Tag: tax news
For those paying their income tax through quarterly estimates the 2nd estimate is due June 15th. Usually during the rush of tax season you had to decide what to base your 2014 estimates on. You would have considered the safe harbors and chosen the one that best fits your circumstances at the time.
The U.S. federal government could lose almost $3 billion in revenue during the current fiscal year because budget cuts are forcing the tax-collecting Internal Revenue Service to audit fewer people, the agency’s chief said on Wednesday.
Testifying before a congressional panel, IRS Commissioner John Koskinen said the IRS will audit 100,000 fewer individuals this year as part of congressionally mandated cuts to the tax agency’s budget. Audits of high-wealth individuals, businesses and partnerships will also decline, he said.
“This fiscal year, the IRS’s key enforcement programs will operate well below historical levels,” said Koskinen, who was speaking before a House of Representatives subcommittee about the tax season that ended on April 15.