It was not an abuse of discretion for an IRS settlement officer to reject an offer in compromise where the taxpayer failed to document his assets or financial condition.
Advertisement
TOPICS
IRS Practice & Procedure
Government shutdown would halt many IRS operations
A partial government shutdown at midnight on Friday would affect the IRS, which has not been fully funded for fiscal year 2019.
Negotiation with collections officer is not administrative proceeding
The IRS abused its discretion in failing to consider the taxpayers’ proposed offer in compromise, installment agreement request, and economic hardship claim.
Amended returns satisfy statement-of-inconsistency requirement
A taxpayer’s amended returns sufficiently apprised the IRS of inconsistencies between the amended returns and the returns filed by the bankruptcy trustee of his wholly owned S corporation.
Avoiding an accuracy-related penalty through the reasonable-cause exception
By knowing the factors courts consider in determining whether a taxpayer meets the requirements for the reasonable-cause exception, and how the courts have applied the factors, tax advisers can help their clients properly mount a defense to an accuracy-related penalty.
IRS issues guidance on withholding for 2019
The IRS issued a notice providing interim guidance for the 2019 calendar year on income tax
withholding from wages and from retirement and annuity distributions.
Inflation adjustments and tax tables issued for 2019
The IRS issued the 2019 annual inflation adjustments for many tax provisions as well as the 2019 tax rate tables for individuals and estates and trusts.
New IRS commissioner brings practitioner’s perspective to role
Veteran tax attorney Charles Rettig gives his first public address as new IRS commissioner, speaking to CPAs Tuesday at the AICPA National Tax Conference in Washington.
Tax preparer due diligence rules are finalized
The IRS issued final regulations on the penalty that applies to tax return preparers who fail to exercise due diligence in preparing returns for taxpayers who are claiming head-of-household filing status, the earned income tax credit, the child tax credit, the additional child tax credit, or the American opportunity tax credit.
Loss deductions for abandonment of intangible assets
Abandonment of intangible property should be established by detailed documentation.
Determining deductibility of meals after the TCJA
Practitioners must use due diligence when clients claim any deductions related to business meals.
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.
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.
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.
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.
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.
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.
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.
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).
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.
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.
