The Administration's budget proposal released on Tuesday, May 22, includes two provisions that may affect NSA members.
In the section of the budget proposal related to reducing improper payments, there is a proposal to increase oversight of paid tax return preparers as well as a proposal to provide more flexible authority for the IRS to address correctable errors. According to the budget documents, the preparer oversight provision is expected to reduce the federal budget deficit by $439 million during the ten year budget window, whereas correctable error authority is expected to reduce the budget deficit by $655 over the same timeframe.
NSA Executive Vice President, John Ams has already been in contact with IRS official offering NSA's assistance in working on these two matters if/when they are enacted.
The Financial Accounting Standards Board on August 3 issued a proposed Accounting Standard Update (ASU) intended to clarify and improve the scope and the accounting guidance for contributions received ...
The IRS has issued regulations updating the due dates and time extensions for filing certain tax returns and information returns to reflect recent laws.
The changes are set out in final and temporary ...
A House panel on June 29 approved a bill calling for an additional $149 million cut to the IRS budget. The proposal would also limit the agency's oversight of conservation easements, tax-exempt organizations, ...
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