Virtual tax audits via video conferencing may be coming soon - News and Current Events | futures trading

Go Back

> Futures Trading, News, Charts and Platforms > Traders Hideout > News and Current Events

Virtual tax audits via video conferencing may be coming soon
Started:April 5th, 2012 (09:52 PM) by kbit Views / Replies:178 / 0
Last Reply:April 5th, 2012 (09:52 PM) Attachments:0

Welcome to

Welcome, Guest!

This forum was established to help traders (especially futures traders) by openly sharing indicators, strategies, methods, trading journals and discussing the psychology of trading.

We are fundamentally different than most other trading forums:
  • We work extremely hard to keep things positive on our forums.
  • We do not tolerate rude behavior, trolling, or vendor advertising in posts.
  • We firmly believe in openness and encourage sharing. The holy grail is within you, it is not something tangible you can download.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community. It's free and simple, and we will never resell your private information.

-- Big Mike

Thread Tools Search this Thread

Virtual tax audits via video conferencing may be coming soon

Old April 5th, 2012, 09:52 PM   #1 (permalink)
Elite Member
Aurora, Il USA
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
kbit's Avatar
Posts: 5,839 since Nov 2010
Thanks: 3,275 given, 3,321 received

Virtual tax audits via video conferencing may be coming soon

The dreaded process of getting an audit could soon take place over a computer screen in the comfort of your living room.

In what could be an indication of things to come, the IRS launched a pilot program at the end of last year that allows taxpayers to use two-way video conferencing for assistance with tax questions and problems.

The Taxpayer Advocate Service, an independent watchdog arm of the IRS, is already calling for the agency to expand to virtual audits. The IRS says it needs to evaluate the success of the pilot program before making a decision.

The pilot program is currently being tested in 12 locations, where taxpayers needing assistance can log into a computer enabled with video-conferencing. They can then talk to an IRS agent who pops up on the screen to discuss whatever issues they're having -- whether it's help preparing a tax form or a question about a refund.

TAS is also piloting a virtual assistance program. And Nina Olson, the head of TAS, wrote in a blog post this week that this technology has the potential to "radically transform" the current audit process -- eventually allowing taxpayers to use their personal computers to video conference with an IRS examiner.

To schedule an audit, the IRS would send a taxpayer a sign-in code so they could then log in to the meeting from a home or office computer. Documents could be transmitted by simply scanning them with a computer's built-in camera.

This could one day replace the need for correspondence audits, which are the letters the IRS currently sends taxpayers in the mail asking questions or requesting more information.

To save costs, the IRS has become increasingly reliant on correspondence audits instead of summoning taxpayers for in-person meetings. But TAS says that these audits receive fewer responses and that many of the taxpayers dealt with these audits don't understand how they work, default on payments and get hit with penalties.

Plus, with correspondence audits a specific representative typically isn't assigned to a case, leaving many taxpayers without a point person to ask questions or to contact with concerns.

Virtual audits could eliminate the confusing paperwork and recreate a face-to-face meeting via computer.

Doing this would also help taxpayers better understand why they are being audited and what additional information is needed, said Olson. It would also help the IRS obtain the accurate information it needs and help the agency view taxpayers as more than just tax returns, she said.

The IRS's virtual assistance pilot program is scheduled to continue through the 2012 filing season and end in May. Office locations include Colorado Springs, Colo., Fresno, Calif. and Utica, N.Y.

Once the program is completed, the IRS will evaluate its performance. So far, it said the pilot has allowed it "to maximize our current resources, by expanding hours of service in remote locations and balancing the workload in high-traffic areas." But it wouldn't say whether it is considering using this same technology for audits.

"The initial focus of virtual delivery is on taxpayer service. We're still in the middle of the pilot and still assessing the results," the IRS said in a statement. "It's premature to speculate about future steps."

Virtual tax audits via video conferencing may be coming soon - Yahoo! Finance

Reply With Quote

Reply > Futures Trading, News, Charts and Platforms > Traders Hideout > News and Current Events > Virtual tax audits via video conferencing may be coming soon

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Upcoming Webinars and Events (4:30PM ET unless noted)

An Afternoon with FIO trader bobwest

Elite only

NinjaTrader 8: Programming Profitable Trading Edges w/Scott Hodson

Elite only

Anthony Drager: Executing on Intermarket Correlations & Order Flow, Part 2

Elite only

Adam Grimes: Five critically important keys to professional trading

Elite only

Machine Learning Concepts w/FIO member NJAMC

Elite only

MarketDelta Cloud Platform: Announcing new mobile features

Dec 1

NinjaTrader 8: Features and Enhancements

Dec 6

Similar Threads
Thread Thread Starter Forum Replies Last Post
virtual private server in Chicago ? sam028 The Elite Circle 76 April 4th, 2015 10:24 AM
Virtual Private Servers dgresens Vendors and Product Reviews 8 July 26th, 2012 01:23 PM
Audits begin at Apple's Chinese supplier plants GridKing News and Current Events 0 February 13th, 2012 02:01 PM
Confidential Federal Audits Accuse Five Biggest Mortgage Firms Of Defrauding Taxpayer kbit News and Current Events 1 May 16th, 2011 11:01 PM
Emulate Virtual Chart? Curbfeeler NinjaTrader 2 March 30th, 2010 05:51 PM

All times are GMT -4. The time now is 04:43 PM.

Copyright © 2016 by All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts

Page generated 2016-10-23 in 0.07 seconds with 20 queries on phoenix via your IP