{"id":95195,"date":"2022-03-09t09:53:47","date_gmt":"2022-03-09t14:53:47","guid":{"rendered":"\/\/www.g005e.com\/?p=95195"},"modified":"2022-12-22t00:40:37","modified_gmt":"2022-12-22t05:40:37","slug":"eight-quick-easy-ways-for-the-irs-to-fix-the-filing-process","status":"publish","type":"post","link":"\/\/www.g005e.com\/2022\/03\/09\/eight-quick-easy-ways-for-the-irs-to-fix-the-filing-process\/","title":{"rendered":"eight quick, easy ways to fix irs filing"},"content":{"rendered":"
well, “quick” and “easy” on paper. in real life at the irs, it’s different.<\/strong> there\u2019s always room for improvement\u2014even (or, especially?) at the internal revenue service.<\/p>\n for one thing\u2014or really eight things\u2014the process of filing returns could stand a little fine-tuning.<\/p>\n the only problem is, changing some parts of the process require changing the tax code, and that requires congressional legislation, and that requires\u2026well, no one really knows.<\/p>\n more tax: <\/strong>imagine a fully online irs<\/a>\u00a0|\u00a0the real cost of interstate sales tax<\/a>\u00a0|\u00a0irs at death\u2019s door?<\/a>\u00a0|\u00a0beyond tax prep: the big cha-ching!<\/a>\u00a0|\u00a0crisis at the irs<\/a>\u00a0|\u00a0the irs\u2019s 10 biggest problems<\/a>\u00a0|\u00a0fear and loathing for tax season \u201922<\/a>\u00a0|\u00a0\u00a0padar joins vc-backed tax fintech for banks<\/a>\u00a0|\u00a0\u00a0covid chokes an already crippled irs<\/a>\u00a0|\u00a0tax regs for the metaverse<\/a>\u00a0|\u00a010 steps to a superior tax department<\/a>\u00a0|\u00a0accountants critical of competitor price-cutting<\/a>\u00a0|\u00a0\u00a0automate busy season with apps you already use<\/a>\u00a0|\u00a0sales & use tax costs are higher than anyone thought<\/a>\u00a0|\u00a0survey: nobody loves the wayfair decision<\/a>\u00a0|\u00a0busy season forecast: more chaos<\/a>\u00a0\u00a0|\u00a0a woman named wanda leaves an ira nightmare<\/a>\u00a0\u00a0|\u00a0are you under-pricing your client accounting services?<\/a>\u00a0\u00a0|\u00a0your best advice: get smart, get tech, get moving<\/a>\u00a0|\u00a0worries for small business clients<\/a>\u00a0|<\/p>\n pro members:\u00a0<\/strong>log in here<\/a>\u00a0or\u00a02022世界杯足球排名 today<\/a>.<\/p><\/blockquote>\n here are the eight problems with the process of filing tax returns identified by the taxpayer advocate service\u2014and just as many simple solutions.<\/p>\n <\/p>\n 1 \u2013 treat electronically submitted tax payments and documents as timely if submitted before deadline.<\/strong><\/p>\n the problem<\/strong><\/p>\n there\u2019s a \u201cmailbox rule\u201d that considers a tax return or other document timely if it\u2019s postmarked by midnight of its deadline date. but that\u2019s only for stuff mailed through the postal system.<\/p>\n there\u2019s no such rule for electronic filing. that shouldn\u2019t be a problem, given the speed of light, but an actual rule reduces 186,000 miles per second down to a speed of a usps delivery truck.<\/p>\n \u00a0the rule: the on-time threshold is when the digitally dispatched documents arrive<\/em> at the irs. and it turns out that the speed of light won\u2019t save a tardy taxpayer. though the irs encourages taxpayers to use its electronic federal tax payment system, the eftps webpage displays this warning: \u201cpayments using this web site or our voice response system must be scheduled by 8 p.m. et the day before the due date <\/strong>to be received timely by the irs.\u201d (emphasis in original)<\/p>\n in other words, using snail mail gives the taxpayer an extra 28 hours to file a return.<\/p>\n the solution<\/strong><\/p>\n easy: amend internal revenue code \u00a7 7502 to apply the mail box rule to digital filings.<\/p>\n <\/p>\n 2 \u2013 authorize irs to establish minimum competency standards for tax preparers<\/strong><\/p>\n the problem<\/strong><\/p>\n 卡塔尔世界杯常规比赛时间 recently discussed this issue. research has shown that non-credentialed tax return preparers tend (overwhelmingly) to prepare inaccurate returns, and their ethics are often questionable.<\/p>\n requiring some level of competency and something to the effect of a license to practice would seem to be the obvious solution. alas, a district court ruled that the irs cannot require competency or certification. only congress can do that.<\/p>\n the solution<\/strong><\/p>\n easy. amend title 31, \u00a7 330 to allow the irs to establish minimum standards for federal tax return preparers.<\/p>\n <\/p>\n 3 \u2013 require irs to work with software companies to incorporate scanning technology for individual paper returns.<\/strong><\/p>\n the problem<\/strong><\/p>\n ninety percent of tax returns are filed electronically. but that leaves some 15 million returns on paper, all of them vulnerable to transcription error. and the cost of processing paper is astronomically higher,\u00a0 $15.21 vs. 36 cents. ironically, most of those paper returns were prepared electronically.<\/p>\n existing technology, already in use in many states, allows the return information to be printed in \u201c2-d barcoding,\u201d which allows easy, accurate scanning. the irs could be working with tax software companies to standardize this technology, but\u2014more irony here\u2014it can\u2019t afford to.<\/p>\n the solution<\/strong><\/p>\n easy. provide the\u00a0 irs with multiyear funding for the purchase and implementation of scanning technology.<\/p>\n <\/p>\n 4 \u2013 extend the time for small businesses to make subchapter s elections<\/strong><\/p>\n the problem<\/strong><\/p>\n an s corporation may elect to be treated as a passthrough entity at any time during the preceding taxable year or by the 15th<\/sup> of the third month of the current taxable year.<\/p>\n trouble is, many new small business owners don\u2019t find out about the deadline until they hire a tax practitioner after the deadline. failure to make a timely election can have adverse tax consequences, such as incurring taxation at the corporate level and rendering shareholders ineligible to deduct operating losses on their individual returns. they might also end up paying fines for inadvertently inaccurate returns. requesting a late s corporation election is possible but complicated.<\/p>\n the solution<\/strong><\/p>\n easy. amend irc \u00a7 1362(b) (1) to allow a small business to elect to be an s corporation by simply checking a box on its first timely filed form 1120s.<\/p>\n <\/p>\n 5 \u2013 adjust individual estimated tax payment deadline to occur quarterly<\/strong><\/p>\n the problem<\/strong><\/p>\n estimated tax payments are due on the 15th<\/sup> of april, june, september, and january.<\/p>\n those are quarterly payments, but they don\u2019t coincide with calendar quarters. the april to june deadlines are period is just two months. june to september is three months. september to january is four months, and january to april is three months.<\/p>\n trouble is, many small businesses keep their books based on regular three-month quarters. furthermore, the uneven periods complicate the calculation of net income estimates. workers in the gig economy can get especially confused.<\/p>\n the solution<\/strong><\/p>\n easy: amend irc \u00a7 6654(c)(2) to set deadlines 15 days after the end of each calendar quarter.<\/p>\n <\/p>\n 6 \u2013 harmonize reporting requirements for taxpayers subject to both the report of foreign bank and financial accounts and the foreign account tax compliance act<\/strong><\/p>\n the problem<\/strong><\/p>\n the bank secrecy act requires taxpayers to report foreign accounts with aggregate value exceeding $10,000.<\/p>\n meanwhile, the foreign account tax compliance act requires certain taxpayers to report foreign assets exceeding specified thresholds on their tax returns.<\/p>\n the two laws result in overlapping filing requirements, which can be a burden on taxpayers, especially those living overseas.<\/p>\n the solution<\/strong><\/p>\n easy:<\/p>\n 7 \u2013 adjust the filing threshold for taxpayers filing as married filing separately and nonresident alien individuals <\/strong><\/p>\n the problem<\/strong><\/p>\n individuals must file tax returns if their gross income exceeds a) a certain exemption amount, and<\/em> b) an applicable standard deduction amount.<\/p>\n but some individuals must file if their gross income exceeds solely the exemption amount. these unfortunate individuals are<\/p>\n under the rules of the tax cuts and jobs act of 2017, the exemption threshold for these two groups of taxpayers dropped from $4,150 to effectively $0. in other words, income of a penny or more requires an mfs or alien resident to file a return.<\/p>\n the solution<\/strong><\/p>\n easy: amend irc \u00a7 6012(a)(1)(a) to give mfs and alien resident taxpayers the same exemption threshold as all other taxpayers.<\/p>\n <\/p>\n 8 \u2013 amend the lookback period for allowing tax credits or refunds under irc \u00a7 6511(b)(2)(a) to include the period of any disaster-related postponement of time for filing a return under irc \u00a7 7508a.<\/strong><\/p>\n the problem<\/strong><\/p>\n taxpayers who have overpaid their taxes may claim a credit or refund three years after the return was filed or two years from the time the tax was paid.<\/p>\n but there are limits to the lookback period.<\/p>\n it gets more complicated when there is a federally declared disaster that allows the secretary of the treasury (which oversees the irs) to \u201cdisregard\u201d certain deadlines. but does \u201cdisregard\u201d mean \u201cpostpone\u201d?<\/p>\n when a filing deadline is postponed, the three-year lookback period is not extended to include the period of the postponement.<\/p>\n the solution<\/strong><\/p>\n easy. amend irc \u00a7 66511(b)(2)(a) to provide that when a postponement of a deadline is declared due to a federally declared disaster, the amounts paid in the three-year period preceding the filing of a claim plus the period of the postponement be eligible for credit or refund.<\/p>\n <\/p>\n all of these solutions need congressional action to be effected. the changes to the existing tax code are minor and not even worth debating, and each would make the process of paying taxes a little less onerous.<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" well, “quick” and “easy” on paper. in real life at the irs, it’s different.<\/strong>
\n
\nby 卡塔尔世界杯常规比赛时间<\/em><\/p>\n\n
\n
\n
\n
\n
\n
\n
\nby 卡塔尔世界杯常规比赛时间<\/em><\/p>\n","protected":false},"author":17,"featured_media":94512,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[5,2269,3120,3002,11,1906,2246],"tags":[738],"class_list":["post-95195","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-outlook","category-politics","category-pro-member-exclusive","category-special","category-research","category-tax-practice","category-busy-season","tag-irs"],"acf":[],"yoast_head":"\n