Setting priorities in an election year

taxesimageElection-year politics will dominate legislative action in 2016 as both parties seek to lay out policy agendas for 2017 and beyond, which would seem to dim prospects for legislation in 2016. However, despite divided government during 2015, Congress enacted several key pieces of legislation. Will the legislative successes of 2015, including the signing of a major December ‘tax extender’ bill, and Paul Ryan’s elevation to Speaker of the House create momentum that can be carried over into enactment of additional meaningful legislation during 2016? Will the House or the Senate introduce further tax reform legislation setting the stage for 2017?

Newport Beach Tax and Financial will address these topics and more, including tax reform, global tax controversy, IRS challenges, new regulatory projects, and other tax policy matters of importance to today’s business leaders.

How to track your tax refund’s whereabouts

where's-my-refund-graphic200x200Filing your tax return electronically shouldn’t have to feel like sending something into outer space. There’s no need to be in the dark about whether the IRS has accepted your tax return and when you can expect to receive your refund.

For example, tax-filing early birds who got their returns in electronically by Jan. 14, and elected to get their refund via direct deposit, should have received their money on Jan. 29. That’s the first direct deposit date set by the IRS.

Assuming you weren’t among those early filers, you can use the Where’s My Refund tool on the IRS website to track your tax return and refund. It lets you check on the status of an electronic return within 24 hours of the IRS receiving it. But you’ll have to wait four weeks after you mailed a paper return to check its status with the tool. Another great reason to e-file if you can.

Where’s My Refund lets you follow your ret Continue reading

IRS to hire up to 700 enforcement workers

BN-NK579_0405ta_M_20160405191302The Internal Revenue Service is hiring up to 700 employees for tax enforcement in what Commissioner John Koskinen calls the agency’s “first significant enforcement hiring in more than five years.”

In a memo to employees Tuesday, Mr. Koskinen said the IRS found money for the hiring—despite budget constraints—because of retirements, other departures and unspecified “efficiencies.” The first wave of hiring will begin in a few weeks and will be concentrated in the IRS department that monitors small businesses and the self-employed.

“While adding 600 to 700 new enforcement hires will not replace those who have left, it will help fill key gaps in our enforcement workforce created by Continue reading

The National Taxpayer Advocate Wants to Hear from You!

We-want-to-hear-from-YOU-FINAL-300x197Olson to Hold Public Forum on Taxpayer Service Needs in Baltimore on May 13

WASHINGTON — National Taxpayer Advocate Nina E. Olson and Sen. Ben Cardin, a member of the Senate Committee on Finance, will hold a public forum to discuss what taxpayers want and need from the IRS to comply with their tax obligations. Sen. Cardin is also the ranking member of the Senate Committee on Foreign Relations.

The public forum will be held on Friday, May 13, at 10:30 a.m. at the University of Maryland Francis King Carey School Of Law in Baltimore.

Members of the public and the media are invited to attend.