IRS Practice & Procedure

TOPICS

August 2, 2016

Second Circuit Holds Taxpayer Not Subject to IRS Summons

The court held that the taxpayer was protected by the Fifth Amendment privilege against self-incrimination.

August 1, 2016

IRS Changes Roth IRA Allocation Rules

The IRS eliminated the requirement that each disbursement from a designated Roth account that is directly rolled over to an eligible retirement plan be treated as a separate distribution from any amount paid directly to the employee.

August 1, 2016

Lease Payments Are Not Always Rent

This item addresses the tax consequences for the lessor and lessee in three areas.

August 1, 2016

Understatement of Income Not Fraudulent

A pattern of fraudulent conduct in a tax accountant’s preparation of his clients’ returns was not sufficient to prove that underpayments on his own returns were due to fraud.

August 1, 2016

Defeasance and Its Impact on Real Estate Transactions

While a properly structured defeasance transaction can generate a significant deduction, taxpayers should consider the totality of the transaction when assessing the after-tax impact.

August 1, 2016

IRS Service Levels Leave AICPA Members Dissatisfied

Long wait times to reach an IRS representative
on the phone shortened somewhat this filing season, compared with 2015, but the quality of the IRS’s responses is lacking.

August 1, 2016

Sec. 467 Leases and Proper Structuring for Deferral Purposes

Planning and documentation in a lease agreement are key to income deferral, but be aware that the IRS’s interpretation of Sec. 467 is stricter than once thought.

August 1, 2016

Form 1023-EZ Application Fee Will Be Lowered

The IRS is cutting the application fee small organizations must pay when applying for tax-exempt status.

August 1, 2016

Basket Contracts as Listed Transactions and Transactions of Interest

New notices provide greater detail on the types
of transactions intended to be covered
under basket contract rules.

August 1, 2016

Get Transcript Online Service Reopens

The IRS reinstated its Get Transcript Online service, which had been breached by cybercriminals last year.

July 28, 2016

House Republicans Offer ‘A Better Way’ for Taxes

This article summarizes and critiques the latest significant proposal for reform.

July 26, 2016

IRS No Longer Requires Additional Sec. 83(b) Statement With Tax Return

The IRS finalized proposed regulations issued last year intended to make it easier for taxpayers to file their returns electronically by no longer requiring taxpayers making a Sec. 83(b) election to include a copy of the election statement with their tax return.

July 8, 2016