Eligible small businesses can apply a portion of their research and development credit against their payroll tax liability, starting with 2016 tax years, under a new provision enacted in 2015.
Advertisement
Rules proposed for accounting method changes to reflect FASB revenue recognition standards
The IRS is asking for comments on proposed procedures for requesting consent to make accounting method changes to reflect FASB’s new revenue recognition standards.
IRS issues 2017 car and truck depreciation limits
The IRS released the inflation adjustments to the depreciation limits for cars and trucks used for business purposes in 2017.
Amazon wins multimillion dollar transfer-pricing dispute with IRS
The Tax Court held that Amazon.com had properly valued transfers of intangibles under a cost-sharing arrangement with its Luxembourg subsidiary.
Disbarred tax preparer not subject to IRS jurisdiction
The IRS Office of Professional Responsibility 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.
SB/SE Fast Track Settlement program made permanent
The IRS has formally established the Small Business/Self Employed Fast Track Settlement program (SB/SE FTS), formerly a pilot program, and modified the rules for the program.
No tax fraud for issuing Form 1099, Seventh Circuit holds
An insurance broker who issued a Form 1099 to a payee who never cashed the check for the payment reported on the 1099 did not commit tax fraud, the Seventh Circuit held, reversing a decision by an Illinois federal district court.
Taxpayers affected by winter storm get more time to file business return extensions
The IRS announced that it would grant “eligible taxpayers” who are affected by this week’s winter storm on the East Coast extra time to file their requests for filing extensions.
IRS takes down student financial aid data retrieval tool
The IRS announced that has taken down its tool for retrieving tax return data used to complete the Free Application for Federal Student Aid.
Proposed PPACA replacement bills contain many tax changes
The draft proposals to repeal the Affordable Care Act released by House Republicans evening would make many tax changes if enacted. Here’s a look at their impact on the tax code.
Some individuals mistakenly received the advance premium tax credit
Health care exchanges failed to properly verify the identity and eligibility of all individuals who received the advance premium tax credit, the Treasury Inspector General for Tax Administration reported.
Dirty Dozen top tax scams led by phishing schemes
The IRS issued its roundup of the 12 biggest tax scams that taxpayers should watch out for this filing season.
Failure to report health coverage will not cause tax return rejection
The IRS issued guidance on how it will treat individual income tax returns that do not indicate whether the taxpayers had health insurance coverage.
IRS confirms 6-month extensions for calendar-year C corps.
The IRS posted to its website confirmation that it is allowing calendar-year C corporations a six-month filing extension, despite statutory language that specifies a five-month extension for calendar-year C corporations.
IRS alerts practitioners of e-Services account suspensions
The IRS notified tax practitioners who did not re-register their e-Services accounts that their accounts are no longer active.
Tax practitioners’ information will soon be available at IRS website
The IRS announced that it will soon post online the registration information of practitioners who have preparer tax identification numbers, and the information will be available without charge to the public.
Driver’s license information now required on some state e-filed returns
Tax return preparers are discovering that some state income tax returns for 2016 require information from a taxpayer’s driver’s license or state-issued identification card information before the returns can be e-filed.
New Form 990-EZ Has Help Icons to Aid Exempt Organizations in Filing
The IRS announces new Form 990-EZ with help icons to assist organizations with accurate filing .
Seventh Circuit Holds That Taxpayer Filed Timely Tax Court Petition
The Seventh Circuit Court of Appeals reversed and remanded the taxpayer’s case back to the Tax Court after finding that the taxpayer, whose lawyers used a self-printed postal label, had met the timely mailing/timely filing requirement.
IRS Amends Form Instructions for AMT Depreciation Changes
The IRS announced that it has updated various 2016 form instructions to reflect changes to AMT adjustments made by the PATH Act.
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.
