IRS Practice & Procedure

TOPICS

March 1, 2020

Tax strategies for virtual currency

A recognizable transaction for tax purposes occurs any time virtual currency is exchanged for cash or used to purchase goods. Basis tracking is key to properly reporting gains and losses.

March 1, 2020

Centralized partnership audit regime: Appeals procedures

The IRS published two memoranda that clarify how it will implement the BBA procedures, including appeal rights.

March 1, 2020

Tax Court tackles supervisory approval of penalties

In three cases, the Tax Court addressed issues regarding the approval of penalties required by Sec. 6751(b)(1).

February 18, 2020

No need to report some transactions in video game currency, IRS says

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.

February 12, 2020

IRS proposes rules to update income tax withholding, revises Form W-4

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.

February 1, 2020

IRS commissioner and other officials address AICPA National Tax Conference in Washington

Speaking to the AICPA National Tax Conference in Washington, IRS Commissioner Charles Rettig discussed possible IRS restructuring, more-targeted enforcement efforts and use of data analytics.

February 1, 2020

Understatement of gain does not extend limitation period

An understatement of gain due to a sham transaction
does not extend the statute of limitation.

February 1, 2020

Guidance and enforcement put virtual currencies front and center

FAQs advise taxpayers to maintain records documenting receipts, sales, exchanges, or other dispositions of virtual currency and the fair market value of the virtual currency.

February 1, 2020

IRS clarifies per-diem rules after TCJA changes

The IRS issued updated rules for substantiating the amount of ordinary and necessary business expenses paid or incurred while traveling using the per-diem rates.

February 1, 2020

Bonus depreciation regs. are favorable for taxpayers

The regulations include rules for self-constructed property, the determination of acquisition dates, predecessor ownership, certain partnership rules, and some industry-specific guidance.

February 1, 2020

Whistleblower office rejection of whistleblower claim reviewable

The Tax Court can review the rejection of a whistleblower award claim.

January 16, 2020

More taxpayers qualify for 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.

January 1, 2020

IRS data security tops list of IRS concerns for 2020, TIGTA says

TIGTA memorandum lists 10 challenges in order of importance, ranging from data security to achieving operational efficiencies.

January 1, 2020

Relief procedures for certain people planning to renounce US citizenship

The procedures allow qualifying former U.S. citizens who have relinquished U.S. citizenship to comply with their U.S. income tax and reporting obligations without paying any unpaid taxes and penalties.

January 1, 2020

IRS releases draft form for qualified opportunity fund investments

Investors must file to report QOF investments held at the beginning and end of the current tax year, current-tax-year capital gains deferred by investing in QOFs, and QOF investments disposed of during the current tax year.

January 1, 2020

Helpful resources for coping with TIN matching notices

Businesses should consider taking advantage of programs available from the IRS and the Social Security Administration to confirm the accuracy of individuals’ TINs before finalizing their 2019 information returns and statements.

January 1, 2020

Information return penalties: How to avoid or contest them

This article discusses the information return filing requirements and associated penalties, how to avoid incurring the penalties, and how the penalties can be contested if they are imposed by the IRS.

January 1, 2020