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IRS Lacks Authority to Catch Billions in Erroneous EITC Claims

The Internal Revenue Service still doesn’t have the authority from Congress to correct billions of dollars in erroneous claims for the Earned Income Tax Credit despite recent legislation, according to a new report. The report, from the Treasury Inspector General for Tax Administration, noted that the Consolidated Appropriations Act of 2016 provides the IRS with

Posted on May 24, 2016

IRS: No Return, No OIC

The IRS will now return newly filed Offer in Compromise applications if the taxpayer has not filed all required returns. Any fees included with the OIC will also be returned. This new policy does not apply to current year tax returns if there is a valid extension on file. To confirm your client is eligible

Posted on May 17, 2016