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.
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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The IRS notified tax practitioners who did not re-register their e-Services accounts that their accounts are no longer active.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.
Centralized Partnership Audit Rules Proposed
The IRS released a package of proposed provisions that will apply to the recently enacted centralized audit regime that generally assesses and collects tax at the partnership level.
IRS Proposes Changes to Rules for Dependents
The IRS proposed changes to various rules affecting dependents, including changing its position on when taxpayers count as “childless” for purposes of the earned income tax credit.
IRS Permits Same-Sex Couples to Recalculate Marital Exclusion Amounts
The IRS spelled out the procedures same-sex married couples should use to recalculate the transfer-tax treatment for property transferred to spouses before the U.S. Supreme Court invalidated Section 3 of the Defense of Marriage Act.
Inflation Adjustments for 2017 Issued for Employer-Provided Vehicles
The IRS released its annual notice containing the 2017 inflation-adjusted amounts for the maximum vehicle values to determine the amount that is included in employees’ income for personal use of an employer-provided vehicle.
Account Transcripts Can Substitute for Estate Tax Closing Letters
Account transcripts that contain a specific transaction code and wording can serve as the equivalent of an estate tax closing letter.
Guidance Issued on De Minimis Safe Harbor for Information Returns/Payee Statements
The IRS issued a notice that provides the requirements for a payee to make an election to not have the safe harbor for de minimis errors on information returns below certain amounts apply to a payer.
Eligibility Rule Waiver Extended for Taxpayers Adopting Repair Regs.
The IRS extended for one year its waiver of the eligibility rule that generally prevents taxpayers from using the automatic accounting method change procedures to change the treatment of the same item more than once within a five-year period.
Law Allows Combat-Injured Veterans to Recover Improperly Withheld Taxes
Veterans with combat-related injuries will get relief from improperly withheld taxes under legislation signed into law by President Barack Obama.
FinCEN Grants Permanent Automatic Extensions for FBARs
Starting this year, FBARs have a new, April 15 due date, with extensions to Oct. 15.
Despite PATH Act, Some Tax Provisions Expire at End of 2016
The expiring provisions include tax incentives for individuals and businesses, as well as several energy provisions.
Final Rules on Sec. 367 Transfers of Intangibles Apply Retroactively
The IRS issued regulations finalizing proposed rules issued in 2015 that govern certain transfers of goodwill and going concern value to foreign corporations in nonrecognition transactions under Sec. 367.
Congress Enacts Law Allowing HRAs Under the Affordable Care Act
The Senate passed the 21st Century Cures Act, which, among other things, permits certain employers to offer health reimbursement arrangements to employees without running afoul of the Patient Protection and Affordable Care Act’s market reform provisions.
Standard Mileage Rates for 2017 Are Announced
The IRS issued the 2017 standard mileage rates for determining the deductible costs for operating a vehicle for business, medical, charitable or moving purposes.
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.
