The IRS issued final regulations regarding a new requirement for reporting of basis and other information by stockbrokers and mutual fund companies.
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IRS Practice & Procedure
AICPA VP Testifies on Changes Needed to IRS Return Preparer Regulation Plan
Edward Karl, the AICPA’s Vice President–Taxation, testified at an IRS hearing about proposed amendments to Circular 230 that would put into place many of the parts of the IRS’ plan to register and regulate tax return preparers.
IRS Auditing Through QuickBooks
The IRS has provided QuickBooks accounting software training to its Small Business/Self-Employed (SB/SE) division examiners.
National Taxpayer Advocate Warns of IRS Mission Expansion
In the introduction to her recent report to Congress, IRS National Taxpayer Advocate (NTA) Nina Olson warns that recent expansion of the IRS mission is straining some of its core capabilities.
IRS Issues Interim Report on the Colleges and Universities Compliance Project
The IRS recently issued an interim report on the Colleges and Universities Compliance Project that was initiated by the Exempt Organizations (EO) function of the Tax Exempt and Government Entities (TE/GE) division.
Small and Medium Enterprises Should Consider Making Advance Pricing Agreements
This item discusses the procedures that small and medium-size enterprises can use to obtain advance pricing agreements with the IRS so they can minimize their exposure to intercompany pricing adjustments on audit.
Is Your Contractor Really Independent?
This item provides an overview of the factors examined by the IRS and offers insight into how to better secure independent contractor status.
Accuracy-Related Penalty Applied Despite Reliance on Adviser
The Tax Court held that a corporation was liable for an accuracy-related penalty for a substantial understatement of tax related to a joint venture transaction even though the corporation had received an opinion from a national accounting firm that the transaction was not taxable.
IRS Moves Forward with Preparer Registration Plan
On August 19, the IRS issued proposed regulations that would put into place many of the parts of its plan to register and regulate tax return preparers. This item reviews those proposed regulations and their possible impact on tax professionals.
Tax Return Due Diligence: Basic Considerations
This article examines the rules of due diligence and the importance of tax professionals understanding these rules and proactively adapting to them in a practical manner.
IRS Changes Name, Expands Focus of LMSB Division
The IRS announced that it is reorganizing and changing the name of its Large and Mid-Size Business division as part of its ongoing effort to focus more on international tax compliance. Starting October 1, 2010, the division will be known as the Large Business and International (LB&I) division.
IRS Will Stop Providing Debt Indicators; Exploring Ways for Taxpayers to Use Refunds to Pay Preparers
The IRS announced that it will stop providing “debt indicators” to tax preparers and associated financial institutions.
Final Regs. Released for Payment Card and Third-Party Network Information Reporting
The IRS has issued final regulations regarding the new information reporting requirement under Sec. 6050W for payment card and third-party network transactions.
IRS Activates New PTIN System
The IRS deployed a new preparer tax identification number (PTIN) registration system September 28 as a component of its initiative to register and regulate paid tax return preparers.
IRS Says It Won’t Give Advance Guidance on Transactions Under Codified Economic Substance Doctrine
The IRS issued its first guidance on the newly codified economic substance doctrine.
Treasury Announces Low-Cost Financial Account Program for Taxpayers
Treasury announced the launch of a pilot program to provide taxpayers with access to low-cost financial accounts.
IRS Proposes PTIN Fees
The IRS proposed to begin charging all authorized tax preparers a $50 user fee to obtain or renew annually a preparer tax identification number (PTIN).
IRS Launches Gulf Oil Spill Hotline
The IRS announced that it has set up a special toll-free telephone line for taxpayers affected by the oil spill in the Gulf of Mexico.
IRS Announces Phase-in of Mandatory E-Filing
The Worker, Homeownership, and Business Assistance Act mandates e-filing by almost all return preparers; it requires any return preparer who files more than 10 individual income tax returns per year to e-file those returns, starting in 2011.
Tax Lien Attached to Property Transferred in Divorce
The IRS Office of Chief Counsel advised a member of the National Taxpayer Advocate Office that a tax lien attached to property that a husband transferred to his wife in a divorce settlement where the quitclaim deed conveying the property was not registered prior to the filing of a Notice of Federal Tax Lien.
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.
