Tax


The IRS is offering to waive certain penalties if taxpayers that participated in illegal tax shelters disclose them and identify their promoters. The amnesty does not apply to taxpayers involved in fraud, crime, concealment of foreign financial accounts or reporting of personal expenses as deductible business expenses. ( http://ftp.fedworld.gov/pub/irs-news/ir01-121.pdf )

In an annual report to Congress, National Taxpayer Advocate Nina Olson recommends that legislators uniformly define the term “qualifying child” for tax purposes. Olson’s report also proposes reducing the alternative minimum tax’s effect on individuals. As in prior years, the report found the most serious problem taxpayers face is inadequate toll-free telephone access to IRS customer service. ( http://ftp.fedworld.gov/pub/irs-news/ir-02-02.pdf )

SPONSORED REPORT

How to make the most of a negotiation

Negotiators are made, not born. In this sponsored report, we cover strategies and tactics to help you head into 2017 ready to take on business deals, salary discussions and more.

VIDEO

Will the Affordable Care Act be repealed?

The results of the 2016 presidential election are likely to have a big impact on federal tax policy in the coming years. Eddie Adkins, CPA, a partner in the Washington National Tax Office at Grant Thornton, discusses what parts of the ACA might survive the repeal of most of the law.

QUIZ

News quiz: Scam email plagues tax professionals—again

Even as the IRS reported on success in reducing tax return identity theft in the 2016 season, the Service also warned tax professionals about yet another email phishing scam. See how much you know about recent news with this short quiz.