April 2013

April 30, 2013

AICPA Makes Tax Reform Recommendations to Ways and Means Committee Working Groups

The AICPA submitted recommendations for tax reform to five of the 11 working groups the House Ways and Means Committee has formed.

April 26, 2013

Widow Avoids Jail Time and Probation in Sentencing for Offshore Account Tax Evasion

A taxpayer was sentenced to one year of probation in federal district court, following her guilty plea to charges of tax evasion, but the judge almost immediately revoked that sentence.

April 19, 2013

IRS Decides to Shut Down Completely on Furlough Dates

The IRS will close “all public-facing operations,” including toll-free operations and Taxpayer Assistance Centers, on five dates in response to the budget cuts from sequestration.

April 17, 2013

Basis Reporting for Debt Instruments and Options Is Phased-In

Final regulations implementing the basis reporting requirements under Sec. 6045(g) phase in the reporting requirements for debt instruments and transfer reporting.

April 17, 2013

Boston-Area Residents Get More Time to File Returns and Pay Tax

The IRS announced that it is extending the time for filing certain individual tax returns that were due April 15 and paying any tax due until July 15.

April 16, 2013

Witnesses Tell Senate Finance Committee Ways to Improve Tax System

Witnesses gave the Senate Finance Committee a variety of suggestions on how to fight tax identity theft and fraud, reform the tax system, and fund the IRS during a hearing on Tuesday.

April 12, 2013

A Look at the Estate Tax Provisions in the President’s FY 2014 Budget Proposal

The president’s recently released FY 2014 proposed budget contains a number of estate, gift, and generation-skipping transfer (GST) tax proposals.

April 11, 2013

Significant Decline in IRS Staff Leads to Fewer Audits

The IRS plans to expend 18% fewer staff hours auditing large businesses with assets of more than $10 million in fiscal year 2013.

April 10, 2013

President Proposes Many Tax Changes in 2014 Budget

The president’s proposed FY 2014 budget aims to raise approximately $580 billion in revenue through new taxes, limits on deductions, and other tax proposals.

April 8, 2013

Incorrect Expert Advice About Estate Return Filing Deadline Does Not Excuse Penalty

An executor who relied on his accountant’s mistaken advice that he had obtained a one-year extension of the filing due date for Form 706 was nonetheless liable for a large late-filing penalty.

April 4, 2013