The IRS is requiring certain verification of identities during phone calls in an attempt to prevent tax fraud. Taxpayers and tax professionals must have the required verification in order for the IRS to answer questions regarding certain tax items. By law, the IRS telephone assistors will only speak with the taxpayer or the taxpayer's legally designated representative.
When clients ask if the Tax Cuts and Jobs Act (TCJA) means tax simplification, I remind them of the three fundamental paradigms of taxation: only two things are certain in life – death and taxes; the correct answer to every tax question is “it depends”; and there is no such thing as tax simplification. This holds true in the new tax landscape, the tax reform will not result in simplification of tax law. The new law has brought meaningful changes to the tax code, but with that comes the following added complexities.
The Albany Business Review hosted six experts to discuss changes to tax laws and their impact on individuals and businesses. Partner Patrick Diggin participated in this discussion on tax reform.
With the government shutdown over and the IRS reopened, what can be expected? Currently, the IRS has an estimated five million unanswered inquires that took place during the shutdown. Additionally, it is estimated that they have already received several million tax returns since the filing season started on January 28.
According to a new Standard & Poor’s report, there are two key indicators that will tell you what kind of shape the manufacturing industry is in. The first is the Institute for Supply Management’s Purchasing Manager’s Index and the second is the Federal Reserve’s Capacity Utilization Index for motor vehicles and parts.