A taxpayer successfully challenged the IRS’s filing of a notice of federal tax lien against him for a trust fund recovery penalty on the basis that he did not have an opportunity to contest the liability on which the assessment underlying the lien was based.
Supreme Court Declines to Hear Historic Boardwalk Rehabilitation Credit Case
The Supreme Court declined to hear an appeal of a decision denying historic rehabilitation credits for a state authority’s partnership with a company to redevelop the Atlantic City historic Boardwalk Hall.
Switzerland Proposes Allowing Banks to Resolve U.S. Tax Evasion Cases
Switzerland would allow its banks to disclose data about account holders to the Justice Department under a bill that will be introduced in the Swiss parliament.
Supreme Court Resolves Circuit Split on Creditability of U.K. Tax
The U.S. Supreme Court held that the United Kingdom’s windfall profits tax imposed on newly privatized businesses was creditable against U.S. taxes under Sec. 901.
Oklahoma Tornado Victims Get Tax Filing and Payment Extensions
The IRS announced relief from filing and payment deadlines for victims of Monday’s destructive tornadoes in Oklahoma.
IRS Sends Letters to Taxpayers as It Tries to Close out Inventory of Form 3520 Processing Issues
The IRS plans over the next few months to send out letters to taxpayers as it attempts to close out outstanding inquiries/correspondence involving Form 3520 prior processing issues.
President Names New Acting IRS Commissioner
President Barack Obama on Thursday named Daniel Werfel acting commissioner of the IRS.
IRS Gives Details of Operations on Furlough Dates
The IRS issued a news release detailing how shutting down on furlough dates will affect operations.
Acting IRS Commissioner Out in Tea Party Scandal
President Barack Obama announced the departure of Acting IRS Commissioner Steven Miller as a result of the ongoing scandal surrounding the IRS’s controversial methods for determining which organizations applying for Sec. 501(c)(4) status warrant further review.
Justice Department Opens Criminal Probe of IRS Treatment Tea Party Groups
Attorney General Eric Holder announced that the Justice Department has opened a criminal probe of the IRS and its reported scrutiny of tax-exemption requests by groups with the words “tea party” or “patriot” in their names.
Final Regulations for Sec. 336(e) Elections Are Issued
The IRS issued final regulations on the rules that apply when an election under Sec. 336(e) is made.
Schedule M-3 Filing Requirement Reduced for Entities Below $50 Million in Assets
The IRS announced changes in the filing requirements for Schedule M-3, Net Income (Loss) Reconciliation, for certain corporations and partnerships.
U.S., U.K., and Australia Announce Cooperative Venture Against Tax Evasion
The U.S., Australia, and the U.K. have obtained information about a large number of trusts and companies holding assets on behalf of residents throughout the world and plan to share that information with other countries’ tax authorities.
IRS Will Not Seek Taxpayer Emails Without a Warrant
The IRS announced a new policy regarding how it will request emails from internet service providers.
Final Regs. Permanently Extend Period to Receive Disclosure Authorization
The IRS issued final regulations extending from 60 days to 120 days the permitted period for submission of taxpayer authorizations allowing disclosure of returns and return information to third-party designees.
Final Rules Require EIN Updates
The IRS issued final regulations requiring taxpayers that obtain EINs to update their information with the IRS.
How Can Theft Prevention, Reporting, and Return Filing Be Improved?
An IRS Oversight Board hearing explored ways to combat fraud and improve tax administration.
GAO: “Quiet Disclosures” of Foreign Accounts Potentially Much Higher Than IRS Detected
More than 10,000 taxpayers showed signs of having avoided offshore penalties by making “quiet disclosures” of foreign bank accounts for tax years 2003 through 2008, the GAO reported.
HSA Inflation Adjustments Issued for 2014
The IRS issued the inflation-adjusted figures for the annual contribution limitation for HSAs and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans for calendar year 2014.
Tokyo, Hong Kong Again Top IRS High-Cost Housing List
The IRS listed 288 places as having allowable foreign housing exclusions above the otherwise applicable limitation for 2013 of $29,280.
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
