The IRS Offer in compromise program is one of the most publicized IRS tax relief programs. However, this settlement option is rarely used. I explain why and some changes to the OIC program in my AICPA CPA Insider article.
Are they still your clients? The IRS may think so.
November 12, 2018 by ·
My Accounting Today article that many CPA associations have republished regarding Forms 2848- Power of Attorney. Many tax pros and taxpayers do not withdraw or revoke the Power of Attorney authorization that they provide to their tax professional after the tax pro helps them with a tax problem. When you file a POA form with the IRS, the IRS treats the tax pro as if they are the taxpayer. All taxpayers and tax pros should consider withdrawing or revoking the authorization after the tax problem is solved. If not, the tax pro will still be the “taxpayer” in the eyes of the IRS.
Are your clients bypassing you after tax season?
November 12, 2018 by ·
A part of being a year-round trusted tax advisor is helping your clients if they have a tax problem. In this AICPA CPA Insider article, I outline how many taxpayers have a tax problem and what assistance they need from their tax pro.
File an extension? Better file a tax return.
November 12, 2018 by ·
My H&R Block article that focuses on a recent 2017-2018 IRS compliance initiative to pursue nonfilers – especially those who have filed an extension to file, but did not file a tax return.
Questionable education credits draw IRS interest
November 12, 2018 by ·
My H&R Block article about how the IRS is questioning education credits by using Forms 1098-T to match against tax returns in the CP2000 automated underreporter program. The IRS asks for proof that the education expenses have been paid- this sounds more like an audit than an underreporter notice. This is another example of the IRS questioning more returns using automation. Here is what to do.
IRS ACA Compliance: IRS Signals ACA compliance issues for 2015
November 12, 2018 by ·
My co-authored Tax Adviser article outlining the IRS compliance activity for the Affordable Care Act (i.e. ACA or “Obamacare”). Many issues regarding checking for adequate coverage and appropriate compliance to receive the advanced premium tax credit.
Despite Budget Cuts, The IRS Enforcement Remains High With Automation
November 12, 2018 by ·
My H&R Block article on the reasons why we still see high IRS compliance activity despite years of IRS budget cuts: the IRS is doing more with less by using automation and information matching for better compliance.
Know these penalty abatement realities to better help your clients
November 12, 2018 by ·
Learn about four reasons the IRS abates penalties – and the two most common reasons taxpayers actually use for penalty abatement: reasonable cause and first-time abatement. My AICPA CPA Insider article also addresses the most common IRS penalties and how to request abatement.
What you need to know to bring a nonfiler back into compliance
November 12, 2018 by ·
Have unfiled back tax returns- here is my AICPA CPA Insider article on what you need to know to get back into compliance. There are also several tips to avoid future problems like requesting penalty abatement, a collection agreement on outstanding balances owed, and how to avoid an audit of the late filed returns.
Tax Debt: What you need to know to help clients with an IRS extension to pay agreement
November 12, 2018 by ·
Just need some more time to pay the IRS? You can get 120 days- here is how and what it means in my AICPA CPA Insider article on extension to pay agreements with the IRS on outstanding tax debt.
