A Tax Court petition electronically filed 11 seconds too late is untimely.
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Reporting & Filing Requirements
Lookback period fix should apply to all disaster relief
This item looks more closely at the IRS’s inconsistent guidance on application of the lookback period in Sec. 6511(b)(2)(A) in the case of postponed filing deadlines under Sec. 7508A and recommends steps that could be taken to provide much-needed clarification on this lookback issue.
Guidance provided for electronic filing exemptions and waivers
In a notice issued Friday, the IRS provided guidance to persons filing certain returns on how to seek religious exemptions, hardship waivers, and other administrative exemptions provided by the IRS, from electronic filing requirements.
Tax Court holds firm to deadline for petition filed after midnight Eastern time
Tax Court petition filed electronically after midnight Eastern time on the last day for filing is not timely.
Blog posts are admissible in innocent-spouse relief case
Blog posts held admissible in equitable innocent-spouse relief determination case.
Taxpayers in disaster areas of 3 states have until Oct. 16 to file returns
Taxpayers in most of California and parts of Alabama and Georgia have had their tax filing and payment deadlines further extended to Oct. 16. The postponement covers a wide variety of returns and taxes.
AICPA recommends 12 digital asset FAQs for IRS to post online
The AICPA has suggested questions and answers the IRS could post to assist taxpayers and practitioners in answering the question about digital assets that appears on Form 1040.
Real estate dealer or investor? A recent Tax Court case
This dispute in this tax case was whether the land was a capital asset or inventory.
Employer-provided and company-owned vehicles
General or special methods of valuing employer-provided vehicles are available for determining the employer’s and employee’s tax treatment of this fringe benefit.
AICPA recommends changing cryptoasset question
In a comment letter to the IRS, the AICPA recommended changes and clarifications regarding the tax treatment of cryptoassets or “virtual currency.”
Foreign earned income exclusion: Pandemic-related relief
The IRS provides relief for taxpayers who would have qualified for the foreign earned income exclusion in 2019 and 2020 but for COVID-19.
IRS extends e-filing to more 1040-series amended returns
Nonresident alien amended returns and those for Puerto Rico residents are added; superseding returns can be designated.
Cryptoassets: How should proof-of-stake rewards be taxed?
In light of the lack of guidance from the IRS and Treasury, the case for deferred recognition of income for staking rewards has recently gained traction.
Individual taxpayers must answer cryptoasset question, IRS notes
Front and center on Form 1040 is whether taxpayers had a virtual currency transaction.
Current developments in taxation of individuals
This semiannual update covers recent federal tax developments involving individuals, highlighting noteworthy IRS guidance and decisions of the Tax Court and other courts, as well as tax changes made by legislation.
Practitioners wary of IRS service lapses as tax season begins
Continuing problems in timely processing of returns and correspondence may threaten more headaches.
IRS to accept 2021 tax returns starting Jan. 24
The IRS announced the start date for tax season and that the due date for most individuals is April 18.
Seven strategies to accelerate income in response to increasing rates
Due to concern about tax rate increases, some taxpayers may be looking to accelerate income. While income acceleration does not make sense in all circumstances, this article outlines seven strategies for accelerating income when it does.
Many changes in store for Form 1040 and related schedules
This item looks at of the changes on the 2021 draft Form 1040 and related schedules to help practitioners prepare for next busy season.
Changing ways of working call for changing employment and tax policy
Annette Nellen examines possible tax policy implications as more people shed tradition work roles and become “digital nomads.”
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.
