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John W. Larkin, CPA


News-Recent IRS Changes

This page will contain the most recent changes issued by the Internal Revenue Service.  You can stay up to date just by reading this page.

Issued: July 2, 2000

IN THIS ISSUE:
New Law Requires Reports and Disclosure by Political Organizations

A new law requires section 527 political organizations to file with the
I.R.S. (1) an initial notice of their existence, (2) periodic reports on
their contributors and expenditures, and (3) a modified annual return.
The new law (P.L. 106-230) also requires the organization and the I.R.S.to disclose these documents to the public. Certain political
organizations are excepted from one or more of these requirements. Thenew law requires many organizations to file their notice immediately,both electronically and in writing. Certain organizations may also be required to file their first periodic report this month. For more information, click here
http://www.irs.ustreas.gov/prod/bus_info/eo/pol-file.html

Other items

Settling Tax Debts
Tax Exempt Advisory Committee (TEAC)

Some taxpayers facing severe or unusual economic hardships will have a new way of settling their tax debts under an Internal Revenue Service
plan announced. Under new regulations, the IRS for the first time will be allowed to consider economic hardship factors in cases where taxpayers try to settle unpaid tax debts through the Offer in Compromise program and where settlement would promote effective tax administration. "For taxpayers caught in severe hardships, this gives the IRS a new tool to work with people and help settle their tax debt," IRS Commissioner Charles O. Rossotti said. Additional details are available in News Release IR-1999-64 at:
http://ftp.fedworld.gov/pub/irs-news/ir-99-64.pdf

EMPLOYERS MAY QUALIFY FOR REDUCTION OF FTD PENALTY

Some businesses penalized for failing to make timely employment tax
deposits during the first quarter of 2000 may be able to lower their
penalties because of tax law changes applying to deposits due after
1/1/00. The IRS inadvertently omitted an explanation of the new relief
provisions when it mailed the penalty notices, so it is sending a
follow-up letter, apologizing for this omission and giving some
taxpayers additional time to take remedial action.

Details are in News Release IR-1999-58 at
http://www.irs.ustreas.gov/prod/news/nandf.html

 

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