Daily Tax Update - May 22, 2014: IRS Outlines Benefits of "Direct Pay" Program

THE DAILY TAX UPDATE WILL BE PUBLISHED ON A PERIODIC BASIS UNTIL CONGRESS RETURNS JUNE 9TH

IRS OUTLINES BENEFITS OF “DIRECT PAY” PROGRAMThe IRS said that “more than 150,000 taxpayers have paid more than $340 million in taxes through the new IRS Direct Pay system.”  The program allows taxpayers to pay their tax bills or make estimated tax payments directly from checking or savings accounts without any fees or pre-registration.  According to the IRS, “To date, more than 150,000 taxpayers have paid more than $340 million in taxes through the new IRS Direct Pay system. With IRS Direct Pay, taxpayers receive instant confirmation that the payment has been submitted, and the system is available 24 hours a day, 7 days a week.”

“IRS Direct Pay reflects our latest effort to add more online tools to provide additional service options to help taxpayers,” said IRS Commissioner John Koskinen. “IRS Direct Pay simplifies the payment process, and taxpayers can make a payment from the convenience of a home computer.”

MISCELLANEOUS GUIDANCE RELEASED:
Revenue Procedure 2014-32 describes a one-year pilot program to help small businesses with retirement plans that owe penalties for not filing reporting documents.