Tax professionals should alert their clients that a new law requires the IRS to hold refundsuntil mid-February 2017 for people claiming the Earned Income Tax Credit or the Additional Child Tax Credit. In addition, new identity theft and refund fraud safeguards put in place by the IRS and the states may mean some tax returns…
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7th Circuit Court of Appeal Reduces Options For Appealing IRS Levies
According to Law360 -- Rejecting tax court precedent, the Seventh Circuit ruled Friday that delinquent taxpayers who weren't properly notified of Internal Revenue Service levies still have to pursue an administrative appeal before they can petition the tax court to invalidate the levy. Acknowledging the difficulty it presents to taxpayers, the Seventh Circuit nevertheless found…
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Tax Authorities to Have Access to Beneficial Ownership Information By 2018!
The EU Council recently agreed on a proposal granting access for tax authorities to information held by authorities responsible for the prevention of money laundering. The directive will require EU member states to enable access to information on the beneficial ownership of companies. The effective date will apply from January 1, 2018. On November 8, 2016, the Council agreed…
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TE/GE Announces New IDR Management Process
The Tax Exempt and Government Entities Division of the Internal Revenue Service has issued new internal guidance for its agents on issuing information document requests (IDRs). The IRS issues IDRs to gather information during an examination. The new process will go into effect on April 1, 2017. Prior to its implementation, TE/GE will provide training…
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