Trump plans to nominate tax lawyer Charles "Chuck" Rettig as IRS commissioner, Politico reported. If confirmed, Rettig will oversee implementation of the Tax Cuts and Jobs Act. Rettig previously served as the chair of the IRS Advisory Council He will also have to deal with an agency weakened by sharply reduced staffing after budget…
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Apple's Lobbying Saved Them $47 Billion in IRS Taxes!
On January 18, 2018 we posted Apple to Pay $38 Billion in Repatriation Taxes where we discussed that Apple would make a one-time tax payment of $38 billion to repatriate overseas cash holdings and also ramp up its spending in the U.S., as it seeks to emphasize its contributions to the U.S. economy after years of…
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IRS Posts Contingency Plan for Government Shutdown
The Treasury Department has updated the contingency plans for the Internal Revenue Service to handle the expected federal government shutdown. The updated document describes how the IRS will handle the filing season, which is supposed to begin on Monday, January 29. The IRS is already under pressure to implement the provisions of the Tax Cuts…
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IRS to Begin Revoking US Passports of Delinquent Taxpayers in 2018!
Starting this month, the IRS will start implementing new procedures required under a 2015 law to crack down on individuals with “seriously delinquent tax debts.” The IRS issued Notice 2018-1 on January 16, 2018, which provides guidance for implementation of the new IRC 7345, added by Section 32101 of the FAST Act. Upon receipt of section…
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