IRS MANDATES ELECTRONIC SYSTEM FOR REPORTING AGENTS
Washington, D.C. -- The Internal Revenue Service issued two revenue procedures in early August requiring reporting agents who remit taxes on behalf of clients to use electronic systems.
Revenue Procedure 2012-32 provides that "reporting agents" who remit taxes to the service on behalf of clients must do so via the Treasury Department's Electronic Federal Tax Payment System or another electronic system known as the Federal Tax Application that allows even faster remittances. It also obligates reporting agents to remind their clients that the ultimate responsibility for paying taxes remains with the client.
Revenue Procedure 2012-33 reflects the concept above that reporting agents who remit taxes to the IRS on behalf of clients must do so via the Treasury's EFTPS or the Federal Tax Application.
UNDER PRESSURE, IRS REVS UP WHISTLEBLOWER PROGRAM
Washinton, D.C. -- The Internal Revenue Service has begun processing more claims under its whistleblower program, paying over 90 awards since October 2011, after an influential senator held up confirmation of two high-ranking Treasury Department officials.
Sen. Charles Grassley, R-Iowa, the former chairman of the Senate Finance Committee, released his objection to proceeding on the nominations of two assistant secretaries of the Treasury after he received responses from the IRS and the Treasury Department about the delays in paying whistleblower awards.
"The IRS is making progress in paying whistleblower awards under the old statute," Grassley said on the Senate floor. "However, I want to make clear that the responses do not alleviate my concerns. ... Regulations to implement the new reward program have yet to be issued and only a handful of awards are expected to be paid out before the end of this year."
Grassley noted that he began asking about the program in 2010, and he wrote again in 2011 and then again this year. He said he did not receive complete answers until he held up the nominations.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access