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Posts Tagged ‘irs news’

The IRS Gets a Tech Upgrade

October 16, 2014  |   Tax News   |   Tags: , ,  

Anyone who’s been stuck listening to IRS hold music can verify that the agency does not always keep up with the times. In fact, much of how the IRS processes returns, interacts with taxpayers, and scans for fraud has not changed in many years. A large part of what the IRS does relies on manpower. With a significantly reduced staff due to budget cuts over the last few years, elbow grease may not be enough. ...

IRS’ Lack of Protocol Loses Billions of Dollars

October 08, 2014  |   Tax News   |   Tags: , ,  

$6.7 Billion is a good sum of money no matter how one looks at it. This is how much money the IRS gave up looking for and declared Currently Not Collectible (CNC) in 2012 according to a report published in August by the Treasury Inspector General for Tax Administration. What surprised many about the report was that the IRS failed to follow protocol thoroughly to track down these unpaid tax dollars.

IRS News: ACA Changes to 2014 Income Tax Filing

September 30, 2014  |   Tax News   |   Tags: , ,  

In recent IRS news, IRS Commissioner John Koskinen recently revealed that three new forms have been drafted for the 2014 income tax filing season. All of these forms relate to the Affordable Care Act, better known by many as Obamacare or ACA, that was enacted this year and they apply to many taxpayers.