IRS

After negotiations with its European Union counterparts in Paris last week, U.S. tax authorities have agreed to propose changes to the way that foreign income is reported due to concerns voiced by banks and governments that the current model breaches privacy and is unnecessarily complex, according to the Financial Times.

CPA Blog readers might remember that on Jan. 11, we reported that the IRS said technology improvements would allow it to issue refunds to some taxpayers in as few as 10 days, if they e-file and select direct deposit.

Thieves who steal taxpayers' personal tax-related information can use it to steal identities as well, according to a recent release from the IRS. To help prevent these crimes, the IRS offers the following suggestions.

In a recent release, the IRS addressed the age-old question, "When am I going to get my refund?" and gave advice on how taxpayers can speed up the process.

The international game show asks "Who wants to be a millionaire?" Maybe fewer than before, with the IRS taking a much closer look at those in the higher income ranges.

Income tax filing would normally fall on April 16 this year because April 15 is a Sunday, but taxpayers get another extra day, says the IRS, thanks to Emancipation Day. This April 16 holiday is celebrated in Washington, D.C., and according to federal law, District of Columbia holidays affect tax due dates the same way federal holidays do.

The IRS has posted information on Schedule M-3, Net Income (Loss) Reconciliation for Foreign Corporations With Reportable Assets of $10 Million or More. This schedule is used in conjunction with Form 1120-F, U.S. Income Tax Return of a Foreign Corporation.

New guidance is available to taxpayers on the "treatment of amounts paid to acquire, produce or improve tangible property and regarding the accounting for, and dispositions of, property subject to depreciation," according to an IRS statement. The temporary rules will help with compliance related to capitalization provisions in IRC section 263(a).

Just as the tax season gets underway, the IRS has posted the 2011 edition of Publication 17, Your Federal Income Tax. Publication 17 has been updated each year since the 1940s, according to the IRS. The new version has 303 pages and provides more than 5,000 links, useful for both consumers and CPAs.

The treasury inspector general for tax administration (TIGTA) issued a report on Dec. 13 addressing how much money the IRS saved by not mailing forms and instructions to taxpayers, and what the implications are for those who are not online.