The IRS Advisory Council says the tax system is “increasingly at risk.” The council released its annual report this week. Of all issues facing the IRS, the council’s top priorities are “securing adequate funding for the IRS and preserving a strong, balanced, and independent Office of Professional Responsibility.”
You can prevent tax refund fraud. "When it comes to identify theft, we all have a part to play," said IRS Commissioner John Koskinen of a new campaign called "Taxes. Security. Together." What can taxpayers do? Use computer security software that includes an electronic firewall, virus protection and file encryption. Safeguard personal information by checking on anyone who asks for the data. Give personal information online only through encrypted websites. Use strong computer passwords and protect them. Delete, block, or hang up on phishing emails, texts or calls that appear to come from the IRS or known companies—instead, go directly to their websites. In short, be careful.
Two new retirement savings initiatives can help millions of people start to save. TPC’s Bill Gale and AARP’s David C. John outline two important steps the Obama Administration has taken to increase access to retirement savings for more than 55 million Americans who do not yet participate in a retirement savings plan. Treasury launched myRA, and the Department of Labor clarified rules that will make it easier to create retirement savings plans for small business employees.
Will 2017 be the year for tax reform? Yes, according to Representative Peter Roskam (R-IL), chair of the House Ways & Means Oversight Committee. He thinks the time is right, pointing to a strong desire in Congress to reform the IRS and curb corporate inversions. Roskam also said there’s an “openness” on Ways & Means to consider tax policy changes as they relate to the sharing economy.
From the IRS and on the Hill. Treasury released additional rules regarding inversions and related transactions yesterday. The Senate sent a two-week highway funding patch to the President for his signature. Congress will be in recess next week for Thanksgiving.
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