Tax Alerts - May 2012
May 2012 PDF
May 2012 Articles
- Time for Post-filing Season Checkup
- Countdown to Supreme Court's Health Care Decision
- Congress Eyes Retirement Savings Plans in Push Toward Tax Reform
- How Do I - Compute Code Sec. 1231 Gains and Losses?
- FAQ - What is a Family Partnership?
- May 2012 Tax Compliance Calendar
- GAO Reports Confusion Over Foreign Account Reporting Under FATCA and FBAR
- IRS Commissioner Reviews Priorities/Accomplishments; Will Step Down in September
- IRS Releases Updated Collection Financial Standards for Ability-to-Pay
- 2012 Tax Season Ends Quietly
- IRS Eases Up on Local Lodging Deduction for Employees
- PA - Philadelphia Amends Business Privilege Tax Credits
The 2011 filing season ended quietly, apart from a few IRS reminders and last-minute tips issued just before the April 17 deadline. Practitioners generally agreed with the government’s assessment that there were no big misfires this tax season. The IRS reported no problems with the processing of returns apart from a few delays in processing refunds in the early portion of the filing season. The delays resulted from improvements the IRS was making to its e-filing systems designed to prevent refund fraud. The IRS also continued to implement its Modernized e-File (MeF) program, which has been successful thus far.
On April 16, the Treasury Inspector General for Tax Administration J. Russell George gave the IRS good marks for its performance during the 2012 filing season. Speaking with reporters, George said that the agency has worked diligently to detect tax fraud. However, George said that budgetary constraints have resulted in longer wait times for taxpayers to speak with IRS customer service representatives. George highlighted the IRS’s performance in a new report by TIGTA, “Interim Results of the 2012 Filing Season,” released on April 16.
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