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

Get your clients ready for tax season

These year-end tax planning strategies address recent tax law changes enacted to help taxpayers deal with the pandemic, such as tax credits for sick leave and family leave and new rules for retirement plan distributions, as well as techniques for putting your clients in the best possible tax position.

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