The IRS posted 24 questions and answers to clarify the notice delaying certain tax filing and payment deadlines until July 15.
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IRS Practice & Procedure
IRS alters certain operations in effort to protect employees, taxpayers during outbreak
To protect taxpayers and its employees, the IRS is scaling back its operations during the coronavirus pandemic to focus on mission-critical activities. Here’s a look at what services are being affected.
Practitioners seek further clarity on tax filing, payment delay
Practitioners welcomed the IRS’s deferral of income tax returns and payments due April 15 for another 90 days but have many questions about related issues.
IRS provides guidance for April 15 filing delay
The IRS announced the postponement of the April 15 federal income tax filing deadline until July 15. Friday’s notice expands on earlier guidance that had only postponed tax payments but not the filing deadline.
Tax filing deadline moving to July 15, Treasury secretary announces
Treasury Secretary Steven Mnuchin announced that taxpayers will have until July 15 to file their tax returns, a change from the guidance announced by the IRS earlier.
AICPA expresses strong concern over lack of filing relief in coronavirus tax notice
The IRS delayed any tax payments due April 15 to July 15 without interest or penalties accruing. The relief does not extend any tax return filing deadlines or apply to any other type of tax.
Treasury secretary announces 90-day delay in tax payment deadline
Treasury Secretary Steven Mnuchin announced that individuals and businesses can delay their tax payments for 90 days due to the coronavirus pandemic.
Final regs. raise offer-in-compromise user fee
The IRS issued final regulations raising the offer-in-compromise user fee from $186 to $205, a 10% increase instead of the increase to $300 included in proposed regulations.
Foreign gifts: A common example of undisclosed foreign transactions
Here’s what may happen when a foreign gift has not been disclosed.
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.
Centralized partnership audit regime: Appeals procedures
The IRS published two memoranda that clarify how it will implement the BBA procedures, including appeal rights.
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).
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.
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.
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.
Understatement of gain does not extend limitation period
An understatement of gain due to a sham transaction
does not extend the statute of limitation.
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.
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.
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.
Whistleblower office rejection of whistleblower claim reviewable
The Tax Court can review the rejection of a whistleblower award claim.
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.
