IRS Issues Proposed Regs on CFCs with GILTI Inclusions
Delayed Effective Date and Guidance on Phase-in Period for Dividend Equivalent Regs

TIGTA Report on Third-Party Authorization Forms

The Treasury Inspector General for Tax Administration (TIGTA) recently issued a report titled “Improved Procedures are Needed to Prevent the Fraudulent Use of Third-Party Authorization Forms to Obtain Taxpayer Information.” While tax preparers support measures to combat identity theft, TIGTA’s recommendation for the Power of Attorney (POA) process is that the IRS mail letters to taxpayers to confirm third-party access and only validate a POA upon receipt of a return mail authorization. This could hinder an already sluggish verification system and deny taxpayers the right to due process and counsel during a difficult time. TSCPA’s Federal Tax Policy Committee is considering responding to this concern.


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