The IRS waived the penalty for corporations that did not make estimated payments of corporate AMT for their 2023 tax year, saying the move is “in the interest of sound tax administration.”
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TOPICS
IRS Practice & Procedure
National taxpayer advocate: A paperless IRS is possible
NTA Erin Collins said at AICPA & CIMA ENGAGE 2023 that the IRS has a goal of being “paperless” by 2025, by which it means anything taxpayers file on paper would be scanned.
IRS revises actuarial tables to account for most recent mortality data
The IRS issued final regulations revising actuarial tables to reflect mortality data from the 2010 Census.
A pandemic-era tax break that remains rife with abuse — the ERC
The IRS issues at least its seventh warning about the employee retention credit since October 2022.
Tax fraud and bankruptcy dischargeability
This article examines aspects of criminal and civil tax fraud and their consequences for discharge of tax debts in bankruptcy, including principles of collateral estoppel and res judicata.
Ninth Circuit again addresses return filing
Faxing a return copy to an IRS agent or mailing it to an IRS attorney is not ‘filing’ the return.
Blog posts are admissible in innocent-spouse relief case
Blog posts held admissible in equitable innocent-spouse relief determination case.
Sec. 965 transition tax: Installment payments causing processing errors
Several aspects of automated processing must be monitored, and workarounds have been created by IRS employees tasked with maintaining accounts with deferrals of Sec. 965 transition tax.
AICPA backs bill to make it easier to file for tax extensions
The bill filed by Reps. Judy Chu and Mike Carey would streamline the extension-filing process for millions of Americans.
Supreme Court upholds exception to notice requirement for third-party summonses
In a unanimous decision, the Court held that the IRS does not have to notify third parties named in a summons when it seeks access to records held at institutions such as banks in aid of collection of a tax assessment.
HSA amounts continue trend, increase again in 2024
The 2024 amounts from the IRS mark at least the ninth annual increase in a row for maximum contributions.
IRS chief: Racial disparities in audits will be addressed within a year
In his response to a university study showing racial differences in audit rates, IRS Commissioner Danny Werfel says in a letter to senators that the agency is investigating the cause of any discrepancies.
AICPA supports extending mailbox rule to electronic filing and payments
The Electronic Communication Uniformity Act, recently introduced in the Senate, would apply the timely mailing/timely filing rule to electronic tax return filings and payments. The AICPA has written to the sponsors of the bill expressing support.
IRS backlog lessens; agency plans to resume collection notices
The IRS said all returns received for tax year 2021 or earlier have been processed if the returns had no errors or did not require further review.
Black CPAs: IRS must end higher audit rates for Black taxpayers
Black CPAs react to study led by Stanford University showing the IRS is up to 4.7 times more likely to audit Black taxpayers than non-Black ones, saying the tax system must be fairer.
Taxpayers’ rights in the Internal Revenue Manual
Being familiar with the taxpayer rights provisions can be helpful because the manual is essentially an employee handbook that IRS employees must follow.
IRS returns to in-person public hearings; telephone still an option
With COVID-19 no longer considered a national emergency, the IRS will return to public hearings for proposed regulations published in the Federal Register beginning in May while keeping telephone access as an option.
IRS must refund excessive PTIN fees it charged
Fees charged to obtain and renew PTINs were excessive.
Werfel: IRS will audit individuals under $400K at 2018 rates
The new IRS commissioner tells the Senate Finance Committee the rate will be taken from the 2018 data because that’s the most recent year for which the IRS has final audit numbers.
AICPA encouraged by IRS $80 billion strategic operating plan
In a statement Wednesday, the AICPA said much of the IRS’s spending plan lines up with what the AICPA has requested but still recommends further improvements.
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.
