The IRS issued procedures to elect to forgo net operating loss carryback and extension of time to file tentative carryback adjustments.
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IRS Practice & Procedure
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.
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.
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.
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.
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.
Documenting qualified research activities for the research tax credit
The process-of-experimentation requirement has received increased focus by taxing authorities in examinations.
Business identity theft poses continuing challenges
Businesses must follow different procedures than individual taxpayers to prompt the IRS to initiate an identity theft investigation.
Regulations supersede the common law mailbox rule
The Ninth Circuit agrees that an IRS regulation abolished the common law mailbox rule.
Lack of postmark does not mean petition was not mailed timely
A taxpayer can prove, through extrinsic evidence, the mailing date of a Tax Court petition that has no postmark on the mailing envelope.
IRS penalty relief available when approvals not timely
Tax Court decisions address the proof the IRS must provide to show proper supervisory approval was obtained to assert penalties.
A renewed chance to revisit old assets for repairs and maintenance expense
For the 2019 tax year, taxpayers and their accountants should seriously consider revisiting
repairs and maintenance when planning strategies for increased deductions.
IRS broadens student loan COD relief
The IRS is expanding its relief from cancellation-of-debt income to students whose federal loans were discharged for certain legal reasons.
Bounced check is not a payment
The IRS can apply levy proceeds to liabilities for any
tax year covered by the levy.
Recovery rebate payments to be issued within 3 weeks
The IRS has issued guidance on these payments, which it calls “economic impact payments,” and says they generally will be direct-deposited to most qualifying taxpayers’ bank accounts in the next three weeks without taxpayers having to do anything.
CARES Act tax provisions aim to stabilize pandemic-ravaged economy
The $2 trillion stimulus bill, which passed the Senate by a 96-0 vote late on Wednesday, contains many tax provisions. Here’s a look at the tax items, which range from credits to temporary changes to retirement plan rules.
Practitioner Priority Service, other IRS help lines suspended due to coronavirus
The IRS announced that, because of staff shortages, it was closing the Practitioner Priority Service, a special phone line for tax practitioners, as well as the e-Services Help Desk line and the e-Services, FIRE, and AIR system help desks “until further notice.”
AICPA requests broader relief for taxpayers
In a letter to Treasury and the IRS the AICPA requested that recent filing and payment relief related to the COVID-19 pandemic be expanded because the current relief does not cover all tax filings and payments affected by the pandemic.
IRS announces more operational changes related to coronavirus
The IRS announced that, under its People First Initiative, it was taking various actions to alter its activities beyond the tax filing and payment delay announced last week.
Maximizing deductions on like-kind exchanges using cost segregation
This article will help practitioners understand how to maximize accelerated deductions by examining Sec. 1031 exchange rules and how they are affected by cost segregation studies.
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.
