Posts Tagged ‘1099’
IRS must do more to close Tax Gap
A new report from the Treasury Inspector General for Tax Administration (TIGTA) says that the IRS needs to be doing more to close the Tax Gap, according to an article from CPA Practice Advisor. The Tax Gap, which is defined by the IRS as the "amount of tax liability faced by taxpayers that
Offshore tax evasion makes ‘Dirty Dozen’ list
The IRS has once again released its annual list of the "Dirty Dozen" tax scams, which range from identity theft to false Form 1099 refund claims. However, one portion of the list seems more relevant than ever considering recent legislation: hiding income offshore. "Over the years,
Focus on Forms 1099-R and 5498
Tax Forms 1099-R, Distributions From Pensions, Annuities, Retirement or profit-sharing Plans, IRAs, Insurance Contracts, etc., and 5498, IRA Contribution Information, are linked. In fact, Form 1099-R would not exist without Form 5498. Why were these forms created? Form 5498 allows the U.S.
AICPA calls on Congress to reform civil tax penalties
As part of a plan to crack down on tax evasion and close the U.S. tax gap, the IRS has increasingly focused on rooting out and penalizing taxpayers accused of not paying their fair share. The Foreign Account Tax Compliance Act (FATCA) is simply the latest form of this initiative. Now, the
Autofill tax forms could simplify reporting, compliance for companies
A new piece of legislation could seriously affect how companies handle tax information reporting in the future. Representatives Bill Foster and Mike Quigley, both democrats from Illinois, recently introduced the Autofill Act of 2013 in Congress as a means to lessen the strain on employers and
IRS expands employee classification program
According to an article from Accounting Today, the IRS is taking steps to make it easier for more businesses to be a part of the Voluntary Classification Settlement Program (VCSP). "The IRS is modifying several eligibility requirements, making it possible for many more interested
IRS strives for better service
The IRS has continued taking significant steps to make the 2013 tax season easier on businesses and individual taxpayers. One of these steps is a redesigned website intended to be easier to navigate, making it less difficult to find necessary information and forms. This should come in handy for
It’s a Downhill Slope from Here
The arduous climb of January is finally behind us. As we race down the slope of February and March, there will be a few minor hills along the way, but the worst is over for most of us. In other good news, the IRS is wasting no time making good on the resolutions announced this past December,
