The form has been developed due to an increase in Sec. 754 election revocation applications since the technical termination of a partnership under former Sec. 708(b)(1) (B) was repealed under the TCJA.
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IRS Practice & Procedure
E-signatures: What will 2021 bring?
To alleviate hardships caused by COVID-19, the IRS temporarily expanded the forms that can be filed with e-signatures, but future policy is uncertain.
Beware of identity theft scam involving unemployment benefits
The IRS warned taxpayers that identity thieves are fraudulently claiming state unemployment benefits using stolen taxpayer identities. Here is what taxpayers should do if they receive a Form 1099-G reporting state unemployment benefits they did not receive.
IRS explains extended payroll tax due dates
The IRS issued updated procedures for the deferred employee portion of employment tax payments, which were further extended from April 30, 2021, to Dec. 31, 2021, by year-end legislation.
Tax filing season to start Feb. 12, IRS announces
The IRS announced that it will start accepting 2020 tax returns on Feb. 12, a later date than usual. The delay stems from programming changes needed to account for year-end tax legislation.
Final regs. govern deductibility of fines and penalties
The IRS issued final regulations on when fines and penalties paid to a government are not deductible by a taxpayer, including defining when a payment counts as restitution, which may be deductible.
Recent changes to the rehabilitation tax credit
This item discusses IRS regulations on rehabilitation credits for historic buildings.
Categorizing FAQs in the guidance sphere
Understanding the nature of FAQs can assist practitioners in interpreting Treasury guidance.
IRS considers ‘obsoleting’ Rev. Proc. 94-69, requests comments
The IRS’s LB&I Division requested comments regarding the potential obsolescence of Rev. Proc. 94-69, under which certain large corporations may
be treated as filing “qualified amended returns” after the commencement of an IRS examination.
How to report deferred employee payroll taxes
The IRS issued guidance to employers and employees on reporting deferred Social Security tax on Form W-2 under the Presidential Memorandum authorizing the deferral.
Taxpayer Relief Initiative to help taxpayers with tax debt during pandemic
The IRS said it was revising its procedures to help taxpayers who cannot pay their taxes because of the pandemic. The new program is called the Taxpayer Relief Initiative.
Taxpayers need to know their limitations
This column reviews the rules of statutory due dates, extensions, refund limitations, and postponements, and how to determine the statute of limitation in the context of deadlines affected by the events of 2020.
Some paper forms can temporarily be e-signed
The IRS made it easier for taxpayers to sign certain paper returns and other paper IRS forms in an environment where taxpayers and preparers alike are working remotely.
PPP expense deductibility and forgiveness raises basis, other issues
The potential for the deductibility of PPP-funded expenses raises some practice questions, and traps for the unwary lurk in the details.
Circular 230 update planned for 2021
Updating the rules governing practice before the IRS is one of the goals of the IRS Office of Professional Responsibility for the new year, its director says.
IRS regs. govern misdirected refund claims
The IRS announced procedures for identifying and recovering direct deposit refunds that a taxpayer did not receive in the designated account.
Temporary e-signature authorization for IRS forms extended
The IRS announced that it was extending taxpayers’ ability to file a number of forms using electronic signatures due to the pandemic. The limited relief extends the authorization through June 30, 2021.
IP PINs to be available to all individuals in 2021
The IRS announced that it would begin allowing all individual taxpayers to opt in to receive an identity protection personal identification number (IP PIN), beginning in mid-January 2021.
Return filed without IP PIN starts running of limitation period
A tax return filed without an IP PIN starts the running of the Sec. 6501(a) limitation period.
Final regulations govern income tax withholding rules after the TCJA
The IRS issued final regulations providing guidance on withholding federal income tax from employees’ wages under changes enacted in the TCJA.
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.
