IRS Releases IRSAC Annual Report

November 22, 2013

  Each year the Internal Revenue Service Advisory Council (IRSAC) releases a report outlining their advice on issues regarding tax administration called the IRSAC Anual report. This report was released on Nov 20 2013 and has some information for tax professionals that is worth reading about. This part of the IRS serves as a mentor for the larger IRS agency through public forums composed of senior IRS executives and representatives of the civic community. See below for the highlighted recommendations made in this year’s release:
  • The IRS needs sufficient funding to operate efficiently, provide timely and useful guidance to taxpayers and enforce current Law, so that respect for our voluntary tax system is maintained
  • The IRS should continue to expand voluntary correction programs to facilitate taxpayers self-reporting prior year non-compliance
  • Reducing Processing time for Form 2848, Power of Attorney and Declaration of Representative
  • Review the Transcript Request Policy for the Practitioner Priority Service (PPS) Toll-Free Line
  • Risk Assessing Large Taxpayers
  • Schedule M-3, Net Operating (Loss) Reconciliation for Corporations with Total assets with $10 million or more
  • Strategies to Increase use of On-line Payment Agreements
  • Modifications to Notice CP2030
  • Guidance to Practitioners regarding Professional Obligations
  • Treasury Circular 230 Enrollment of Former Internal Revenue Service Employees
To read the full report see IRSAC 2013 at the website. Source: IRS Newsroom, IR-2013-91