The IRS announced that it has updated various 2016 form instructions to reflect changes to AMT adjustments made by the PATH Act.
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TOPICS
IRS Practice & Procedure
Guidance Issued on De Minimis Safe Harbor for Information Returns/Payee Statements
The IRS issued a notice that provides the requirements for a payee to make an election to not have the safe harbor for de minimis errors on information returns below certain amounts apply to a payer.
Pesky IRS Penalties: How to Get Them Abated for Clients
This item summarizes some common IRS penalties and the procedural and practical ways practitioners can obtain a penalty abatement.
IRS Failing in Backup Withholding, TIGTA Says
A TIGTA report concluded that the IRS’s lax enforcement of backup withholding requirements is potentially causing billions of dollars in lost revenue.
2017 Inflation Adjustments and Tax Tables for 2018 Filing Season Released
IRS issued the annual inflation adjustments for 2017 for more than 50 tax provisions as well as the 2017 tax rate tables for individuals and estates and trusts.
Income From Parking Facilities Is Qualifying REIT Income
The IRS ruled that amounts received by a REIT from the provision of parking spaces in its garage constitute qualifying rents from real property.
IRS Eliminates No-Rule Policy for Business Purpose and Device Rule Issues
The application of the business purpose and device rules often involves both legal and factual questions.
How Will the LB&I Reorganization Affect Midmarket Taxpayers?
With LB&I’s reorganization, the unknown is whether there will be a greater focus on midmarket taxpayers.
IRS Announces Heightened Identity Theft Safeguards for Current Filing Season
IRS described how it will expand its security efforts for 2017.
IRS Revises Procedures for Handling Appeals Conferences
The revised procedures are driven by a desire to clarify procedures for taxpayers, to better allocate IRS resources, and to get the right work to the right
Appeals employee.
Regulations Implement New Due-Diligence Requirements for Tax Return Preparers
Recent legislation added these requirements, which previously applied only to the earned income tax credit.
New Online Tool Allows Taxpayers to Check IRS Account Information
The IRS has launched an online tool that allows individual taxpayers to get their account balances online, including tax due, penalties, and interest.
Special Per-Diem Rates for Travel Are Released
Business travelers have new per-diem rates to use in substantiating certain expenses.
New for 2016: Changes to Form 1099-INT and Form 1099-OID
Taxpayers will receive additional information relating to bond premiums on Forms 1099-INT and 1099-OID.
Self-Certification Spells Relief for Late IRA Rollovers
The IRS self-certification procedure allows taxpayers who fail to meet the 60-day rollover requirement to claim eligibility for a waiver.
IRS Explains New Private Tax Collection Program
Private debt collection companies will start working to collect overdue tax liabilities in spring 2017.
IRS Announces Start of e-Services Re-registration
As part of its latest efforts to prevent cybercrime, the IRS said it will begin sending letters to currently registered e-Services users asking them to re-register within 30 days of the date of the letter or risk being shut out of the system.
New Rules Issued for IDRs From TE/GE Examiners
The rules, which go into effect April 1, 2017, apply to IRS examiners from the Tax Exempt/Government Entities division and specify best practices in issuing information document requests in the course of an audit.
IRS Extends Due Dates for PPACA Forms and Penalty Relief
In response to concerns from employers, insurers, and other providers of minimum essential coverage, the Internal Revenue Service announced that it is extending the due dates for certain health care forms required under the Patient Protection and Affordable Care Act.
No Delays Anticipated in 2017 Tax Filing Season, IRS Commissioner Says
IRS Commissioner John Koskinen reassured tax practitioners attending the AICPA’s National Tax Conference that the 2017 tax filing season should start on time.
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.
