The Internal Revenue Service ( Irs ) Essay - 957 Words

Intermediate Sanctions The Internal Revenue Service (IRS) maintains strict governance of charitable organizations with whom receive their tax exempt status under IRC Sec. 501(c)(3). Organizations classified under IRC Sec. 501(c)(3) are monitored by the IRS for transactions with disqualified individuals in which benefits provided by the organization exceed the consideration received by said organization (IRS, 2015). Additionally, transactions determined to be in will result in sanctions levied against the individuals who received financial benefit from those transactions. Determination of Intermediate Sanctions Disqualified individuals who conduct transactions with organizations who receive tax exempt status under IRC Sec. 501(c)(3) are those who maintain extensive influence over the organizations’ businesses matters. Such transactions would result in compensation in excess of industry standards, sales of assets to said organizations at grossly reduced prices, and unreasonable lease agreements (Reck, Lowensohn, Wilson, 2013). Upon determinacy of transactions in violation, the IRS levies intermediate sanctions upon the disqualified individuals and organizations. Intermediate sanctions are levied under two tiers. The first tier of sanctions levied upon the disqualified individual consists of repayment of surplus remunerations and taxation of 25 percent of said remunerations. Additionally, the organization receives a penalty of 10 percent of the surplusShow MoreRelatedThe Internal Revenue Service ( Irs )2781 Words   |  12 PagesThe Intern al Revenue Service (IRS) is part of the Department of the United States Treasury. It is one of the most efficient tax administrators in the world. During fiscal year 2012, the IRS $2.5 trillion in revenue and processed 237 million tax returns. For every $100 it collected in fiscal year 2012, the IRS spent a mere 48 cents. The mission of the IRS is to provide U.S. taxpayers a top quality service by helping them pay their taxes, enforce the laws regarding taxes, and assist taxpayers withRead MoreThe Internal Revenue Service ( Irs )3367 Words   |  14 PagesIntroduction Congress created the Internal Revenue Service (IRS) in 1862 mainly to administer and to enforce internal revenue laws and related statutes. The purpose of the IRS is to help taxpayers understand tax law and to be responsible for their tax obligations. In 2000, it processed 226 returns and collected $2 trillion tax dollars. The cost is 39 cents for each $100 collected. The President appoints the chief executive of the IRS, the Commissioner. Then, the Senate approved the appointmentRead MoreThe Internal Revenue Service ( Irs )2467 Words   |  10 Pages The Internal Revenue Service (IRS) suffered a cyber-attack, this attack compromised millions of tax payers sensitive information. This exploited vulnerabilities on the IRS site and infrastructures. Cyber-thieves responsible for a large IRS data breach stole as much as $39 million by filing fraudulent tax refunds after gaining access to taxpayer information, the head of the nation s tax agency told Congress Tuesday. There was no record for any 2015 tax filing for an additional 33,000 taxpayersRead MoreAnalysis Of The Internal Revenue Service ( Irs )923 Words   |  4 PagesFurther Analysis of IRS Requirements Introduction Under the Internal Revenue Service (IRS) donee and Donor information requirements are important for a 501(c)(3) nonprofit organizations. Charitable organizations failing to obey to these IRS regulations are subject to penalties and other related legal actions. Regulations issued by Internal Revenue Service (IRS) concerning how to file form 8282 donee, Information Returns (Sale Exchange or Other Disposition of Donated Property and form 8283 NoncashRead MoreTax Code Regulations And The Federal Government Through The Internal Revenue Services ( Irs )827 Words   |  4 Pagesinstitutions, churches or other nonprofit organizations including what is often deemed as charitable (Lavarda, 2009). There are two main reasons that an organization will seek to attain a tax-exempt status with the federal government through the Internal Revenue Services (IRS). First, is to provide for their beneficiaries a tax-deductible contribution, which allows taxpayers benefits when paying their federal incom e taxes and secondly, simply is for organizations the ability to not pay federal income taxesRead MoreThe History Of The Irs1406 Words   |  6 PagesThe History of the IRS The IRS has a long history of enforcing various form of taxes and a variety of regulation in the United States of America. In fact, federal agencies such as the Bureau of Alcohol, Tobacco and Firearms began as part of the IRS before separation onto its own agency. Below is a brief timeline of the origins of the IRS and subsequent events that transformed it into the agency it is today: 1862 - President Lincoln signed into law a revenue-raising measure to help pay for CivilRead MoreA Brief Note On The Internal Revenue Service1153 Words   |  5 PagesThe Internal Revenue Service is trying to preserve and protect the availability, confidentiality, integrity, authentication, authorization and security controls of all employees and also the taxpayers. In the context of IRS information security, availability is generally expressed as the amount of time users can use a system, application and data, where user refers employees and taxpayers. Integrity refers the validity and accuracy of data. For IRS, data and information are intellectual propertyRead MoreThe Federal Reserve - Their Collection Agency the Irs - and the Big Lie!1068 Words   |  5 Pagesdocumented and is presented for your review and edification. Do not try to fight the IRS in federal court, you will not win. The deception runs rampant throughout the executive, legislative and judicial branches. Now let us begin with the admission of the US attorney general that the IRS is not an agency of the Federal Government. What they actually admit it?...why yes they do in (Diversified metal Products v. IRS etal. CV-93-405E-EJE U.S.D.C.D.I.) You can click on the citation for a completeRead MoreData Security1440 Words   |  6 PagesINTERNAL REVENUE SERVICE 10 Data Security Who has access to your tax data? Nikki Davis Abstract In this tax season, when billions of dollars and tons of personal information is relayed to and from the government, its more than disconcerting to hear that the Internal Revenue Service is still struggling to keep private information secure. The purpose of my study is to improve the safeguard of taxpayers’ data at the Internal Revenue Service. Due to the fact that firewalls are in placeRead MoreThe Us Transfer Pricing Regulations951 Words   |  4 PagesDiscuss the US transfer pricing regulations, including advances pricing agreements, arms length standard, and methods allowed to determine comparable prices. - 60 The US transfer pricing regulations, as outlined in Section 482 of the Internal Revenue Code, are similar to the Organization for Economic Co-operation and Development (OECD) guidelines. They have a commitment to the arm s length principle, as do many other countries worldwide who use it as a basis for bilateral treaties between governments