Browsing: IRS

Mortgage

A bipartisan group of lawmakers — led by Rep. Gregory Meeks (D-N.Y.) and including House Ways and Means Committee Chairman Kevin Brady (R-Texas) — wrote to the Internal Revenue Service yesterday to express concerns about recent changes to the IRS’ tax transcript processing system that could result in significant delays for consumers when attempting to purchase or refinance a home.

Mortgage

In a comment letter with nine trade associations on Friday, ABA urged the IRS to take immediate steps to fix problems with the tax transcript process that could result in significant delays for consumers attempting to purchase or refinance a home.

Newsbytes

The IRS yesterday formalized previously announced plans to allow withholding agents more time to meet requirements of obtaining foreign taxpayer identification numbers — or a reasonable explanation for not having one — and dates of birth on required documentation for foreign customers.

Newsbytes

The Department of Labor yesterday issued a request for information on the fiduciary rule as part of its ongoing review of the rule in response to an executive order by President Trump.

Newsbytes

In a letter today to Labor Secretary Alexander Acosta, a group of more than 100 Republican lawmakers called for a delay to the fiduciary rule, which expands the definition of “fiduciary” under the Employee Retirement Income Security Act and the Internal Revenue Code.

Compliance

The Internal Revenue Service’s seizure program for allegedly structured business deposits swept up millions of dollars in legally sourced funds that were not returned to their owners, according to a major report from the IRS’s independent inspector general.