Treasury’s Financial Crimes Enforcement Network (FinCEN) made changes to its beneficial ownership information reporting rule in response to comments to a proposed rule.
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TOPICS
IRS Practice & Procedure
Sec. 6700 penalty based on income from entire tax-avoidance scheme
Large Sec. 6700 penalty against promoter of a tax-avoidance scheme for a false statement is affirmed on appeal.
IRS sanctioned in penalty case
Tax Court approves monetary sanctions against IRS after new evidence shows that the Service had misled the court regarding written supervisory approval of a penalty.
Penalties against LLC approved by IRS supervisor, Tax Court holds
In Salacoa Stone Quarry, LLC, the Tax Court held that penalties for misstatement of a charitable conservation easement’s value were properly approved by an IRS supervisor, despite a discrepancy in dates on the penalty approval documents.
Tax treatment of digital asset protocol upgrades
IRS Chief Counsel Advice memorandum 202316008, has clarified the reporting for taxpayers holding certain digital assets that undergo certain protocol upgrades.
AICPA, others call for a one-year extension of BOI report deadline
In a letter to Treasury’s Financial Crimes Enforcement Network, the AICPA says the additional time will give all businesses a fair and reasonable time frame to become aware of the new and complex rule.
COVID-19 changes allowing e-signatures made permanent
A temporary COVID-19 change to allow e-signatures on some forms, documents, and returns has been made permanent in the Internal Revenue Manual. The AICPA had advocated for making this change to the e-signature rules permanent.
IRS emphasizes strides as it presses to keep funding
Commissioner Danny Werfel focused on IRS efforts to get wealthy corporations and high-income individuals to pay taxes they owe as he made his case for the Service to keep both its annual appropriations and funding from the Inflation Reduction Act.
‘As if they were never filed’: IRS outlines steps to withdraw ERC claims
The withdrawal program is one step that the IRS is taking to help small businesses that may have filed an ineligible claim while also cracking down on unscrupulous promoters.
13 states will participate in IRS Direct File pilot
The pilot program for the 2024 filing season will let individuals file returns directly with the IRS, with strict limits on eligibility, covering only taxpayers with relatively simple returns.
Projected tax gap jumps to $688 billion for tax year 2021
The IRS said the increase in the projected tax gap is due to growth projected increases in nonfiling and underreporting of individual income tax, along with underreporting of self-employment tax.
IRS announces relief for taxpayers affected by attacks in Israel
Qualifying individuals and businesses have until Oct. 7, 2024, to file certain federal returns, make tax payments, and perform other time-sensitive, tax-related actions, according to an IRS notice.
IRS to modernize regs. for tax sales of seized property
Proposed regulations would update existing procedures to reflect online and other electronic forms of bidding and payment.
Social Security wage base, COLA set for 2024
The Social Security Administration announced an increased maximum amount of wages subject to Social Security tax in 2024 to $168,600 and a 3.2% cost-of-living adjustment for Social Security benefits for 2024.
Clean-vehicle buyers can transfer tax credits to reduce purchase price
Proposed regulations provide guidance for how transfers of the up to $7,500 Sec. 30D new clean vehicle, and up to $4,000 Sec. 25E used clean vehicle credit will work for buyers and dealers, starting Jan. 1, 2024.
New from the IRS: Reduced fee for PTINs, updates to Tax Pro Accounts
The IRS issued rules to reduce the PTIN fee to an $11 user fee plus an $8.75 third-party contractor fee for the next three fiscal years and announced new features for Tax Pro Accounts.
Rethinking international penalty administration
This item explores the Farhy decision and its impact on international penalties.
Claim for refund: Beware of sinkholes
Heeding filing and ‘lookback’ limitations for refund claims in a variety of circumstances is crucial to preserving them.
Responding to an IRS information document request
Responding wisely to an IRS information document request and its potentially expansive scope can help clients successfully weather an examination.
Systemic delays by the IRS in processing forms
Although the IRS has recovered from many of its pandemic-related challenges, practitioners still must be persistent in following up tax clients’ issues.
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.
