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IRS Criminal Investigation Issues Fiscal 2012 Report

1.  IRS Criminal Investigation Issues Fiscal 2012 Report

IRS Criminal Investigation (CI) released its Annual Report for fiscal 2012, highlighting strong gains in enforcement actions and penalties imposed on convicted tax criminals.

2.  Many Tax-Exempt Organizations Must File with IRS ByMay 15 to Preserve Tax-Exempt Status

A key deadline of May 15 is facing many tax-exempt organizations that are required by law to file annual reports with the Internal Revenue Service. Organizations will see their federal tax exemptions automatically revoked if they have not filed reports for three consecutive years.

3.  IRS, Australia and United Kingdom Engaged in Cooperative Effort to Combat Offshore Tax Evasion

The tax administrations from the United States, Australia and the United Kingdom announced a plan to share tax information involving a multitude of trusts and companies holding assets on behalf of residents in jurisdictions throughout the world.

4.  Joseph Grant and Sheldon Kay Named to IRS Leadership Posts

The Internal Revenue Service announced the selection of Joseph H. Grant as commissioner of the Tax Exempt and Government Entities Division and Sheldon Kay as Chief of Appeals.

5.  IRS Seeking Applications for Volunteer Tax Assistance Program Grants

The Internal Revenue Service is accepting applications for the Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grant programs, which will allow some organizations to apply for annual funding for up to three years.

6.  Technical Guidance

Revenue Procedure 2013-26 rules by which the Internal Revenue Service will allow a taxpayer to use a simplified proportional method of accounting for original issue discount ( OID ) on pools of credit card receivables under 1272(a)(6).  The proportional method is intended to reduce administrative burdens and controversy for taxpayers and the Service