Manufacturers could be unduly disadvantaged by the removal of the ownership test from present regulations.
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TOPICS
IRS Practice & Procedure
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 Extenders Are Enacted
The Consolidated Appropriations Act extends an extensive list of expired tax provisions, some permanently, some for five years, and many for two years, through 2016.
Taxpayers Beware: Intricacies of Timely Filing Under Secs. 7502 and 7503
Taxpayers must follow strict procedural requirements to properly qualify under these provisions when the IRS receives a return or other document after the due date.
Rules Determine Attorneys’ Fees and Costs for Prevailing Parties in IRS Proceedings
Final regulations issued by the IRS govern the awarding of costs and attorneys’ fees to taxpayers who meet certain net worth requirements and who prevail in administrative or court proceedings against the IRS.
Still More Accounts Found Hacked in IRS “Get Transcript” Breach
A TIGTA investigation into the data breach first discovered last May brings the total number of taxpayers whose tax transcripts were potentially compromised to 724,000.
IRS LB&I Unveils New Audit Procedures
The new examination process, which will be effective May 1, 2016, includes new procedures for refund claims while an examination is underway.
2016’s Dirty Dozen Tax Scams
The IRS released its annual list of the “dirty dozen” worst tax scams, starting with identity theft and winding up with frivolous tax arguments.
Final Regulations Govern Sec. 6045 Reporting of Debt Instruments by Brokers
The IRS issued final regulations on the rules for brokers to report transactions involving debt instruments and options, including original issue discount.
AICPA “Fly-In” to D.C. Seeks Path Toward a 21st Century IRS
The “fly-in” was intended to highlight dissatisfaction by practitioners and taxpayers with the IRS’s admittedly unacceptable levels of service and CPAs’ potential role in improving the IRS in that and other ways.
IRS Suffers Another Data Breach
The IRS revealed that it discovered and stopped an automated cyberattack on its e-filing personal identification number (PIN) system last month.
Additional 2016 Inflation Adjustments Released
The IRS issued inflation adjustments for the Sec. 179 expensing limits, the above-the-line deduction for eligible expenses of educators, and the deductible amount for van pool and transit expenses.
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.
