Fringe Benefit Tax Provision Still a Concern

ASAE is still waiting for a response from the Treasury Department after delivering a sign-on letter last month from close to 200 tax-exempt organizations concerned about a provision in the new tax law that taxes transportation and parking benefits provided by many employers. The fringe benefits provision removes a deduction for employer-provided benefits such as… Read more »

IRS Issues Five-Year Strategic Plan

The Internal Revenue Service (IRS) on May 23 released a new five-year strategic plan that focuses on implementation of the new tax law as a top priority but also improving taxpayer service and tax administration. The strategic plan will serve as “a roadmap to help guide the agency’s programs and operations,” the IRS said in… Read more »

Category: IRS

AICPA Suggests Changes to Form 990

In a letter to the IRS this week, the American Institute of CPAs (AICPA) suggested more than 30 changes to the Form 990 return filed by most tax-exempt organizations. The majority of the recommendations are technical in nature, though AICPA ranked more than half of them as “high” in both importance and urgency. Click here… Read more »

Category: IRS

House Passes Bills to Retool the IRS

The House on Wednesday passed bipartisan legislation to modernize the IRS by improving the agency’s customer service and information technology (IT) systems. The House votes came on Tax Day, the same day that the IRS experienced a widespread systems crash that prevented millions of taxpayers from filing last-minute returns. Because its systems were down for… Read more »

House Panel Approves IRS Restructuring Bill

The House Ways and Means Committee yesterday voted unanimously to advance a legislative package to restructure the IRS. The bipartisan package of 12 bills, drafted by Oversight Subcommittee Chairman Lynn Jenkins (R-KS) and ranking member John Lewis (D-GA), includes dozens of prescriptions to “fix” the IRS, including provisions to establish a new independent IRS Office… Read more »