The Tax Court disallowed a taxpayer’s claimed loss, which consisted of payments owed him for services he provided to a company that was part of a Ponzi scheme.
The new rules generally require taxpayers filing claims for refund or credit to file their claim with the IRS service center at which the taxpayers currently would be required to file a tax return for the type of tax to which the claims relate.
During some of the busiest weeks of tax season, less than one caller in 10 to the IRS’s Taxpayer Protection Program phone line was able to reach IRS staff for assistance, according to Nina Olson, the national taxpayer advocate.
The Trade Preferences Extension Act of 2015 contains tax provisions in addition to the trade measures that were the focus of the bill.
The Supreme Court upheld the availability of premium tax credits under Sec. 36B when they are provided through health exchanges run by the federal government.
The IRS issued proposed regulations implementing Sec. 529A, which authorizes states to offer specially designed tax-favored accounts for the disabled (ABLE accounts).
The IRS issued the inflation-adjusted figures for calendar-year 2016 for the annual contribution limits for HSAs and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans.
An individual who may enroll in a CHIP buy-in program that has been recognized as minimum essential coverage by HHS will be treated as eligible for minimum essential coverage under the program for purposes of the premium tax credit only for the period the individual is enrolled.
The number of taxpayer phone calls answered by the IRS dropped significantly during this tax season and call wait times were up.
To ease the filing burden for taxpayers who received late or incorrect Forms 1095-A, the IRS announced that it will provide penalty relief for taxpayers.
A long-haul truck driver who spent most of the time on the road did not have a tax home that would allow him to deduct his unreimbursed travel expenses because he was not away from home, the Tax Court held.
The IRS announced on Tuesday that state ABLE programs that are established before the Service issues guidance under Sec. 529A will be deemed to comply with the rules when they are issued.
A proposed revenue procedure would permit gamblers engaging in electronically tracked slot machine play an optional safe harbor method to determine a wagering gain or loss from their slot machine play based on day-long play sessions.
The Treasury Department announced on Tuesday that taxpayers do not have to file amended returns if they already filed their 2014 tax returns relying on forms sent by the government that contained incorrect information about their health coverage and any advance premium tax credit they received.
The government announced that many taxpayers who signed up for health insurance on the site have received an incorrect Form 1095-A for 2014. It also announced an extension of time for uninsured taxpayers to sign up for insurance on the website.
The IRS will provide automatic penalty relief for taxpayers who, when they reconcile advance payments of the premium tax credit they received for 2014 to the amount of the credit they are entitled to on their income tax returns, find they owe additional tax.
The IRS announced that it will develop regulations under Sec. 414(d) that would permit a state or local retirement system that qualifies as a governmental plan to cover employees of charter schools.
President Barack Obama used Tuesday’s State of the Union address to announce that he will propose tax increases for higher-income individuals and provide tax relief for middle-class taxpayers.
Taxpayers who are faced for the first time this tax season with complying with the health care law provisions will be able to get help from the government, the secretaries of the Treasury and of Health and Human Services announced.
President Barack Obama on Friday signed into law the Tax Increase Prevention Act of 2014, which retroactively extends more than 50 expired tax provisions through 2014.