Court refuses to throw out unauthorized disclosure suit
Court complaint sufficiently states a claim for relief despite not including information the IRS had but refused to provide taxpayers.
IRS Practice & Procedure
Treasury issues proposed regulations on Sec. 47 rehab credit
the IRS published proposed regulations regarding the Sec. 47 rehabilitation tax credit, including rules to coordinate the new five-year period over which the credit may be claimed with other special rules for investment credit property.
IRS temporarily allows e-signatures on some forms
The IRS identified a dozen forms for which is will accept e-signatures for the rest of the year. The forms covered include Form 8879, IRS e-file Signature Authorization, used for e-filing individual income tax returns.
Tools to help nonfilers receive economic impact payments
The IRS provided information and tools that tax practitioners can use to inform individuals who are eligible to receive economic impact payments but did not receive one automatically.
IRS stops sending balance-due notices, corrects payroll tax penalties
The IRS has stopped sending balance-due notices to taxpayers as it works to process its backlog of unopened mail. It is also working to correct certain erroneous penalties for some employers who reduced their payroll tax deposits to claim COVID-19 relief-related credits.
IRS begins accepting e-filing of amended individual tax returns
The IRS said it had launched its eagerly awaited program to accept Forms 1040-X, Amended U.S. Individual Income Tax Return, electronically.
IRS posts information about check processing backlog and incorrect notices
As the IRS works through its backlog of correspondence, it has posted information about checks it hasn’t cashed yet and notices that went out with incorrect dates.
TIGTA critiques IRS’s protection of taxpayer data
The IRS continues to have challenges protecting taxpayer data, and especially ensuring that its various applications provide complete and accurate audit trails, according to the Treasury Inspector General for Tax Administration (TIGTA).
Overpayment due to minimum tax credit is attributable to NOL carryback
Refund claim for overpayment caused by credit is attributable to net operating loss for purposes of the Sec. 6511(d)(2) limitation period.
Penalty defenses and the supervisory-approval requirement
Under Sec. 6751(b)(1), many penalties cannot be assessed by the IRS before written managerial approval is obtained by the immediate supervisor of the person making the initial determination of the penalties. This article discusses which penalties Sec. 6751(b)(1) applies to, when an initial determination of a penalty occurs, whose approval is required, and other issues regarding the written-supervisory approval requirement.
Professional responsibilities in the virtual age
As the COVID-19 pandemic forces firms to accelerate the adoption and overall use of virtual communication tools, practitioners need to be aware that the foundational principles of ethics and best practices still apply when using these technologies.
When deductions are permitted for restitution payments
The IRS issued regulations explaining the allowance of deductions for certain fines and penalties under Sec. 162(f) as amended by the law known as the Tax Cuts and Jobs Act.
The CARES Act and opportunities to implement changes on previously filed returns
The following discussion mostly focuses on the ability of partnerships to file amended returns and the QIP technical correction under the guidance issued in Rev. Procs. 2020-23 and 2020-25, respectively.
An update on like-kind exchanges
Recently issued proposed regs. are generally good news for property owners with plans to make Sec. 1031 exchanges.
IRS updates annual Dirty Dozen tax schemes for 2020
The IRS issued its top 12 “Dirty Dozen” tax scams, warning people to be vigilant to avoid these schemes all year round. New to the list is the “offer in compromise mills.”
IRS reinstates PTIN user fees
The IRS said it would once again begin charging fees to issue preparer tax identification numbers (PTINs) to tax return preparers for 2021. The fee was reduced in response to court cases that challenged the IRS’s authority to charge a fee.
AICPA committee updates its conflict-of-interest advice
The Tax Practice Responsibilities Committee’s updated Guidelines on dealing with conflicts of interest depend on rules found in the AICPA’s Code of Professional Conduct and Treasury Circular 230.
FDII and GILTI regulations finalized
The IRS issued final regs. on the foreign-derived intangible income deduction and the global intangible low-taxed income provisions enacted by the TCJA.
Quiz: Like-kind exchanges
This quiz tests your knowledge of the like-kind exchange rules.
PTIN fees proposed to be lower when reinstated
The IRS has proposed to lower the fee it charges for preparer tax identification numbers (PTINs) when PTIN fees are reinstated.
