Only time will tell whether the bane of the 2006 tax filing year for the Internal Revenue Service is the scam-prone telephone tax refund, or the confusion that seems destined to arrive soon surrounding a number of extender provisions that were not included on the agency's original forms.The agency urged taxpayers to check and see if they qualify for the telephone excise tax refund after more than 10 million early filers did not request the one-time refund. In the first release of the year's weekly filing season statistics, about 30 percent of all taxpayers had not requested the telephone tax refund. Nearly half of those returns - more than 4.8 million - were completed by a tax preparer. "We are surprised how many tax preparers are overlooking the telephone tax refund," said IRS Commissioner Mark Everson, in a statement.
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The IRS needed a month to process individual tax returns this filing season, double the amount last year, due to staffing shortages and unavailable systems.
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Just over half of accountants report being "highly satisfied" with their jobs, according to an ongoing survey — and perhaps just as important, the sources of dissatisfaction in the profession are becoming clearer and clearer.
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Meanwhile, KPMG and Grant Thornton led in terms of new engagements among the largest audit firms.
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Plus, Johnson Lambert launches a new practice; Kaufman Rossin names CIO; and other firm and personnel news from across the profession.
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Plus, Bloomberg Tax Provision gets beefed up ; support for FileCabinet CS to expire in 2027; and other updates.
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The wide-ranging Taxpayer Assistance and Service Act includes a requirement for a new IRS office to educate businesses about child care tax breaks.
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