The e-file PIN retrieval tool was taken offline in June, following a suspicious uptick in attempts to use it, IRS Commissioner Koskinen reported at a security meeting in June. Taxpayers can no longer sign returns that they file online with an electronic filing personal identification number. The IRS is still trying to determine how many…
Tag: Washington Talk
Proposed Regulations
In June the ABA’s Section of Real Property, Trust and Estate Law sent its comments to the IRS on the Proposed Regulations on consistent basis. A wide variety of technical improvements were suggested. Four substantive changes also were included: Reporting requirements should cease when an asset has been included in a subsequent estate. Pecuniary bequests…
A stand-alone tax bill in September?
That was the hint dropped by Ways and Means Committee Chair Kevin Brady (R-Texas) in a July press conference, referring to the series of hearings held earlier this year. No specific legislation was identified. The key point is that Brady will be overseeing a new process for pushing tax bills through. “We are not bringing…
Charities Helping Americans Regularly Throughout the Year (CHARITY) Act
To the applause of the nonprofit community, Senate Finance Committee member John Thune (R-S.D.), and Committee ranking minority member Ron Wyden (D-Ore.), in April introduced Charities Helping Americans Regularly Throughout the Year (CHARITY) Act (S. 2750). Important elements of the bill include: allowing donor-advised funds to receive charitable IRA distributions; simplifying the standard mileage rate…
Health care reform task force
In February House Speaker Paul Ryan (R-Wisc.) appointed six task forces to study health care reform and ways to make the tax code reward work better. An early report was released April 29. Targets include eliminating the marriage tax penalty and bringing down the corporate tax rate, which is among the highest in the developed…
Sensible Estate Tax Act of 2016
Democrats on the Ways and Means Committee are supporting H.R. 4996, the “Sensible Estate Tax Act of 2016,” introduced by ranking minority member Sander M. Levin (D-Mich). Key elements of the bill include: reducing the federal estate tax exempt amount to $3.5 million; chopping the federal gift tax lifetime exemption to $1 million; capping the…
2016 Filing snapshot
In early March the Treasury Inspector General for Tax Administration (TIGTA) took a snapshot of how this year’s filing season is going. The report was released on March 31. Among the observations: 93.9% of returns were filed electronically. Only 4 million returns came in on paper, to that point. 53.5 million refunds, totaling more than…