What IRS Budget Cuts Mean for Taxpayers

By Curtis Tatum, Esq.

In December, Congress finally passed the FY 2015 IRS budget, which cut funding for the Service by $346 million. The cut continues a multi-year trend of budget reductions for the IRS. Concern is rising that the cumulative effect of these budget cuts will prevent the IRS from effectively administering the tax system.

In 2014, the Internal Revenue Service Advisory Council (IRSAC) took the unusual step of raising the issue as an entire committee rather than in an individual subgroup report. The APA also voiced its concern about the need for adequate IRS funding in a letter to Congress. Both National Taxpayer Advocate Nina Olson and IRS Commissioner John Koskinen have repeatedly warned about the negative effects of decreased IRS funding levels. Within the first two weeks of 2015, they issued warnings about the dire consequences of the current IRS budget. Read more…

IRS Releases Form 941 for 2015

The IRS has released Form 941, Employer’s Quarterly Federal Tax Return, for tax year 2015, together with the 2015 Instructions for Form 941. Download the form and instructions.

 

 

President Seeks Expanded Access to Paid Sick, Family Leave

On January 14, the White House released a Fact Sheet outlining a series of actions the President is planning to take in order to expand access to (1) paid family and medical leave, and (2) paid sick days.

 

 

States Take Minimum Wage into Own Hands

By Bill Dunn, CPP

As of January 1, there are now 29 states that have minimum wages higher than the federal government. This is an unprecedented number that have some people wondering, “How did this happen?”

In his January 2014 State of the Union address, President Obama announced that he planned to introduce legislation that would increase the federal minimum wage to $10.10/hour over a three-year period. Now with a Republican-controlled Congress, the legislation supporting this increase may be delayed. Many states have since taken it upon themselves to handle the issue of wages for workers rather than waiting for Congress to take action. Read more / Watch video