Irs Filing & Compliance. Legal news and articles for May 18 - 26, 2017

The View from Here: LB&I's Cross-Border Activities Campaigns WebinarIRS trawling state-run pot database to block Colorado marijuana companies from claiming tax deductionsTaxpayer Advocate: IRS needs more FY18 funding to 'beef up' services, outreach and education for taxpayersWatchdog says IRS needs more money than Trump proposesGov. Eric Greitens compares 'dark money' to 'dark voting'Tax Compliance Toughens for Intercompany Transactions - - CFO.comIRS Amnesty Can Cover Broader Tax Evasion TooIRS Oversteps Powers With Coinbase Summons | PYMNTS.comW-2 Email Scam Finds More Victims in 2017Members Of Congress Question IRS's Digital Currency Strategy Including “John Doe” Summons To CoinbaseTime To Check The Financial Covenants: A Brief Summary Of Spring Loan Reporting RequirementsTax reform could save money, timeTax Fraud Blotter: Helping handcuffsIt's a DateCompliance Update

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​Better late than never: File your 2016 ACA forms now to minimize penalties
The Business JournalsMay 4, 2017

To verify ACA compliance, the IRS requires businesses to report the status of their healthcare offers to each full-time employee using IRS Schedules 1094 and 1095. The 1095 schedule for 2016 information was to be furnished to each employee by March 2, ...more »

Trump weakens IRS rule against church political activity
Winston-Salem JournalMay 4, 2017

FILE - In this Wednesday, May 3, 2017, file photo, President Donald Trump speaks during a school choice event in the Roosevelt Room of the White House in Washington. Trump plans to sign an executive order Thursday, May 4, targeting a rarely enforced ...more »

Irs Filing & Compliance. News and Stories

The View from Here: LB&I's Cross-Border Activities Campaigns Webinar
Lexology (registration)May 26, 2017

LB&I is instead trying to identify objective indicators of opportunities to implement questionable planning (in the IRS's view). Per LB&I, returns with those indicators are more likely to present compliance risks and are more likely to be selected. LB ...more »

IRS trawling state-run pot database to block Colorado marijuana companies from claiming tax deductions
The Denver PostMay 25, 2017

Because marijuana remains illegal under federal law, medical and recreational pot businesses are precluded from claiming otherwise-legitimate tax deductions, and the IRS has been auditing handfuls of them to ensure compliance. To do that, the IRS must ...more »

Taxpayer Advocate: IRS needs more FY18 funding to 'beef up' services, outreach and education for taxpayers
FederalNewsRadio.comMay 25, 2017

Forty-seven minutes was the average hold time for IRS' compliance lines for the 2017 filing season, and only 40 percent of those calls were answered by customer service representatives, according to Taxpayer Advocate Nina Olson, during a May 23 house ...more »

Watchdog says IRS needs more money than Trump proposes
Washington ExaminerMay 23, 2017

Watchdogs for the Internal Revenue Service testified Tuesday that the tax agency would benefit from greater funding and staffing than President Trump's budget ...more »

Gov. Eric Greitens compares 'dark money' to 'dark voting'
Springfield News-LeaderMay 23, 2017

Reuben said he thinks a valid complaint could be filed against A New Missouri with the IRS. Revenue agents could start a compliance check or examination that leads to a reclassification of the nonprofit as a political action committee, which would then ...more »

Tax Compliance Toughens for Intercompany Transactions - - CFO.com
CFOMay 23, 2017

Many U.S. companies are still making the internal process changes needed to comply with the OECD's base erosion and profit shifting project.more »

IRS Amnesty Can Cover Broader Tax Evasion Too
ForbesMay 23, 2017

Most people have fixed their compliance problems, but the hunt continues, fueled by extensive data swapping deals between the IRS, foreign governments, and foreign banks. It is no exaggeration to say that nothing is secret today, and the stakes for ...more »

IRS Oversteps Powers With Coinbase Summons | PYMNTS.com
PYMNTS.comMay 23, 2017

Coinbase says IRS demands went too far, and it's pushing back in court to protect the 500000 active Coinbase users who would be affected by the summons.more »

W-2 Email Scam Finds More Victims in 2017
Bloomberg BNAMay 19, 2017

Data breaches at a relatively small number of organizations may represent the stolen data of hundreds of thousands of taxpayers, said Tamara Powell, acting director of the IRS Return Integrity Compliance Services. “Cyber criminals have continued to ...more »

Members Of Congress Question IRS's Digital Currency Strategy Including “John Doe” Summons To Coinbase
JD Supra (press release)May 19, 2017

None of the IRS operating divisions have developed any type of compliance initiatives or guidelines for conducting examinations or investigations specific to tax noncompliance related to virtual currencies. In addition, it does not appear that any of ...more »

Time To Check The Financial Covenants: A Brief Summary Of Spring Loan Reporting Requirements
Mondaq News Alerts (registration)May 19, 2017

These covenants appear in loans of all shapes and sizes – including real estate and corporate finance transactions – and while timely compliance with such obligations can yield positive outcomes, the failure to timely comply can result in ...more »

Tax reform could save money, time
Grand Island IndependentMay 19, 2017

According to the Tax Foundation, an independent tax policy research organization founded in 1937, tax compliance cost Americans approximately $409 billion in 2016. More than 8.9 billion hours were spent complying with tax-filing rules, which equates to ...more »

Tax Fraud Blotter: Helping handcuffs
Accounting TodayMay 19, 2017

The IRS audited 197 returns prepared by Bryant and determined that Bryant claimed credits and/or deductions her customers were not entitled to take on 189 of these returns and understated their tax liabilities by more than $800,000. ... A friend of the ...more »

It's a Date
Bloomberg BNAMay 18, 2017

1, the penalty for each document that is filed late increases to $260 from $100. Nov. 15 marks the start of the internal IRS/SSA Combined Annual Wage Record program, which runs for 12 months, Myett said. The dates apply to all tax years, Myett said at ...more »

Compliance Update
PLANSPONSORMay 18, 2017

Internal Revenue Service (IRS) employee plans (EP) staff reviewing benefit formulas in cash balance defined benefit (DB) plans have received new direction in the form of a recent IRS memorandum. In general, a qualified plan “within the meaning of ...more »

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