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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
If you have employees, you are responsible for Federal Taxes
If you have employees, you are responsible for several federal, state, and local taxes. As an employer, you must withhold certain taxes from your employees pay checks. Employment taxes include the following. Federal income tax withholding Social Security and Medicare taxes Federal unemployment tax act (FUTA).
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News about Taxation cases in Alaska and nationwide:
2005 Federal Earned Income Tax Credit
Earned Income Credit Amounts Increase
The maximum amount of income you can earn and still get the credit is higher for 2005 than it is for ... Read more >
2004 Tax Law Changes Education IncentivesThe maximum Tuition and Fees Deduction is $4,000 for those with Adjusted Gross Income (AGI) up to $65,000... Read more >
Form W-4, Employee's Withholding Allowance Certificate
Definition:
Completed by the employee and used by the employer to determine the amount of income tax to withhold.
Federal Insurance Contributions Act (FICA) Tax
Definition:
Provides benefits for retired workers and their dependents as well as for disabled workers and their dependents. Also known as the Social Security tax.
Depreciation and Section 179 Expense
Definition:
50% special depreciation allowance. For qualified property you acquire after May 5, 2003, you can take a special depreciation allowance that is equal to 50% of the property's depreciable basis. However, instead of claiming the 50% special allowance, you can elect to claim the 30% special allowance or elect not to claim any special allowance.
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Kenai
Ketchikan
Kodiak
North Pole
Palmer
Sitka
Soldotna
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