The IRS issued temporary regulations that are designed to prevent taxpayers from misapplying the Sec. 901(m) statutory disposition rule in certain cases when a foreign asset is disposed of.
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Regulations Implement New Due-Diligence Requirements for Tax Return Preparers
Recent legislation added these requirements, which previously applied only to the earned income tax credit.
New Online Tool Allows Taxpayers to Check IRS Account Information
The IRS has launched an online tool that allows individual taxpayers to get their account balances online, including tax due, penalties, and interest.
IRS Announces Start of e-Services Re-registration
As part of its latest efforts to prevent cybercrime, the IRS said it will begin sending letters to currently registered e-Services users asking them to re-register within 30 days of the date of the letter or risk being shut out of the system.
New Rules Issued for IDRs From TE/GE Examiners
The rules, which go into effect April 1, 2017, apply to IRS examiners from the Tax Exempt/Government Entities division and specify best practices in issuing information document requests in the course of an audit.
IRS Extends Due Dates for PPACA Forms and Penalty Relief
In response to concerns from employers, insurers, and other providers of minimum essential coverage, the Internal Revenue Service announced that it is extending the due dates for certain health care forms required under the Patient Protection and Affordable Care Act.
No Delays Anticipated in 2017 Tax Filing Season, IRS Commissioner Says
IRS Commissioner John Koskinen reassured tax practitioners attending the AICPA’s National Tax Conference that the 2017 tax filing season should start on time.
Final Rules Remove 3-Year Nonpayment Testing Period for COD Reporting
The IRS finalized a proposed rule eliminating the three-year testing period for determining when debt was discharged for cancellation of debt information reporting purposes.
IRS Warns Tax Professionals of Another Email Phishing Scam
The IRS issued an “urgent alert” to tax practitioners who use IRS e-services to beware of a fraudulent email asking them to update their accounts and directing them to a fake website.
Identity Theft Safeguards to Expand for 2017
The IRS, state tax agencies, and industry partners announced expanded and improved tax return identity theft safeguards for the 2017 filing season.
IRS Finalizes Rules on Controlled Foreign Corporations
The IRS issued regulations aimed at preventing controlled foreign corporations from using partnerships to avoid Sec. 956, which requires income inclusion for certain investments in U.S. property.
2017 Pension Contribution Limits Announced
While many limits remained the same as 2016, some were raised to reflect cost-of-living increases.
Treasury Inspector General Says IRS Is Missing Billions in Backup Withholding
A report from the TIGTA found that potentially billions of dollars of revenue is being lost due to the Internal Revenue Service’s lax enforcement of the backup withholding rules.
IRS Issues 2017 Inflation Adjustments for Many Tax Provisions
The IRS issued its annual revenue procedure containing inflation-adjusted amounts for the 2017 tax year, affecting over 50 Code provisions, as well as the new tax rate tables for individuals and estates and trusts.
FASB Simplifies Financial Reporting for Income Taxes
FASB issued an accounting standard that is designed to simplify the financial reporting for the income tax consequences of intra-entity transfers other than inventory.
Social Security Administration Announces Large Increase in 2017 Wage Base
The SSA announced that the maximum amount of earnings subject to the Social Security tax will increase by more than 7% in 2017, after remaining flat in 2016.
Earnings-Stripping Rules Make Many Changes From Proposed Regs.
The new rules are part of the Treasury Department’s larger effort to curb corporate inversions.
New Rules Allow More Time to Elect to Take Disaster Loss in Prior Year
The IRS issued regulations giving taxpayers in federally declared disaster areas more time to elect to take a disaster loss on their prior year’s federal income tax return.
PTIN Class Action Lawsuit Affects All Tax Return Preparers
A class action lawsuit currently pending in a federal district court includes in its class of plaintiffs all tax return preparers who obtained or renewed a PTIN after Sept. 30, 2010.
Olympic Tax Break Enacted
Legislation excluding prize money earned by Olympians and Paralympians from gross income was signed into law.
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.
