IRS Practice & Procedure

TOPICS

January 11, 2018

IRS closer to obtaining virtual currency records

The IRS continues to press for greater tax compliance in the virtual currency arena.

January 10, 2018

FASB addresses financial reporting impacts of new tax law

FASB addressed numerous financial reporting implications of P.L. 115-97, known as the Tax Cuts and Jobs Act.

January 9, 2018

IRS asking for taxpayer representatives’ personal information

The IRS is now asking taxpayer representatives who call the agency to provide their Social Security number and date of birth to confirm their identity.

January 4, 2018

IRS announces when filing season will start

The IRS announced that this year’s filing season will begin about a week later than last year’s filing season.

January 1, 2018

Transcript of account issued by the IRS

When a transcript is obtained, it is important to know the meaning of transaction codes.

January 1, 2018

Inflation adjustments and tax tables for 2018 tax returns are issued

The IRS issued the annual revenue procedure that updates the almost 60 tax provisions that must be adjusted for inflation each year.

December 22, 2017

President signs tax overhaul into law

President Donald Trump signed H.R. 1, the Tax Cuts and Jobs Act legislation, thereby making it law.

December 20, 2017

How tax overhaul would change business taxes

The tax reform bill that Congress is expected to vote on this week contains numerous changes that will affect businesses large and small.

December 20, 2017

What the tax reform bill means for individuals

The tax reform legislation that Congress will consider this week contains many provisions affecting individuals—and many changes from both the House and Senate bills.

December 20, 2017

Congress passes tax reform

The House of Representatives reapproved tax reform legislation on Wednesday, sending the bill to President Donald Trump for his signature.

December 20, 2017

Senate passes tax reform bill; House must revote

The Senate voted early today in favor of the Tax Cuts and Jobs Act, H.R. 1, which the House of Representatives had approved Tuesday.

December 15, 2017

Conference committee approves tax reform legislation

House and Senate conferees agreed to legislative language of a tax reform bill that is expected to be voted on by Congress next week.

December 2, 2017

Senate passes tax reform bill

In the early hours of Saturday morning, the U.S. Senate passed its version of the Tax Cuts and Jobs Act bill by a vote of 51–49.

December 1, 2017

Hurricane relief enacted

The Disaster Tax Relief and Airport and Airway Extension Act of 2017 provides tax relief to victims of Hurricanes Harvey, Irma, and Maria.

December 1, 2017

Proposed regulations would permit employers to use truncated TINs

In an effort to reduce identity theft, the IRS issued proposed regulations that would permit employers to use truncated taxpayer identification numbers (TTINs) on Forms W-2, Wage and Tax Statement.

December 1, 2017

Treasury announces which burdensome tax regulations will be withdrawn or amended

Treasury said it intended to withdraw the Sec. 2704 valuation discount regulations and portions of the Sec. 385 corporate inversion regulations.

December 1, 2017

Special per-diem rates for business travel are issued

The IRS issued its annual updates of per-diem rates for use in substantiating expenses when traveling away from home on or after Oct. 1.

December 1, 2017

Restitution does not support the imposition of interest and additions to tax

Tax Court held that the IRS was not authorized to add underpayment interest or additions to tax to the restitution taxpayers were ordered to pay as part of a sentence for criminal tax violations.

December 1, 2017

IRS announces it will rule on tax-free stock distributions

The IRS is introducing an 18-month pilot program under which it will once again issue letter rulings concerning the general income tax effects of stock distributions under Sec. 355.

November 17, 2017