The IRS issued the final regulations identifying these abusive transactions and substantially similar ones as listed transactions that must be reported to the agency.
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TOPICS
IRS Practice & Procedure
IRS provides Helene relief; AICPA seeks BOI, FBAR filing extensions
The IRS said it was providing disaster relief for individuals and businesses in all or part of seven states. Also, the AICPA sent a letter to FinCEN seeking extensions for BOI and FBAR reports that match the relief that the IRS provides for other filings, both in terms of the extended due dates and geographic scope.
Opportunity zone penalties: What constitutes reasonable cause?
Penalty relief for reasonable cause is worth exploring for faults in meeting the investment standard and asset tests despite exercising ordinary business care and prudence.
IRS increases corporate aircraft exams
These examinations may focus on qualification for bonus depreciation, substantiation of business use, and employee income imputation and deduction disallowance for personal use of aircraft.
Erroneous refund of interest does not support innocent-spouse relief
Taxpayer not entitled to equitable innocent-spouse relief for erroneous refund of interest.
ERC supplemental claim process opened for third-party payroll companies
The IRS announced that it will open a supplemental claim process to help third-party payers and their clients resolve incorrect claims for the employee retention credit. The deadline is Nov. 22.
IRS increases special per diem rate for business travel
The special per diem rates that a taxpayer uses in travel and business expenses will be higher starting Oct. 1, as provided by the IRS.
Proposed regs. would exclude tribal general welfare benefits from income
The first proposed regulations under Sec. 139E set out the requirements for excluding Indian tribal general welfare benefits from income.
IRS seeks comments on SECURE 2.0 saver’s match contributions
Treasury and the IRS issued a notice on saver’s match contributions to be paid by Treasury under provisions of SECURE 2.0.
Supreme Court overturns Chevron doctrine
The 40-year old decision requiring judicial deference to the IRS’s and other federal agencies’ reasonable interpretations of ambiguous statutes was overruled in Loper Bright Enterprises, Inc.
Abdo could provide relief for other missed deadlines
The Tax Court’s decision invalidating regulations under Sec. 7508A creates uncertainty regarding IRS deadlines affected by disaster declarations.
Fact sheet addresses taxability of crowdfunding distributions
The IRS said that crowdfunding distributions may be included in the gross income of the person receiving them, depending on the facts and circumstances of the distributions.
Employers now have interim guidance on student loans and retirement plans
The IRS provided guidance for sponsors of 401(k) and similar retirement plans that provide matching contributions based on eligible student loan payments made by participating employees.
AICPA joins coalition to fight intensifying tax scams, schemes
The Coalition Against Scam and Scheme Threats (CASST), convened at the request of IRS Commissioner Danny Werfel, will work toward having new protections in place by the 2025 filing season.
Businesses with dubious ERC claims have another chance with the IRS
The IRS said Thursday it will reopen its voluntary disclosure program to allow businesses to correct questionable claims for the pandemic-era employee retention credit.
IRS releases updated draft of Form 1099-DA for digital assets
The most recent draft of the form for reporting digital asset transactions reflects the final regulations for custodial broker reporting that the IRS released in June.
ERC disallowance letters go to 28K businesses, moratorium adjusted
The IRS moved the moratorium date forward into early 2024. Also, it announced sending disallowance letters to some businesses with invalid claims and plans for payments to others.
Tax practitioner complaint leads to review of advocate phone service
A tax practitioner complained about a six-week wait for a response to help a client with a financial hardship who was owed a refund, leading to the unflattering review by the Treasury Inspector General for Tax Administration.
Melancon: Supreme Court decisions are ‘big deal’ for tax pros
Barry Melancon, CPA, CGMA, AICPA & CIMA’s CEO, said the decisions will create uncertainty for a profession that craves certainty.
Academic research sheds light on important tax matters
Recent academic journal articles of potential interest to tax practitioners investigated companies’ tax-avoidance behavior, knowledge sharing between accounting firms’ audit and tax personnel, the TCJA’s effects on US corporations’ debt structure and effective tax rates, and how cryptoasset investors respond to tax-compliance scrutiny.
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.
