NEWSWIRE

• IRS to Increase Audits of Prior- and Subsequent-Year Tax Returns

  The Internal Revenue Service needs to strengthen its correspondence audit selection process by auditing more of the prior- and subsequent-year tax returns of noncompliant income tax filers, according to a new government report.

  • Treasury and IRS Propose Rules for Affordable Care Act Information Reporting

    The Treasury Department and the Internal Revenue Service have issued proposed regulations to implement the information reporting requirements for insurers and certain employers under the Affordable Care Act.

    • Man Pays $7K Tax Bill in Single Dollars

      A disgruntled Pennsylvania man protested his $7,143 tax bill by paying it—in single dollar bills, for a video he later posted to YouTube.

      • Obama’s Choice to Run IRS Reports Up to $27.4 Million Wealth

        John Koskinen, nominated to become the next Internal Revenue Service commissioner, has a net worth between $7.1 million and $27.4 million, according to a financial disclosure released by the Obama administration.

        • G20 Leaders Agree on Corporate Tax Evasion Crackdown

          The Group of 20 world leaders issued a declaration last week calling for a crackdown on cross-border tax evasion.

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USCIS NEWS

Deferred Action Process for Young People Who Are Low Enforcement Priorities -  U.S. Citizenship and Immigration Services (USCIS) alerts eligible individuals NOT to submit a deferred action request under the Deferred Action Process for Young People memorandum issued by Secretary Napolitano on June 15. If you submit now, your application will be rejected. The Secretary’s directive gives USCIS 60 days to create a process to accept these requests and we are unable to accept requests at this time.  Please continue to check our website for updates.

USCIS Reaches Fiscal Year 2013 H-1B Cap - U.S. Citizenship and Immigration Services (USCIS) announced today that it has received a sufficient number of H-1B petitions to reach the statutory cap of 65,000 for fiscal year (FY) 2013. Yesterday, June 11, 2012, was the final receipt date for new H-1B specialty occupation petitions requesting an employment start date in FY 2013.

USCIS to Centralize Filing and Adjudication for Certain Waivers of Inadmissibility in the United States - Beginning June 4, 2012, individuals abroad who have applied for certain visas and have been found ineligible by a U.S. Consular Officer, will be able to mail requests to waive certain grounds of inadmissibility directly to a U.S. Citizenship and Immigration Services (USCIS) Lockbox facility. This change affects where individuals abroad, who have been found inadmissible for an immigrant visa or a nonimmigrant K or V visa, must send their waiver applications.

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IRS to Scale Back Oversight of Madoff-Like Trustees

The Internal Revenue Service has improved its oversight of nonbank trustees that act as custodians for tax-exempt retirement and savings accounts, and should now reevaluate the resources it expends on the program, according to a new report

Tax Preparers Charged with Hiding Funds in Israeli Banks

A trio of tax preparers have been charged with helping their clients evade taxes by hiding millions of dollars in secret accounts at two Israeli banks.

IRS Tax Return Preparer Office Arrives on LinkedIn

The Internal Revenue Service’s Return Preparer Office is extending its social media presence to LinkedIn.


Tax Preparer Pleads Guilty in Identity Theft Scheme

A Los Angeles-area tax preparer has pleaded guilty to tax fraud charges after he was accused of using his clients’ identities to file for large tax refunds that went to his address

Employers Need to Act Soon to Get Expanded Tax Credit for Hiring Vets

The Internal Revenue Service warned employers that they only have until June 19 to qualify for an expanded tax credit of up to $9,600 for hiring veterans.

IRS Advises Safeguarding Tax Records against Hurricanes

With the hurricane season starting early this year, the Internal Revenue Service is encouraging individuals and businesses to follow a few steps to protect themselves against natural disasters

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IRS Commissioner Shulman Warns Congressional Inaction Risks 2013 Tax ‘Disaster’

The commissioner of the Internal Revenue Service warned on Thursday of "a real disaster" for taxpayers next year should Congress miss a December 31 deadline to decide on billions in major tax provisions.

Odds Favor IRS in Supreme Court Tax Cases

The odds are stacked against corporations whose disputes with the Internal Revenue Service go all the way to the Supreme Court, a new study found.

Study Finds Charities’ Tax Returns Expose Social Security Numbers

A new study has found that the Form 990 tax returns filed by tax-exempt organizations frequently expose the Social Security numbers of tax preparers, donors, employees, scholarship recipients and others to the public.

IRS Analyzes Tax Preparer Data Looking for Fraud

Internal Revenue Service Commissioner Doug Shulman described in a speech Thursday how the agency is using information from its tax preparer regulation initiative to identify practitioners who are showing patterns of tax fraud.

Can’t File By April 17? Use Free File to Get a Six-Month Extension; E-Pay and Payment Agreement Options Available to People Who Owe Tax
The IRS reminded taxpayers that quick and easy solutions are available if they can’t file their returns or pay their taxes on time, and they can even request relief online.


PTIN Requirements for Tax Return Preparers
Regulations require all paid tax return preparers to obtain a PTIN. Preparers must renew their PTIN each year by December 31. Some preparers will also soon need to pass a competency test and take continuing education courses.

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Mega Millions Winners Will Owe Jackpot of Taxes

The three winners of the record-breaking $656 million Mega Millions lottery jackpot will owe at least 25 percent of their winnings to the Internal Revenue Service.

Obama Says Congress Will Vote on 'Buffett Rule' Millionaire Tax

President Obama said in his weekly address Saturday that Congress will be voting in the weeks ahead on the Buffett Rule, which would raise taxes on the wealthy.

IRS Issues Regulations on Public Inspections of Material on Organizations Denied Tax Exemptions

The Internal Revenue Service has recently published its final regulations on public inspection of material relating to tax-exempt organizations, which affects organizations that were exempt but are no longer exempt from federal income tax, and organizations that were denied tax-exempt status.

U.S. Corporate Tax Rate Becomes Highest on April 1

The U.S. is set to have the highest combined federal and state statutory corporate tax rate in the industrialized world on Sunday, April 1, once Japan drops its top rate to 38.1 percent.

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IRS Offers Renewal Extension for Enrolled Agents

The Internal Revenue Service said it is giving an extension to enrolled agents whose renewal applications for their enrollments have been postponed due to a processing delay.

House Passes Paul Ryan Budget, Consolidating Tax Brackets

The House has passed a Republican-sponsored budget alternative to President Obama’s fiscal 2013 budget, mostly based on the plan put forward by House Budget Committee Chairman Paul Ryan, R-Wisc., for creating only two tax brackets of just 10 and 25 percent.

New York CPAs Want Changes in Revenue Recognition Proposals

The New York State Society of CPAs has told the Financial Accounting Standards Board and the International Accounting Standards Board that they need to make changes in their latest set of proposals for changing revenue recognition standards.

Congress Introduces Bill to Provide Tax Relief for Mortgage Foreclosure Victims

A trio of House Democrats have introduced a bill that would provide tax relief to homeowners who were wrongly foreclosed upon and receive money from the recent nationwide mortgage foreclosure settlement.

BofA Introduces Small Business 401(k) Plan

Bank of America has introduced a 401(k) retirement plan for small businesses through its Merrill Edge unit.

House Panel Passes GOP Small Business Tax Cut Bill

The House Ways and Means Committee has passed a Republican-sponsored bill aimed at reducing taxes for small businesses that would also benefit larger companies.