So It Begins: The Final Schedule UTP Is Out

By Jonathan Prokup The Internal Revenue Service on Friday released the final version of the much-anticipated Schedule UTP (and accompanying instructions) as well as additional guidance about changes that had been made the schedule.  At the same time, the IRS also announced an expansion of the Compliance Assurance Program (CAP) as well as some other … More So It Begins: The Final Schedule UTP Is Out

Senate Fixes An Onerous Reporting Requirement With An Onerous Reporting Requirement?

By Dustin Covello As we’ve discussed previously at the TaxBlawg, a minor provision of the Patient Protection and Affordable Care Act – Section 9006, which dramatically expands the requirements for reporting payments on Form 1099 – has become a hot-button issue in Congress.  Prior to the law, Form 1099 reporting was not required for payments … More Senate Fixes An Onerous Reporting Requirement With An Onerous Reporting Requirement?

What’s The Big Deal About Foreign Bank Accounts?

By George W. Connelly Anyone paying attention to the media for the last month or so must be aware of the battle the IRS has waged with UBS in order to obtain information about owners of heretofore “secret” accounts in Switzerland.  This is part of an IRS effort to track down tax delinquents who are using … More What’s The Big Deal About Foreign Bank Accounts?

Mind the Gap: TRAC Audits the Auditors

By Jonathan Prokup The New York Times and Forbes Magazine are reporting on a study by the Transactional Records Access Clearinghouse, a research group affiliated with Syracuse University, which claims to show that the number of audits of corporations reporting assets of $250 million or more has dropped between 2005 and 2009, while audits of … More Mind the Gap: TRAC Audits the Auditors