Ever dreamed of telling the taxman what he can do with itemized deductions? Here’s your chance.
The Internal Revenue Service is looking for volunteers from Tennessee – and several other states – willing to serve on a federal advisory committee that will recommend ways to improve IRS service.
Volunteers must be willing to commit up to 500 hours during the year and pass an FBI criminal background check. And, committee members must be current on their federal taxes. The deadline to apply is April 27.
“The document explains many of the common frivolous arguments made in recent years and it describes the legal responses that refute these claims. It will help taxpayers avoid wasting their time and money with frivolous arguments and incurring penalties,” the IRS says in a press release.
Like I said, the feds really don’t have a sense of humor.
The IRS today announced a bit of good news for employers and employees. That’s a sentence you rarely read.
As a result of the Affordable Care Act, “health coverage provided for an employee’s children under 27 years of age is now generally tax-free to the employee,” according to a press release.
What this means is that companies with cafeteria plans can allow employees “to begin making pre-tax contributions to pay for this expanded benefit,” the IRS said. The release defines cafeteria plans as those “that allow employees to choose from a menu of tax-free benefit options and cash or taxable benefits.”