Tax (1164)
IRS Hiring 200 More Attorneys
The Internal Revenue Service plans to hire up to 200 more attorneys to combat abusive tax schemes. The Office of Chief Council this week said the will help combat syndicated conservation easements, abusive micro-captive insurance arrangements and other tax schemes.
Surgent Intros Mobile App
Surgent Accounting & Financial Education launched a mobile app that for those using its exam review courses. The company says the Surgent's Study Companion generates tailored plans and materials for "microbursts" of study
Advocate: IRS Buried in Paper
The Internal Revenue Service still has millions of unprocessed tax returns from 2021, according to Erin M. Collins, national taxpayer advocate. In her annual report to Congress, Collins noted this month, “processing delays led to a cascade of customer service problems.”
Tax Chain Founder Sentenced
More than eight years after a judge ordered his Instant Tax Service closed, founder Fessum Ogbazion, of Cincinnati has been sentenced to prison. Ogbazion must serve one year and one day for tax fraud charges and repay the government $933,708.
Bloomberg Tax Provision Enhanced
The Bloomberg Tax Provision has been automated for full valuation allowance and an upload template for performing a payable true up report. The enhanced software is based on the Tax Prodigy Provision, acquired last year.
AICPA Urges IRS Halt Compliance Actions
The American Institute of CPAs is calling on the Department of Treasury to halt compliance actions until the Internal Revenue Service can devote “the necessary resources for timely resolution of issues.”
Liberty Offering Tax Debt Resolution
Liberty Tax has started offering tax debt resolution services via its franchisees. The services stem from last month’s acquisition of Chicago, Ill.-based Community Tax for $90 million in cash and stock by its parent NextPoint Financial.
Tax Season Starts January 24
The 2022 tax season starts on January 24 for 1040 filers, the Internal Revenue Service said this week. And for most taxpayers, this year’s filing deadline is April 18.
TaxAct Offering Pro Prep Services
TaxAct, which makes consumer and professional tax software, is offering complete preparation service through tax professionals. The new service, including full return preparation, will debut this month while TaxAct is also offering free consultative service.
IRS to Issue Child Tax Credit letters
The Internal Revenue Service will issue information letters to Advance Child Tax Credit recipients starting this month. It will also begin sending letters to recipients of the third round of the Economic Impact Payments at the end of January.
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