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Preview: tax and law items tax and law itemsThe IRS proposed increasing the offer-in-compromise (OIC) user fee from $186 to $300 for OICs submitted on or after February 27, 2017

tax and other legal itemsProposed Amendments of Regulations (REG-108934-16), published in the Federal Register on October 13, 2016

Published: Sun, 28 Nov 2004 00:00:00 GMTWed, 19 Oct 2016 13:00:00 GMT

Last Build Date: Fri, 04 Nov 2016 01:00:00 GMT

Copyright: Copyright 1997-2015, Frank C. Carnahan, all rights reserved

New Jan. 31 Deadline for Employers to file Froms W-2

Fri, 04 Nov 2016 13:00:00 GMT

The Protecting Americans from Tax Hikes (PATH) Act, enacted last December, includes a new requirement for employers. They are now required to file their copies of Form W-2, submitted to the Social Security Administration, by Jan. 31. The new Jan. 31 filing deadline also applies to certain Forms 1099-MISC reporting non-employee compensation such as payments to independent contractors.

"Instructional class" not subject to Missouri Sales Tax

Wed, 28 Sep 2016 13:00:00 GMT

The Missouri Legislation passed S.B 1025 to override the Governor's veto, providing that amounts paid for an "Instructional class", including any class, lesson, or instruction intended or used for teaching are not subject to Missouri sales tax. S.B. 1025, Laws 2016, effective October 14, 2016

New IRS Private Debt Collection Program to Begin Next Spring, IR-2016-125

Wed, 28 Sep 2016 13:00:00 GMT

The IRS announced September 26, 2016 that it plans to begin private collection of certain overdue federal tax debts next spring and has selected 4 contractors to implement the new program.

IRS testing expanded criteria for streamlined installment agreements processing through September 30, 2017

Wed, 28 Sep 2016 13:00:00 GMT

One expanded criterion being tested immediately is individual taxpayers with an assessed balance of tax, penalty and interest between $50,000 and $100,000 may experience accelerated processing of their installment agreement request if the taxpayers' proposed monthly payment is the greater of their total assessed balance divided by 84 or the amount necessary to fully satisfy the liability by the Collection Statute Expiration Date

IRS Alert warns Against fake emails purporting to contain an IRS tax bill related to the Affordable Care Ac

Mon, 26 Sep 2016 13:00:00 GMT

The IRS has received numerous reports around the country of scammers sending a fraudulent version of CP2000 notices for tax year 2015. Generally, the scam involves an email that includes the fake CP2000 as an attachment. The issue has been reported to the Treasury Inspector General for Tax Administration for investigation. The CP2000 is a notice commonly mailed to taxpayers through the United States Postal Service. It is never sent as part of an email to taxpayers. The indicators are: (1) These notices are being sent electronically, even though the IRS does not initiate contact with taxpayers by email or through social media platforms; (2) The CP2000 notices appear to be issued from an Austin, Texas, address; (3) The underreported issue is related to the Affordable Care Act (ACA) requesting information regarding 2014 coverage; and (4) The payment voucher lists the letter number as 105C. IR-2016-123, Sept. 22, 2016

IRS Notice advises that Newly Married Couples Should Report Marriage to Marketplace

Fri, 23 Sep 2016 13:00:00 GMT

When you apply for assistance to help pay the premiums for health coverage through the Marketplace, the Marketplace will estimate the amount of the premium tax credit that you may be able to claim for the tax year using information you provide. This information includes details about your family composition and your projected household income. It is important for you to report life changes - known as changes in circumstances - to your Marketplace to get the proper type and amount of financial assistance and to avoid getting too much or too little in advance. Reporting changes in circumstances will allow the Marketplace to adjust your advance credit payments. This adjustment will help you avoid getting a smaller refund or owing money that you did not expect to owe on your federal tax return.

The IRS launched a new web page - Sharing Economy Center

Thu, 01 Sep 2016 13:00:00 GMT

The site is directed at taxpayers participating in "on-demand", "gig" or "access economy", etc., online platforms available to rent a spare bedroom, vacation rental, provide car rides, or to connect and provide a number of other goods or services, noting the income is generally taxable even if you don't receive a Form 1099-MISC, Miscellaneous Income, Form 1099-K, Payment Card and Third Party Network Transactions, Form W-2, Wage and Tax Statement, or some other income statement. The site offers tips and resources on a variety of topics including filing requirements, making quarterly estimated tax payments, self-employment taxes, and special rules for reporting vacation home rentals. The site notes that companies providing services in the sharing economy should consider several employment tax issues.

IRS to increase installment payment agreement fees and offer reduced fee online options

Tue, 12 Jul 2016 13:00:00 GMT

The fees the IRS charges foran installment agreement, direct debit installment agreement, low-income taxpayer installment agreement, and for restructuring an installment agreement or reinstating an installment agreement that is in default, are set to increase January 1, 2017

Bankruptcy Debtor owes self-employment tax on earnings from post-petition services

Tue, 09 Aug 2016 13:00:00 GMT

The Tax Court held a Chapter 11 debtor was liable for self-employment tax on self-employment income earned after filing for bankruptcy. The Court found that while the income tax arising from debtor's post petition earnings are the bankruptcy estate's liability of under Code Sec. 1398(c)(1), and Items included in the estate's gross income under Code Sec. 1398(e)(1) are not included in debtor's gross income. (Code Sec. 1398(e)(2)), there was no similar provision for self-employment taxes. Sisson, TC Memo 2016-143. he Court noted in its decision that its conclusion is consistent with Notice 2006-83, 2006-2 CB 596, but did not rely on that notice.

Form 1023-EZ User fee decreased

Tue, 12 Jul 2016 01:00:00 GMT

On July 1 the user fee to process the Form 1023-EZ, Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, was decreased from $400 to $275 (see Rev. Proc. 2016-32). You must submit the fee through when you file a 1023-EZ application. You can pay the fee directly from your bank account or by credit/debit card.

Organizations must notify the IRS of intent to operate as a section 501(c)(4) organization

Tue, 12 Jul 2016 01:00:00 GMT

2015 legislation added Internal Revenue Code section 506, requiring an organization to notify the IRS of its intent to operate as a section 501(c)(4) organization. Organizations who intend to operate under Section 501(c)(4) are now required to submit Form 8976, Notice of Intent to Operate Under Section 501(c)(4) to the IRS. Most organizations must submit this notice within 60 days of their establishment. The Form 8976 Electronic Notice Registration System allows organizations to complete the notification process, keeps account information current and enables organizations to receive secure, digital communications from the IRS. Form 8976 may only be completed and submitted electronically. There is no paper form. This is a one-time notification. However, you will have to file annual information returns or notices (e.g., Form 990, Form 990-EZ, or Form 990-N) depending on your total assets and gross receipts. In addition to submitting the Form 8976 notice, 501(c)(4) applicants may also choose to file a complete Form 1024. Submission of a Form 1024 does not relieve an organization of the requirement to submit a Form 8976. Failure to file this notice may result in penalties. To submit this form, you must create an online account, complete the online Form 8976, Notice of Intent to Operate Under Section 501(c)(4), and submit payment. The IRS will review your submission and provide an acknowledgement within 60 days if your submission is complete and correct.

IRS Makes Electronically Filed Form 990 Data Available in New Forma

Sun, 26 Jun 2016 13:00:00 GMT

The Internal Revenue Service announced that the publicly available data on electronically filed Forms 990 will now be available for the first time in a machine-readable format through Amazon Web Services (AWS). IR-2016-87, June 16, 2016. This data set includes Forms 990, 990-EZ and 990-PF which have been electronically filed with the IRS and is updated monthly in an XML format. The data can be used to perform research and analysis of organizations that have electronically filed Forms 990, 990-EZ and 990-PF.