The Internal Revenue Service has redesigned Form 8857, Request for Innocent Spouse Relief, to help reduce follow up questions and taxpayer burden. The form will ask more questions initially, but collecting critical information early in the process will allow faster processing of the request. The IRS says that the new design will eliminate an estimated 30,000 follow-up letters annually, resulting in a reduced burden and quicker answer for taxpayers and less cost for the government. When a taxpayer files a joint return, both spouses are jointly and individually responsible for the tax. If one taxpayer believes that only his or her spouse or former spouse should be responsible for the tax, the taxpayer can request innocent spouse relief. The redesigned form will be easier to understand and to complete and will help educate taxpayers about the process. Previously, the questionnaire was separate from the form.
-
Reality bites; can buy you love; community mistrust; and other highlights of recent tax cases.
3h ago -
Accounting software provider FloQast announced that users can now craft their own AI agents through natural language prompts, alongside several new AI-based capacities for the platform.
3h ago -
Firms utilizing outsourcing, offshoring and other methods to expand their workforce share what works, and what needs to be reimagined.
5h ago -
Senate and House Democrats proposed a bill to ensure billionaires pay a "fair share" of taxes, without actually raising their tax rate under current law, while Republicans advanced legislation pertaining to the IRS and the U.S. Tax Court.
6h ago -
Tax management platform Instead is planning to offer completely free tax return preparation and filing for Forms 1040, 1041, 1120, 1120-S and 1065.
6h ago -
The Financial Accounting Standards Board posted an accounting standards update to improve the guidance on accounting for internal-use software costs.
9h ago