News 

Trump could be in a world of new legal trouble after New York’s attorney general accused his charity of ‘willful and knowing’ crimes

“President Donald Trump could be faced with new legal headaches on multiple fronts after the New York attorney general sued him, his three eldest children, and the Trump Foundation, accusing them of “a pattern of illegal conduct” stretching more than a decade” writes Allan Smith for businessinsider.com. Amy Spitalnick, the press secretary for the New York attorney general, told Business Insider the office didn’t have criminal jurisdiction over nonprofit entities, which is why the attorney general filed a civil suit and sent referrals to the IRS and the FEC, with…

Read More
News 

IRS chief says Trump’s budget would sharply cut taxpayer service

“For many years under the Obama administration, Republicans controlling Congress punished the Internal Revenue Service with budget cuts that resulted in horrible service for taxpayers” writes Columnist Joe Davidson for washingtonpost.com. Although some service was restored, the Trump administration now plans service cuts so severe that about 40 percent of calls from taxpayers seeking telephone assistance would go unanswered.Fortunately for taxpayers, now that Barack Obama is out of office, congressional Republicans are more inclined to fund better service.The return on enforcement actions is even better: $1 generates about $6. “I’m particularly…

Read More
News 

Tax-dodge strategists probe loopholes in new U.S. law, IRS wary

“Importantly for tax planners, COGS is exempt from BEAT, under the new tax law” reports businessinsider.com. New York University School of Law Professor Daniel Shaviro, a noted tax law expert, said the COGS exception to BEAT is “certainly going to be a central tax-planning focus.”. In months ahead, Treasury and the IRS will issue guidance on implementing the new law. Source: businessinsider.com Share This:

Read More
News 

Trump IRS will move to block blue-state workarounds for state, local tax deductions

“The Trump administration announced Wednesday that it will move to block states from circumventing the new tax law’s $10,000 limitation on state and local tax deductions” reports washingtonexaminer.com. The Republican-passed tax law limited federal deductions for state and local taxes, but did not do so for charitable contributions.This month, New Jersey’s governor signed legislation letting local governments accept property taxes in the form of charitable contributions, which remain tax deductible at the federal level.The IRS put out a two-page notice warning states that it would issue a rule to prevent…

Read More
News 

Most people should see higher take-home pay this year thanks to the GOP tax cuts. But so far, few are noticing them.

“The Trump administration wants taxpayers to check their paychecks for the tax cuts” writes J Scott Applewhite for washingtonexaminer.com. Most people should see higher take-home pay this year thanks to the GOP tax cuts.In addition to the problems that could crop up if people overpay or underpay throughout the year, the Trump administration and Republicans have political reasons for wanting people to check their paychecks. Source: washingtonexaminer.com Share This:

Read More
News 

Well, that was a wild Tax Day. This how many people procrastinated.

“Wednesday, the IRS said it had accepted more than 14 million tax submissions since processing systems reopened following the early morning system outage on Tax Day” writes Michelle Singletary Writes for washingtonpost.com. There had been a hardware issue in a section of the agency’s system that contains taxpayers’ personal tax records, the agency told The Washington Post.Read more: IRS to delay tax deadline by one day after technology collapse Also last week, I asked: What have you done when you couldn’t pay the IRS on Tax Day?. It’s great that they got…

Read More
News 

IRS: Millions able to file taxes with system working again

“Acting Commissioner David Kautter said that the IRS is current with all of the tax submissions and no backlog remains” writes The Associated Press for seattletimes.com. The IRS extended the tax deadline until Wednesday night following the massive snag.The IRS said that as of Wednesday morning, it has accepted more than 14 million tax submissions since processing systems reopened. Source: seattletimes.com Share This:

Read More
News 

The IRS just pushed back the deadline to file taxes by one day after its website crashed on Tax Day

“According to the IRS, taxpayers could still file their returns through third-party filers like H&R Block and TurboTax during the outage but the IRS was having trouble processing the submission from those groups” writes Aol Staff for aol.com. “This is the busiest tax day of the year, and the IRS apologizes for the inconvenience this system issue caused for taxpayers,” Acting IRS Commissioner David Kautter said in a statement. NOW WATCH: How a series of deadly Russian apartment bombings in 1999 led to Putin’s rise to power SEE ALSO: The IRS…

Read More
News 

IRS to delay tax deadline by one day after agency’s Tax Day technology collapses

“Each year, millions of Americans are required to file tax returns by mid-April for money they earned the prior year” writes Mike Debonis for seattletimes.com. By late Tuesday, the IRS said its systems were back online, and taxpayers could proceed to file returns through the end of Wednesday.Mark Everson, another former IRS commissioner, also said he was unaware of any comparable failures at the agency on Tax Day.A computer glitch at the IRS knocked offline the agency’s ability to process many tax returns filed electronically, a stunning breakdown that left…

Read More