provisions, Congress should provide the IRS with math error authority to use tax return information from previous years to ensure that taxpayers do not improperly claim credits or deductions in excess of lifetime limits where applicable.

The Internal Revenue Service has discussed, but not yet documented how it plans to develop its service and enforcement efforts to leverage the new paid preparer requirements to improve taxpayer compliance, according to a new report by the Government Accountability Office.

The Treasury Department and the Internal Revenue Service said Thursday they have extended the deadline beyond April 18 for filing a key tax form for people who died last year.

The Internal Revenue Service said Thursday that it plans to expand a six-year-old pilot program for assuring large corporations are complying with their tax obligations and make it permanent.

The American Institute of CPAs wants the Internal Revenue Service to work with small-business owners to safeguard the private data in electronic accounting software records that the IRS may request during an examination.

Nies Financial Group, a financial firm based in Sartell, Minn., will be joining KDV Wealth Management, a regional financial services and CPA firm, effective April 1.