Correspondence Audits Need Some Work, Tax Community Tells IRS

TOP STORY Sponsored by Correspondence Audits Need Some Work, Tax Community Tells IRS  (JofA) - The IRS’ use of correspondence audits to resolve issues with tax returns has mushroomed over the past decade—but taxpayer satisfaction with the program is fairly low. According to the Treasury Inspector General for Tax Administration (TIGTA), only 48% of those surveyed by the IRS said they were either somewhat or very satisfied with the service related to their audit.  ADVERTISEMENT Share our news via Twitter and Facebook, on your personalized news page. MORE HEADLINES Aggressive Tax Returns Can Mean Fraud (Forbes) - Gift tax returns are notoriously overlooked. Many fail to report gifts to family members larger than the $13,000 allowed to each person annually. Curiously, gift tax returns are also among the most under-audited by the IRS. See Avoid IRS Audit Triggers.  Social Security Trust Funds Unaffected By Payroll Tax Cut, Chief Actuary Says (BNA) - Social Security trust funds and future benefits are unaffected by payroll tax cuts enacted as an economic stimulus measure, the top Social Security Administration actuary told the House Budget Committee Feb. 28.  Tax Planning for Parents of College Students  (JofA) - Help clients form a strategy from the Code's array of options. As parents plan for their children’s higher education, they may choose from an array of tax-favored savings vehicles and deductions and credits. Options include education savings plans, education credits, deduction of educational expenses, education savings bonds, education loans and other alternatives.  Senator: Facebooks Tax Actions Shocking, But Legal (Forbes) - Sen. Carl Levin (D-Mich.) today held up Facebook and its founder, Mark Zuckerberg, as examples of both “a remarkable American business success story,’’ and an “unjustified corporate loophole” for stock options that he’s been crusading to close for years.  Did You Know?... The Top 10 Slowest Animals in The World Click here for your Personalized State, Health, Travel, Sports, Entertainment, Science and World News. THE ACCOUNTANT 4-1-1 Rental Real Estate Rules and Real Estate Professionals Brief Review for 2012 Tax Season (Individuals) Social Security and Tax Planning Taxation Correspondence Audits Need Some Work, Tax Community Tells IRS Aggressive Tax Returns Can Mean Fraud Senator: Facebooks Tax Actions Shocking, But Legal Cantor’s Small Business Break Adds To Complexity Of Tax Code ? TEST YOUR TAX & ACCOUNTING KNOWLEDGE PIN when no prior year return filed - Click here to answer Have a question? Let experts and peers help you. ACCOUNTING/AUDIT Social Security Trust Funds Unaffected By Payroll Tax Cut, Chief Actuary Says February 27-29, 2012—Summary of Board Decisions—FASB/IASB Joint Board Meeting Technology Hands On with Windows 8 Consumer Preview