Nominee Questions, Service Expansion, And… TikTok
Tough questions for IRS chief counsel nominee Rollinson. Senate Republicans questioned Marjorie Rollinson on a range of issues at last week’s hearing, ranging from IRS auditing plans to administrative procedures to international tax law, Politico reported. She also voiced support for the IRS Whistleblower Program, championed at its inception by Senator Chuck Grassley (R-IA). Rollinson most recently served as the Deputy Director of Ernst & Young’s National Tax Department.
IRS expands online services for tax professionals. Forbes reports on the IRS’ continued expansion of services available through its Tax Pro Account. The account allows tax professionals to view and manage certain taxpayer information through a digital self-service portal. “As part of our transformation efforts, we will be working to add new technology and expand our relationship with the tax professional community,” IRS Commissioner Danny Werfel said. “The ongoing improvements to the Tax Pro Account are just part of a larger effort.”
Reminder: Social media is not a source of sound tax information. Misinformation runs rampant on social media platforms, but nearly 80 percent of millennials and Gen Z have used them for financial advice. Thirty-two percent cite TikTok as a preferred platform for financial information, and some even make tax decisions based on 15-second or three-minute TikTok videos. One tax professional warned that incorrect advice from social media can risk the IRS flagging their return and seeking additional taxes owed plus penalties.
No short-term tax cuts in the UK, says UK Finance Minister Hunt. The United Kingdom’s Finance Minister Jeremy Hunt, speaking at his party’s conference, ruled out tax cuts in the short term because of their potential inflationary effect. Earlier this year he agreed that tax cuts were “virtually impossible.” Hunt’s comments may shed light on Prime Minister Rishi Sunak’s Autumn Statement, which will be released next month.
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