IRS launches 'Tax Pro Account' feature
A new online portal automates the submission of powers of attorney and tax information authorizations, and there are plans to expand its functionality over time.
IRS Practice & Procedure
Last of the 'Dirty Dozen': Schemes peddled by tax promoters
The IRS warns taxpayers of unscrupulous tax promoters in the fourth installment of its annual list of common tax scams.
Bank information can now be updated on child tax credit portal
The IRS announced that is has added a new feature to its Child Tax Credit Update Portal to allow individuals to enter bank information so they can receive advance child tax credit payments by direct deposit.
Generic drug manufacturer can deduct patent infringement suit expenses
Legal expenses for notice letters required as part of an application to the FDA for permission to produce and market generic drugs are capitalizable, but legal expenses for patent litigation as a result of certain certifications made during the approval process are deductible.
Sorting the tax consequences of settlements and judgments
This article discusses issues taxpayers should consider during a litigation or arbitration process.
Failure-to-deposit penalty when tax is not withheld on payments of US-source income
This item provides an overview of potential penalties and presents an argument as to why the Sec. 6656 failure-to-deposit penalty may not apply in some instances.
Superseding returns and statutes of limitation
CARES Act provisions on net operating losses place new spotlight on the effect of filing superseding returns.
Penalty relief for Forms 5471, 5472, and 8865
Various options are available for mitigating penalties for noncompliance with foreign return filing requirements.
E-signing extended, new forms added
In response to the coronavirus pandemic, the IRS issued guidance extending the temporary authorization to issue a number of IRS forms using electronic signatures through Dec. 31, 2021.
IRS to taxpayers: Do you trust me?
Increasingly limited IRS budgets and their effect on penalty and collections practices could be endangering the public fisc by creating incentives against voluntary compliance.
Proposed bill to regulate tax preparers has AICPA support
A bill recently proposed in Congress would authorize Treasury to regulate paid tax return preparers, and the AICPA strongly supports it.
More ‘Dirty Dozen’: Fake charities, ‘ghost’ preparers, and other ploys
The IRS warns of tax-related scams in a third of four installments.
Next batch of 'Dirty Dozen' warns of personal info scams
In the second installment of this year’s “Dirty Dozen” list of tax scams, the IRS warns taxpayers to be vigilant for fraudulent schemes in the form of emails, text or social media messages, and phone calls.
IRS warns of pandemic-related tax scams in ‘Dirty Dozen’ for 2021
Hijacking of economic impact payments and unemployment checks are spotlighted in the IRS’s annual alert, which warns taxpayers of the most prevalent scams and schemes the Service has identified.
Top tax cases practitioners should know
A session at AICPA & CIMA ENGAGE 2021 shows how bedrock tax cases can help practitioners understand and resolve common issues that arise in practice.
Regs. on postponing tax deadlines due to federally declared disasters
New IRS final regulations clarify when a federally declared disaster will lead to mandatory 60-day postponement of certain tax-related deadlines.
Sec. 7345 does not violate constitutional right to travel
Sec. 7345 does not violate the Fifth Amendment because it does not prohibit international travel.
IRS refunding taxes overpaid on unemployment benefits
To help taxpayers who might otherwise have been required to file amended income tax returns, the IRS announced that it will automatically issue to eligible taxpayers refunds of income tax paid on 2020 unemployment benefits.
President’s budget contains many tax proposals
The proposed $6 trillion fiscal year 2022 budget unveiled by the Biden Administration includes a host of tax items, including proposals to raise the corporate tax rate, raise the top tax rate for high-income individuals, limit like-kind exchanges, and make permanent recent temporary changes to various tax credits.
Supreme Court: Microcaptive reporting challenge may go forward
Reversing the Sixth Circuit, the Supreme Court held that an injunction sought against an IRS notice is not barred by the Anti-Injunction Act because it challenges a reporting requirement and not a tax.
