The IRS has authority to charge a user fee for preparer tax identification numbers, a federal appeals court held, paving the way for the agency to reinstate the charges for obtaining and renewing a PTIN.
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IRS Practice & Procedure
Safe harbor issued for valuing pro sports trades
The IRS will permit professional sports teams that trade player contracts to recognize zero gain if both parties to the exchange adopt the safe harbor and do not exchange cash.
AICPA asks government to issue more QBI deduction guidance
The AICPA asked Treasury and the IRS to issue additional guidance on Sec. 199A beyond the recently finalized regulations and a proposed revenue procedure in the form of a notice on a safe harbor for rental real estate.
Don’t let clients get grounded by a tax debt
CPAs can advise clients on the proper measures to take to address delinquent taxes so the debt does not result in a passport revocation.
Traps for the unwary: Tax Cuts and Jobs Act changes
This article lists the changes together, along with some unexpected nuances.
Procedure for obtaining EINs to change May 13
Beginning May 13, the IRS will accept employer identification number (EIN) applications only from individual taxpayers who have either a Social Security number or an individual taxpayer identification number as the responsible party on the EIN application.
Final rules issued on penalty for nondisclosure of reportable transactions
The IRS issued final regulations under Sec. 6707A, which imposes a penalty on taxpayers who fail to disclose a reportable transaction on their tax returns.
IRS expands relief from underpayment penalty
The IRS announced that it is lowering from 85% to 80% the amount taxpayers are required to have paid in order to escape an underpayment of estimated income tax penalty for 2018.
Proposed rules issued for information reporting for life insurance contract transactions
The IRS proposed regulations under Sec. 6050Y, which governs reporting obligations for reportable policy sales of life insurance contracts and payments of reportable death benefits.
IRS’s Dirty Dozen scams — 2019 edition
The IRS highlighted the 12 abusive tax schemes it wants taxpayers and tax practitioners to be on the alert for this year. Phishing and scam phone calls were the biggest repeat offenders.
First-year challenges of TCJA implementation require broader penalty relief
Despite generally lower tax bills, many taxpayers are seeing smaller-than-expected refunds — or no refunds at all. And some taxpayers are now subject to underwithholding penalties, despite limited relief from the IRS.
Questions remain about the excess business loss rule
IRS guidance is needed to determine items of business income, gains, losses, and deductions to arrive at the amount of excess business losses.
Treasury announces changes to tax regulatory process
The IRS and the Treasury Department announced changes to their policy on issuing temporary regulations, notices of proposed regulations, and other guidance.
Court upholds IRS PTIN fees
The IRS has authority to charge a user fee for preparer tax identification numbers (PTINs) a federal appeals court held, paving the way for the agency to reinstate the charges for obtaining and renewing a PTIN.
Resolving contentious issues through the IIR Program
Rev. Proc. 2016-19 lists six characteristics that the IRS will consider in determining whether an issue request is appropriate for the Industry Issue Resolution Program.
IRS can assess restitution for aiding tax evasion
The IRS can assess restitution that a taxpayer was ordered to pay as part of his sentence for violating Sec. 7201.
Taxpayers will file QBI deduction computation with IRS next year
The IRS posted a draft of a form that affected taxpayers will submit with their 2019 tax returns showing how they computed their qualified business income (QBI) deduction under Sec. 199A.
Identity protection PIN program expands
The IRS announced that it is expanding its identity protection personal identification number (IP PIN) program to taxpayers in seven additional states.
New IRS commissioner speaks at AICPA National Tax Conference
Veteran tax attorney Charles Rettig gave his first public address as new IRS commissioner, speaking to CPAs at the AICPA National Tax Conference in Washington.
The national taxpayer advocate gives annual address to National Tax Conference
The AICPA National Tax Conference heard from National Taxpayer Advocate Nina Olson about particular taxpayer quandaries and needs.
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.
