Changes to the due dates and extensions of time to file various tax returns and information returns were implemented in a package of regulations the IRS issued on Wednesday.
IRS Practice & Procedure
After reviewing all 105 Treasury regulations issued in 2016 and early 2017, the Treasury Department has identified eight that cost too much, are too complex or exceed the IRS’s statutory authority.
The details of a recent data breach affecting 100,000 taxpayers were revealed in testimony before the House of Representatives Oversight and Government Reform Committee in Washington.
Practitioners should have a basic awareness of some of the unique tools the government uses to enforce employment tax laws.
Relying on a tax professional does not guarantee that the penalty will be removed for a taxpayer.
Key features include a large reduction in the corporate tax rate, fewer and lower tax brackets for individuals, and a repeal of the estate tax and the alternative minimum tax.
The 2017 appropriations bill passed by Congress includes $11.2 billion for IRS operations and enforcement. But it also includes specific directives prohibiting certain IRS conduct.
Accounting method planning that accelerates deductions or defers revenue could provide corporations with the potential to take deductions at the current rate and recognize revenue at a proposed lower rate.
The House Blueprint, if enacted, may provide incentives for certain taxpayers to merge in the future.
When multiple entities have a relationship with a worker, the determination of which entity is the “employer” can have significant additional tax consequences.
President Donald Trump signed an executive order directing the Treasury Department to review “significant” regulations that were issued in 2016 and 2017 to determine if the regulations cost too much, are too complex, or exceed the IRS’s statutory authority.
This item discusses the Fifth Amendment protection generally in tax practice and one of its important exceptions—the required-records doctrine.
It is important to understand compliance requirements should the IRS begin using the sailing permit to aid its collection efforts.
The system had been down since early June, after a federal court held that the IRS cannot charge a PTIN fee.
The government can impose a 100% trust fund recovery penalty on “responsible persons” who were required to pay over the money or who controlled the funds.
The D.C. District Court held that the IRS has the authority to require preparers to use preparer tax identification numbers (PTINs) but that it cannot charge fees for issuing PTINs.
The IRS announced that it will no longer accept checks in payment for ruling requests beginning June 15.
The IRS OPR has no authority or jurisdiction over a disbarred attorney/tax preparer or his tax preparation practice and cannot regulate his provision of tax advice, a federal district court in Nevada has held.
Taxpayers engaging in transactions involving federal excise taxes should be mindful of the documentation requirements.
A responsible person may be subject to the TFRP if it can be shown he or she willfully failed to pay the trust fund taxes due.