The IRS issued final rules on how to apply the $10,000-per-day penalty under Sec. 6708 when a material adviser fails to provide the Service a list of advisees with respect to reportable transactions.
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IRS Practice & Procedure
TIGTA Issues Preliminary Report on 2015 Tax Season
Just days after the end of the 2015 filing season, the TIGTA issued its preliminary report on what went well and what went badly for the IRS this year.
Ways to Make Tax Compliance Less of a Nightmare for Small Business
Troy Lewis, chair of the AICPA’s Tax Executive Committee, testified in favor or the Mobile Workforce State Income Tax Simplification Act.
List of Designated Private Delivery Services Updated Again
The IRS updated its list of designated private delivery services that qualify under the timely mailing/timely filing rule to include certain DHL services.
Taxpayers Can Now Pay Federal Tax at Participating Retail Stores
A new program allows individuals who owe federal income taxes to pay in cash at 7-Eleven stores in 34 states.
CDP Notice of Determination Valid If Actually Received
The Tax Court held that a notice of determination from a collection due process hearing is valid for purposes of starting the period in which a taxpayer must file a petition with the Tax Court if the notice is actually received by the taxpayer.
Streamlined Filing Procedures for Disclosing Foreign Assets and Income
Qualifying taxpayers who failed to report foreign-source income and can prove their conduct was not “willful” could enjoy significantly reduced penalties.
Recent Guidance Affecting Research Credit Carryforwards From Closed Years
The IRS recently promulgated final regulations that prohibit a taxpayer from increasing research credit carryforwards from closed years by electing the ASC method.
Change in Form 1099-B Cost Basis Reporting Can Result in Double-Counting of Income
Since the compensatory income is already included in the employee’s Form W-2, the failure to report it in the Form 1099-B cost basis results in double-counting the income unless an adjustment is entered on Form 8949.
PATH Brings Changes to Federal Penalty Computations
This item discusses the PATH legislation’s immediate impact on certain federal penalty computations.
Ramifications of Removing the Sec. 199 Benefits-and-Burdens Test
Manufacturers could be unduly disadvantaged by the removal of the ownership test from present regulations.
Power of Attorney and Declaration of Representative
Many practitioners find that the IRS does not process their Form 2848 filings and returns them because the form was prepared or filed incorrectly.
New Form 3115 Is Required, IRS Announces
The IRS alerted the public that a new Form 3115, Application for Change in Accounting Method, has been issued with a revision date of December 2015, the first revision since 2009.
Changes in Tax Legislation in 2015: Lots of Them!
This column provides a summary of the bills enacted last year that included tax changes.
Exempt Organizations’ Applications Do Not Contain Protected Return Information
A federal appeals court ordered the IRS to comply with a lower court’s order that it hand over the names of organizations that had been on its “Be on the lookout” list when it was mishandling applications for tax-exempt status.
IRS Launching Competition Intended to Redesign Taxpayer Experience
Aimed at “reimagining the taxpayer experience of the future,” the IRS asked for participants to design a new way of presenting information to taxpayers that is understandable and useful to them.
Guidance Extends Certification Deadlines for Reinstated Work Opportunity Tax Credit
Because of the recent retroactive reinstatement of the work opportunity tax credit to the beginning of 2015 and the addition of the long-term unemployed to the list of qualified employees beginning Jan. 1, 2016, the IRS has extended the due date for required certifications.
Phishing Scheme Requests Form W-2 and Other Confidential Employee Information
The IRS reiterated that everyone has a responsibility to confirm people’s identities before responding to such a request.
IRS Withdraws Controversial Charitable Donation Rules
The IRS withdrew proposed regulations that would have allowed charities to file information returns with the IRS and donors instead of providing contemporaneous written acknowledgments of charitable donations.
IRS Foreshadows New Energy Credit Regulations
This item describes the evolution of the ITC, information about the timing and scope of potential future regulations, and potential issues that the IRS may attempt to address in the guidance.
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.
