IRS Practice & Procedure

TOPICS

November 1, 2018

Loss deductions for abandonment of intangible assets

Abandonment of intangible property should be established by detailed documentation.

November 1, 2018

Determining deductibility of meals after the TCJA

Practitioners must use due diligence when clients claim any deductions related to business meals.

November 1, 2018

Tax Court cannot determine overpayment in CDP review case

Although the IRS conceded that a taxpayer had overpaid his taxes, the Tax Court held that it did not have jurisdiction to order the IRS to pay a refund.

October 2, 2018

Charles Rettig sworn in as new IRS commissioner

Charles Rettig was sworn in as the 49th commissioner of the IRS by Treasury Secretary Steven Mnuchin.

October 1, 2018

Cryptocurrency: Compliance challenges and IRS enforcement

This item discusses some key U.S. tax implications
and unanswered questions of cryptocurrencies and identifies possible avenues of relief for taxpayers with unreported income or assets connected to cryptocurrency.

October 1, 2018

IRS issues final rules on adequate substantiation of charitable contributions

Final regulations address how taxpayers can comply with the requirements for adequate substantiation of charitable contributions of money or property.

October 1, 2018

Preparing clients for tax surprises: How to handle tax bills that clients cannot pay

CPAs can advise clients about several IRS programs for paying past-due taxes.

October 1, 2018

Momentum from tax reform could lead to IRS reorganization

House-passed legislation includes goals for improving the IRS but lacks descriptions of specific reforms and the funding needed.

September 17, 2018

IRS extends deadlines in N.C. counties affected by Hurricane Florence

The IRS announced on Saturday that it is extending tax deadlines starting Sept. 7, 2018, until Jan. 31, 2019, for eight counties in North Carolina.

September 1, 2018

Sec. 163(j) places renewed importance on tax shelter status

The exemption to the limitation on business interest under Sec. 163(j) does not apply to a tax shelter prohibited from using the cash-receipts-and-disbursements method of accounting under Sec. 448(a)(3).

September 1, 2018

Draft 2019 Form W-4 released

The IRS released a draft Form W-4, Employee’s Withholding Allowance Certificate, and its instructions, for individual taxpayers to use to determine their income tax withholding for 2019.

September 1, 2018

IRS gives taxpayers penalty and late-election relief for Sec. 965 transition tax

The IRS announced relief from late-payment penalties and that it will allow late elections for taxpayers subject to the new Sec. 965 transition tax on deemed repatriated foreign earnings.

September 1, 2018

IRS releases revised draft 2018 Form 1040

The IRS is working on a draft version of the 2018 Form 1040, U.S. Individual Income Tax Return, that reduces the size of the form to two half-pages in length and eliminates more than 50 lines.

September 1, 2018

LB&I campaigns update

The IRS’s LB&I division implemented a major restructuring intended to make better use of IRS
resources.

September 1, 2018

AICPA recommends priorities for IRS tax guidance

The AICPA sent a letter to the IRS with recommendations for items of tax guidance that should be priorities for the Service to issue from July 1, 2018, to June 30, 2019.

September 1, 2018

Land donations may not result in desired tax benefit

A charitable contribution deduction is available if there
is no quid pro quo.

August 17, 2018

D.C. Circuit upholds IRS unenrolled tax preparer program

The Court of Appeals for the D.C. Circuit held that the AICPA had standing to challenge the IRS’s Annual Filing Season Program for unenrolled tax preparers but further held that the program did not violate the Administrative Procedure Act.

August 7, 2018

Ninth Circuit withdraws Altera opinion

The order announcing the withdrawal says it is being done “to allow time for the reconstituted panel to confer on this appeal.”

August 1, 2018

IRS guidance explains changes to standard mileage rate rules and depreciation in the Tax Cuts and Jobs Act

The IRS issued guidance on the standard mileage rates and depreciation limits that were changed by the Tax Cuts and Jobs Act.

August 1, 2018

The Sec. 7525 privilege relating to taxpayer communications

CPAs can protect tax advice to clients from disclosure by understanding the scope of the Sec.
7525 practitioner-client privilege, when it applies, and what actions can cause a waiver of this
key protection.