The IRS is expanding its relief from cancellation-of-debt income to students whose federal loans were discharged for certain legal reasons.
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TOPICS
IRS Practice & Procedure
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.
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.
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.
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.
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.
Turn to e-Services for secure access to taxpayer information, key tools
The IRS’s updated e-Services platform is intended to facilitate more efficient and cost-effective communications with practitioners.
IRS spotlights requirement to have a written information security plan
The IRS launches fresh efforts to promote awareness of data security issues.
IRS offers time-limited settlement on microcaptive insurance issues
The IRS announces a settlement initiative for abusive microcaptive insurance transactions.
Imprecise notice of deficiency does not give Tax Court jurisdiction
A deficiency notice that identifies two separate taxpayers is not a valid notice that confers jurisdiction on the Tax Court.
Test your IRS IQ
How much do you know about the IRS? Take this pop quiz to find out.
R&D tax credit: Don’t leave money on the table
Many taxpayers do not realize that the R&D tax credit is available to businesses of all sizes in many lines of business, not just major corporations conducting tests in research laboratories.
Fraudulent intent lands CPA in hot water
A CPA taxpayer was found to have fraudulent intent
in various tax minimization schemes he engaged in.
Legal hemp and deductible expenses
Marijuana businesses are unable to deduct most ordinary business expenses. However, COGS is allowable as an adjustment to gross receipts.
Per-diem method clarified in light of TCJA changes
The IRS issued updated rules for substantiating the amount of ordinary and necessary business expenses paid or incurred while traveling away from home using the per-diem rates.
IRS commissioner seeks to enhance taxpayer contacts, target enforcement
Speaking to the AICPA National Tax Conference in Washington, IRS Commissioner Charles Rettig discussed possible IRS restructuring, more-targeted enforcement efforts and IRS use of data analytics.
IRS posts 2020 inflation adjustments and tax tables
The IRS released the 2020 tax tables for individuals and estates and trusts, as well as the inflation adjustments for over 60 tax provisions for 2020 tax returns.
TIGTA reports large increase in alimony tax gap
Discrepancies between the amount of alimony deducted by payers and reported as income by its recipients increased by 38% in six years, the Treasury Inspector General for Tax Administration reported.
IRS issues Q&As on Sec. 965 transfer and consent agreements
The IRS released guidance to further recap and clarify
the rules for transfer and consent agreements.
New IRS compliance campaigns
LB&I recently announced it was adding six new
compliance campaigns to its list of areas on which to focus its examinations.
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.
