Wise Professional Tax education and Tax Preparation L.L.C.

IR-2012-25, Feb. 17, 2012 — The Internal Revenue Service has awarded over $9 million in matching grants to Low Income Taxpayer Clinics for the 2012 grant cycle.

IR-2012-24, Feb. 18, 2012 — The IRS has issued guidance that allows certain estates of married individuals who died during the first six months of 2011 an extension of the deadline to make the portability election.

IR-2012-23, Feb. 16, 2012 –– The Internal Revenue Service today issued its annual “Dirty Dozen” ranking of tax scams, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud.

IR-2012-22, Feb. 15, 2012 — The Internal Revenue Service updated rules on permissible communications between the Office of Appeals and other parts of the IRS.

Feb. 13, 2012 — Commissioner Shulman speaks before the Financial Accounting Foundation at the New York Stock Exchange in New York City.

FS-2012-10, February 2012 — The Administration’s fiscal year (FY) 2013 budget request for the IRS is approximately $12.8 billion, a $944.5 million increase (8%) over the FY 2012 enacted level but only a $639.3 million increase (5.3%) from the level enacted for FY 2011.

IR-2012-21, Feb. 13, 2012 — Partnerships may now provide K-1s to partners electronically.

IR-2012-20, Feb. 13, 2012 — Town hall and consultation listening meetings will be held across the country to discuss proposed guidance on possible standards for determining if a retirement plan is a governmental plan under section 414(d) of the Internal Revenue Code.

IR-2012-19, Feb. 13, 2012 — Commenters now have until March 14 to submit to the IRS their written comments regarding the application of the general welfare exclusion to Indian tribal government programs.

IR-2012-15, Feb. 8, 2012 — The Treasury Department and the IRS issued proposed regulations for the next major phase of implementing FATCA.

IR-2012-5, Jan. 9, 2012 — The IRS reopened the offshore voluntary disclosure program to help people hiding offshore accounts get current with their taxes and announced the collection of more than $4.4 billion so far from the two previous international programs.

FS-2011-13, December 2011 – This fact sheet summarizes information about federal income tax return and FBAR filing requirements for duel citizens in Canada, the United Kingdon and other countries.

The IRS is providing special transitional relief to banks and other payment settlement entities required to begin reporting payment card and third-party network transactions on new Form 1099-K.

Regulations require all paid tax return preparers to obtain a PTIN. Preparers must renew their PTIN each year by December 31. Some preparers will also soon need to pass a competency test and take continuing education courses.

Update on the new economic stimulus legislation.

There is a variety of tax breaks available to assist with the expense of higher education.

Here are some “What if” scenarios and the possible tax impact.

A collection of recent news releases, statements and other items related to IRS compliance and enforcement efforts.

IRS Commissioner Doug Shulman discusses a range of tax administration issues.

Find tax filing season statistics showing cumulative and comparative totals from the current filing season and from 2010.