IRS Practice & Procedure

TOPICS

May 6, 2020

AICPA supports bill that would make PPP-funded expenses deductible

A bill introduced in the Senate would clarify that ordinary expenses funded by Paycheck Protection Program (PPP) loans are deductible by taxpayers. If enacted, this would overrule a recent IRS notice saying the expenses are not deductible.

May 1, 2020

Proposed regs. would update income tax withholding rules for TCJA changes

The IRS proposed new regulations for withholding on individuals’ wages to reflect the statutory changes in the law known as the Tax Cuts and Jobs Act, including the elimination of the personal exemption.

May 1, 2020

Promoting integrity in the classroom

Academic integrity of colleges and universities depends on developing and enforcing a comprehensive policy that sets a framework for responding judiciously and transparently to academic dishonesty, such as cheating and plagiarism.

May 1, 2020

Classifying business entities under the check-the-box regulations

An entity that is recognized for federal tax purposes as an entity separate from its owners can be classified as one of several entity types, but the available classification options depend greatly on
state law and the number of owners or members.

May 1, 2020

Supreme Court strikes down attempt at federal common-lawmaking

The Supreme Court rejects the Bob Richards rule, a
product of federal common-lawmaking, because a dispute among members of a consolidated group
over which member is entitled to a refund presents no unique federal interests.

May 1, 2020

COVID-19 pandemic prompts many tax changes

Taxpayers have a variety of tax relief measures to help them through the economic disruption caused by the coronavirus pandemic. From tax credits to filing postponements, here is a breakdown of the initial changes benefiting individuals and businesses.

May 1, 2020

IRS says no need to report most video game currency transactions

Gamers who, as part of a video game, transact in virtual currencies that do not leave the video game environment do not have to report the transactions on a tax return, the IRS made clear in a statement released on its website.

April 30, 2020

PLR and other requests for IRS guidance can now be sent electronically

The IRS is temporarily allowing taxpayers to submit requests for private letter rulings, closing agreements, determination letters and information letters electronically instead of by mail.

April 21, 2020

Guidance sought on employee retention credit

In a letter to Treasury and the IRS, the AICPA pointed out several issues involving the new employee retention credit that need clarification and guidance.

April 17, 2020

IRS posts FAQs on paid sick and family leave

The IRS posted and updated 67 FAQs about the employer tax credits for paid sick and family leave enacted in the Families First Coronavirus Response Act.

April 15, 2020

PTIN fee will be lower when it is reinstated

The IRS has proposed to lower the fee it charges for preparer tax identification numbers (PTINs) when PTIN fees are reinstated.

April 10, 2020

Guidance on NOL carryback and tentative carryback adjustments

The IRS issued procedures to elect to forgo net operating loss carryback and extension of time to file tentative carryback adjustments.

April 9, 2020

IRS grants broad coronavirus-related tax relief

The IRS granted relief for a broad array of tax filing and payment deadlines that fall between April 1 and July 15, expanding on previous relief, as requested by the AICPA.

April 8, 2020

AICPA posts 20 FAQs on tax filing relief

The AICPA posted FAQs explaining the latest developments in taxpayer relief during the COVID-19 pandemic. The AICPA has recommended that the IRS and Treasury Department expand the scope of recently announced taxpayer relief.

April 1, 2020

IRS waives failure-to-deposit penalties during pandemic

The IRS is permitting eligible employers who pay qualifying wages to retain an amount of the payroll taxes equal to the amount of qualifying wages that they paid, rather than deposit them with the IRS.

April 1, 2020

Bonus depreciation prop. regs. on no prior use, departures from group

Taxpayers and their advisers now have a framework to determine the availability of bonus depreciation
following various transactions involving consolidated groups.

April 1, 2020

What does ‘consulting’ mean for purposes of Sec. 1202?

The Code does not define consulting for purposes of the rule on qualified trades or businesses, nor do
Treasury regulations or Sec. 1202 legislative history provide guidance, leaving taxpayers to find other sources to derive the meaning.

April 1, 2020