The South Carolina Department of Revenue is providing affected taxpayers a year of credit monitoring after a hacker stole information including 3.6 million Social Security numbers and 387,000 credit and debit card numbers from its computer systems.
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IRS Delays Oct. 31 Deadlines for Taxpayers and Preparers Affected by Hurricane Sandy
The IRS announced it is granting taxpayers and tax preparers affected by Hurricane Sandy until Nov. 7 to file returns and accompanying payments normally due on Oct. 31.
FATCA Prop. Regs. Amended to Extend Various Deadlines
The IRS is delaying various FATCA-related deadlines because it has received feedback that complying with the original deadlines is difficult for some taxpayers.
IRS Announces Inflation Adjustments for 2013
The IRS released its annual revenue procedure making inflation adjustments to the gift tax annual exclusion and other items for tax years beginning in 2013.
TIGTA: IRS Pays Millions in Unnecessary Interest on NOL Carrybacks
TIGTA found that IRS delays in processing NOL carrybacks result in the IRS’s paying millions of dollars in interest unnecessarily
New Yorkers Should Act Now to File Protective Refund Claims for MTA Tax
Time is running out for taxpayers who paid New York’s metropolitan commuter transportation mobility tax when it was first imposed in 2009 to file protective refund claims in the wake of the tax’s being declared unconstitutional.
Dozens Indicted on Stolen Identity Tax Refund Fraud Charges
Federal officials in Miami announced indictments of 40 people in 20 cases for stolen identity tax refund fraud.
Whistleblower’s Claim Is Not Entitled to Tax Court Review
The Tax Court held that it could not order the IRS to reopen an individual’s whistleblower claim under Sec. 7623(b), and the court dismissed his petition.
IRS Issues Interim ITIN Procedures for 2011 Tax Returns on Extension
The IRS has posted special instructions for certifying acceptance agents to use in certifying identification documents for 2011 tax year filers who are filing on extension—returns that are due by Oct. 15, 2012.
TIGTA Shines Light on Large Tax Delinquencies of Federal Government Agencies
TIGTA found that 70 federal agencies had unpaid employment taxes totaling $14 million, and 18 federal agencies were delinquent in filing 39 employment tax returns, as of Dec. 31, 2011.
Special Per Diem Rates Updated for 2012–2013
The IRS issued the annual update of special per diem rates for use in substantiating certain business expenses taxpayers incur when traveling away from home.
Tax Court Defines Gross Receipts for the Research Credit
The Tax Court clarified that nonsales income is included in gross receipts for purposes of the Sec. 41 research credit.
PTIN Information Release Concerns Aired
The AICPA has expressed concerns to the IRS about the IRS’s public release of information of CPAs and other federal tax return preparers the IRS collects as part of its PTIN registration requirement.
Draft Instructions to Form 706 Provide Guidance on Portability Election
Draft Form 706 instructions provide guidance for electing the portability of a deceased spouse’s unused estate tax exclusion amount and for the executor’s use of the check box to opt out of electing portability of the unused portion of the exclusion amount.
U.S. Attorneys Are Authorized to Fight Stolen Identity Refund Fraud
In an effort to better combat crimes involving stolen identities and tax refund fraud, the Justice Department is changing the procedures it uses to handle such cases.
Corporate Equity Reduction Transaction Guidance Issued
The IRS issued proposed regulations governing the availability of NOL deductions that are attributable to corporate equity reduction transactions.
IRS Proposes Changes to Circular 230 Rules Governing Written Tax Advice
The IRS released proposed regulations that would eliminate the complex rules in Circular 230 governing covered opinions.
AICPA Urges Congress to Quickly Fix Tax Cliff
In written and oral testimony, Jeffrey Porter, CPA, addressed the impact of tax uncertainty in several areas and made recommendations on behalf of the AICPA for alleviating some of that uncertainty.
Publicly Traded Property Defined for Determining Issue Price of Debt Instruments
The IRS issued final regulations defining “publicly traded property” to determine the issue price of a debt instrument.
Use of Wrong Delivery Service Results in Dismissal of Tax Court Petition
Taxpayers who chose the wrong type of FedEx delivery service did not get the benefit of the timely mailing/timely filing rule and as a result had their petition dismissed.
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.
