Monthly Archives: June 2011

WASHINGTON — The Internal Revenue Service today reminds everyone who has a bank or other financial account in a foreign country, or who has signature authority over such an account, that they may be required to report the account to … Continue reading →

WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for … Continue reading →

WASHINGTON — The Electronic Tax Administration Advisory Committee (ETAAC) today released its 2011 Annual Report to Congress during a public meeting. The report discusses five groups of recommendations on issues in electronic tax administration. The report includes recommendations on the … Continue reading →

WASHINGTON –– The Internal Revenue Service has awarded nearly $10 million in matching grants to Low Income Taxpayer Clinics (LITCs) for the 2011 grant cycle (Jan. 1, 2011, through Dec. 31, 2011). LITCs are organizations that represent low-income taxpayers in … Continue reading →

WASHINGTON — IRS e-file has reached a major milestone as it passed the one billion mark for individual tax returns processed safely and securely since 1986. The Internal Revenue Service’s electronic filing program started as a pilot project in 1986 … Continue reading →

WASHINGTON –– The Internal Revenue Service today announced that approximately 275,000 organizations under the law have automatically lost their tax-exempt status because they did not file legally required annual reports for three consecutive years. The IRS believes the vast majority … Continue reading →

WASHINGTON — The Internal Revenue Service today announced the selection of 10 new members to the Advisory Committee on Tax Exempt and Government Entities (ACT). The ACT consists of external stakeholders and representatives who deal with employee retirement plans, tax-exempt … Continue reading →

WASHINGTON — The U.S. Treasury Department and the Internal Revenue Service today announced proposed changes to the new markets tax credit (NMTC) program to encourage more investment in non-real estate businesses located in low-income communities. Treasury and IRS are also … Continue reading →

WASHINGTON — The Internal Revenue Service’s Advisory Committee on Tax Exempt and Government Entities (ACT) will hold a public meeting on June 15 and submit its latest round of recommendations to IRS leadership. The ACT provides an organized public forum … Continue reading →

WASHINGTON — The 2011 hurricane season starts today, and the Internal Revenue Service encourages individuals and businesses to safeguard themselves against natural disasters by taking a few simple steps. Create a Backup Set of Records Electronically Taxpayers should keep a … Continue reading →