House Appropriators Boost IRS Funding

The House Appropriations Committee yesterday voted 28-20 to boost IRS funding to $11.6 billion for the 2019 fiscal year that starts Oct. 1. The $11.6 billion represents an increase of $186 million from the agency’s current funding level, with $77 million specifically tied to implementing the new tax law. The IRS requested about $400 million… Read more »

Senate May Make Changes to IRS Overhaul Bill

Senate Finance Committee Chairman Orrin Hatch (R-UT) has indicated he may want to make some changes to the IRS overhaul bill (H.R. 5444) passed by the House in April. Hatch referred to the House legislation as a “welcome step forward” but has stopped short of endorsing every provision. Among many other changes, the House bill… Read more »

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