NEWSWIRE

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.

NEWSWIRE

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.