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.
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TOPICS
IRS Practice & Procedure
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.
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.
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.
INDIVIDUALS
Current Developments in Taxation of Individuals: Part 1
This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the six months ending October 2025.
