by steve | Aug 1, 2011 | Tax News
–The Build America Bonds (BAB) compliance check questionnaires issued by the Internal Revenue Service (IRS) were appropriate for gathering information on the risk of potential noncompliance, according to a new audit report publicly released today.
The report by the Treasury Inspector General for Tax Administration (TIGTA) also determined that at the time of the TIGTA review, contrary to concerns expressed by the bond industry, very few BAB examinations had been initiated.
Upon passage of the American Reinvestment and Recovery Act of 2009 (Recovery Act), the Department of the Treasury asked the IRS to develop a plan to address possible risks associated with BABs. In February 2010, the IRS’s Tax Exempt Bonds (TEB) office mailed 375 compliance check questionnaires to issuers of BABs. This resulted in bond issuer concerns that responding to the compliance checks would result in wide-scale examinations.
TIGTA’s auditors found that, based on their analysis of the questionnaires, the questions were appropriately designed to elicit responses that could indicate a high risk of potential noncompliance without requesting information specific enough to start examinations.
However, a formal compliance check procedure had yet to be established. In addition, TIGTA could not evaluate the IRS’s plans to address any high-risk indicators from the questionnaires because the TEB office had not completed its in-depth review of the questionnaire responses.
“Until the IRS establishes formal guidelines for planning and conducting compliance check programs, TEB office management will not have assurance that their compliance check programs will comply with the Internal Revenue Code or that useful information will be gathered to identify, evaluate and appropriately address indicators of potential noncompliance,” said J. Russell George, Treasury Inspector General for Tax Administration.
TIGTA recommended that the TEB Director draft formal guidelines for conducting compliance checks, which would aid in monitoring the IRS’s authority in such matters, as well as improve transparency with the bond community. The IRS agreed with the recommendation and plans to publish new procedures for developing and initiating compliance check questionnaires.
This tax report is furnished from IRS News Wire for our clients.
by steve | Aug 1, 2011 | IRS Tax Advice, Tax News
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by steve | Aug 1, 2011 | IRS Tax Advice, Tax News
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Job 12:13 But true wisdom and power are with God; counsel and understanding are His.
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Areas of Tax Practice:
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- Offers in Compromise/ IRS Tax Debt Settlement
- Immediate Release of Bank Garnishments or Wage Levies
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by steve | Aug 1, 2011 | IRS Tax Advice, Tax News
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by steve | Aug 1, 2011 | IRS Tax Advice, Tax News
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Areas of Tax Practice:
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- Immediate Release of Bank Garnishments or Wage Levies
- IRS Bill/Notice of “Intent to Levy” or Final Notices
- IRS Tax Audits Small and Large Dollar
- Hardships Cases / Unable to Pay
- Payment Plans, Installment Agreements
- Innocent Spouse Relief
- Abatement of Penalties and Interest
- State Sales Tax Cases
- Payroll/ Trust Fund Penalty Cases
Our Company Resume: ( Since 1982 )
- Our staff has over 205 years of professional IRS tax representation experience collectively
- On staff, Board Certified Tax Attorney’s, IRS Tax Lawyers, Certified Public Accountants, Enrolled Agents,
- Former IRS Managers, Instructors and Trainers
- Highest Rating by the Better Business Bureau “A”Plus
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3. The IRS requires a current financial statement. We will secure a required 433-F (IRS financial statement), verify the income and expenses and work out a settlement agreement. The IRS will require a closing settlement method for each case.
4. We review with our clients how they want to settle their case. We get them an agreement based on their current financial needs.
Settlement agreements can be in different forms:
a. Hardship Settlements. Cases usually go into a 3 year suspended status because of an inability to pay. This is also called currently noncollectable. Your case will go into a hardship status because you do not have the income coming in to meet your current expenses. The IRS will use the National Standards Program to assess hardship.
b. Payment Agreements. Cases can be closed with agreed upon monthly installment payments to the IRS. We will review the different programs the IRS uses for the lowest possible amount required.
c. Offer in Compromise. There are three types of OICs:
The IRS may accept an Offer in Compromise based on three grounds:
1. Doubt as to Collectibility – Doubt exists that the taxpayer could ever pay the full amount of tax liability owed within the remainder of the statutory period for collection.
2. Doubt as to Liability – A legitimate doubt exists that the assessed tax liability is correct. Possible reasons to submit a doubt as to liability offer include:
(1) the examiner made a mistake interpreting the law,
(2) the examiner failed to consider the taxpayer’s evidence or
(3) the taxpayer has new evidence.
3. Effective Tax Administration/ Exceptional Circumstances – There is no doubt that the tax is correct and there is potential to collect the full amount of the tax owed, but an exceptional circumstance exists that would allow the IRS to consider an OIC. To be eligible for compromise on this basis, a taxpayer must demonstrate that the collection of the tax would create an economic hardship or would be unfair and inequitable.
