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Taxation Legal News
National Taxpayer Advocate Releases Report to Congress
WASHINGTON — National Taxpayer Advocate Nina E. Olson today delivered a report to Congress that identifies the priority issues the Office of the Taxpayer Advocate will address in the coming fiscal year. These issues include the rules governing the use or disclosure of tax return information by return preparers, a recently imposed requirement that taxpayers submitting lump-sum offers in compromise make a down payment of 20 percent of the amount of the offer, IRS guidelines in evaluating “non-hardship effective tax administration” offers, and the importance of safeguarding taxpayer rights as the IRS rolls out its private debt collection initiative. Olson also released a report, presented as Volume II, that examines the role the IRS plays in facilitating the refund anticipation loan (RAL) industry, and makes recommendations to improve refund delivery to taxpayers, including the “unbanked.”
The Advocate’s report, which is required by law, notes that the IRS is under significant pressure both to reduce the tax gap and to maintain and improve taxpayer services. The report commends the IRS for adopting a more strategic approach to these objectives. “I am concerned, however, that the IRS is approaching its taxpayer service and enforcement initiatives on almost entirely separate tracks,” Olson writes. “[I]n the IRS today, enforcement employees work on enforcement initiatives and taxpayer service employees work on taxpayer service initiatives, and never the twain shall meet.” Citing the offer in compromise as an example, Olson maintains that incorporating high quality service within enforcement initiatives will ultimately help bring non compliant taxpayers into compliance and thus reduce the tax gap.
The report sets out the objectives of the Office of the Taxpayer Advocate for the upcoming fiscal year and provides substantive analysis of issues as well as statistical information. Read more at irs.gov
Form 5471 is Information Return of U.S. Persons With Respect to Certain Foreign Corporations
Report information with respect to certain foreign corporations. A domestic partnership may have to file Form 5471 if it: Controls a foreign corporation; or Acquires, disposes of, or owns 5% or more in value of the outstanding stock of a foreign corporation; or Owns stock in a corporation that is a controlled foreign corporation for an uninterrupted period of 30 days or more during any tax year of the foreign corporation, and it owned that stock on the last day of that year.
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News about Taxation cases in Iowa and nationwide:
IRS Updates Tax Gap Estimates
Washington — Internal Revenue Service officials announced today that they have updated their estimates of the Tax Year 2001 tax gap based on the Na... Read more >
Work Opportunity Credit and Welfare-to-Work Credit
Definition:
The work opportunity credit and the welfare-to-work credit are scheduled to expire for wages paid to individuals who began working for you after 2003.
Federal income tax
Definition:
The federal government levies a tax on personal income. The federal income tax provides for national programs such as defense, foreign affairs, law enforcement, and interest on the national debt.
Gross income
Definition:
Money, goods, services, and property a person receives that must be reported on a tax return. Includes unemployment compensation and certain scholarships. It does not include welfare benefits and nontaxable Social Security benefits.
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