Daily Tax Update - May 21, 2014: IRS and Free File Alliance Renew Partnership

IRS AND FREE FILE ALLIANCE RENEW PARTNERSHIP:  The IRS and the Free File Alliance, have signed a one-year extension for their partnership that makes free tax software available to taxpayers.   According to the IRS, “Free File is the free federal tax preparation and e-file service offered through brand-name software or online fillable forms. The software is available for taxpayers who earn $58,000 or less, which is 70 percent of taxpayers. Free File Fillable Forms is available to taxpayers who earn more than $58,000 and who are comfortable preparing their own federal return.”

Free File has helped millions of taxpayers prepare their taxes, and we look forward to continuing this important program," said IRS Commissioner John Koskinen. "The Free File program saw increased use this year, a reflection of the value of this innovative effort."

Free File is still available through October 15 for extension filers at www.irs.gov/freefile.

TAX BILLS INTRODUCED MAY 20TH:

1. [113rd] H.R.4679 : To amend the Internal Revenue Code of 1986 to modify the rules relating to inverted corporations. Sponsor: Rep Levin, Sander M. [MI-9] (introduced 5/20/2014)      Cosponsors (9) Committees: House Ways and Means Latest Major Action: 5/20/2014 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


2. [113rd] H.R.4691 : To amend the Internal Revenue Code of 1986 to modify the tax rate for excise tax on investment income of private foundations. Sponsor: Rep Paulsen, Erik [MN-3] (introduced 5/20/2014)      Cosponsors (1) Committees: House Ways and Means Latest Major Action: 5/20/2014 Referred to House committee. Status: Referred to the House Committee on Ways and Means.


3. [113rd] S.2355 : A bill to amend the Internal Revenue Code of 1986 to exclude certain compensation received by public safety officers and their dependents from gross income. Sponsor: Sen Ayotte, Kelly [NH] (introduced 5/20/2014)      Cosponsors (None) Committees: Senate Finance Latest Major Action: 5/20/2014 Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.


4. [113rd] S.2360 : A bill to amend the Internal Revenue Code of 1986 to modify the rules relating to inverted corporations. Sponsor: Sen Levin, Carl [MI] (introduced 5/20/2014)      Cosponsors (19) Committees: Senate Finance Latest Major Action: 5/20/2014 Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.