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.
Advertisement
TOPICS
IRS Practice & Procedure
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.
Inflation-adjusted items and tax tables for 2019 tax year are released
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.
IRS finalizes tax preparer due-diligence regs.
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.
Is your client the subject of an FBAR examination?
This article discusses a few key things practitioners should know about FBAR cases.
IRS issues updates on post-shutdown activities
The IRS posted guidance for the public explaining how it will be operating now that the shutdown has ended, to catch up on its backlog in audits, collections, tax return processing, and Tax Court cases.
Government shutdown ends in time for tax season
The partial shutdown of the federal government ended just in time to allow the full IRS workforce to return to work for the start of tax season.
Paid preparer’s checklist expands to include head-of-household, other tax credit questions
Practitioners should be aware of changes to the due-diligence requirements for returns that claim the earned income tax credit, the American opportunity tax credit, and/or the child tax credit.
Some individual taxpayers get relief from underpayment penalty
The relief applies to individuals whose tax withheld and estimated tax payments equal at least 85% of the tax shown on their 2018 tax return.
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.
