Failure to comply results in revocation of tax exempt status

Tax-exempt agencies enjoy favorable federal tax status, but they must guard it. Failure to comply with tax law and IRS regulations could result in loss of that status. Recently, in Letter Rulings 202338007-202338026, the IRS revoked the tax-exempt status of 20 agencies. These agencies failed to respond to repeated requests from IRS examiners to review […]

Alternative dispute resolution programs

In a Sept. 15, 2023, letter to the IRS, the American Bar Association (ABA) offered several suggestions for improving alternative dispute resolution (ADR) programs. In general, ADR is a set of mediation options available to taxpayers who have unresolved issues or disputes with the IRS. Among other things, the ABA recommended that the IRS improve […]

A winning combination: QuickBooks + your marketing platform

QuickBooks® is a popular business accounting software program. There are also a number of marketing platforms that businesses can use to stay in touch with customers. Using these tools in tandem may allow your organization to synchronize customer data and bridge the gap between the finance and marketing departments. This gives insight into customer purchasing […]

IRS establishes new group to focus on Large or complex pass-through entities

The IRS is continuing to focus on high-income taxpayer compliance issues. To that end, it has announced plans to establish a new work group that focuses on large or complex pass-through entities, such as partnerships and S corporations. These entities aren’t subject to the corporate income tax. Instead, income is “passed through” to the income […]

IRS granted extension to meet electronic recordkeeping

An Office of Management and Budget / National Archives and Records Administration directive requires all federal agencies to adopt electronic recordkeeping by June 30, 2024. According to a Treasury Inspector General for Tax Administration (TIGTA) audit, the IRS won’t be able to meet the deadline. “Due to delayed efforts to digitalize records, the IRS was […]

Choosing a pass-through business entity

Extension Deadline 2023

Extension Deadline 2023 https://bit.ly/48uI4Fh

Survey focuses on Public Trust of tax systems

Distrust in tax authorities and governments is a global problem, according to a 2023 survey conducted by the Assoc. of Chartered Certified Accountants. The survey included responses of 7,700 members of the G20 intergovernmental forum. Of those, 67.8% agreed that paying taxes is needed for “sustainable development,” but 53.8% said that their attitudes toward tax […]

Do you owe past due taxes?

Taxpayers that owe more taxes than they can currently pay can request a Collection Due Process (CDP) hearing, but they must follow instructions. One successful rapper owed past-due taxes of $2,319,678 on which he made monthly payments. When his income fell, he requested a CDP hearing to reduce the payments. At the hearing, he was […]

IRS cannot find millions of backup tax records

IRS cannot find millions of backup tax records, watchdog says – CNN https://bit.ly/3PE7G9Q