For the past few years, the emphasis has been on lowering tax rates and broadening the base for revenue-neutral, comprehensive tax reform.
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TOPICS
IRS Practice & Procedure
Statute of Limitation for Tax Carryovers
It is not unusual for a taxpayer to make an error on a return that results in a misstatement of a net operating loss or a credit that is then carried forward. These mistakes might not be noticed until after the statute of limitation is closed.
Handling Potentially Misclassified Workers
A business can take these steps to strengthen its position that it is properly classifying workers as employees or independent contractors and minimize risk.
Navigating Today’s IRS Examination With Fast Track Settlement
Fast Track Settlement may provide a viable alternative to pursuing an audit appeal.
Money Can’t Buy Love, but It Can Keep You Out of Prison
Seventh Circuit upheld a district court’s decision to spare Beanie Babies billionaire prison time for evading taxes by hiding assets in a Swiss bank account.
Trade Preferences Act Amends the Tax Code
The Trade Preferences Extension Act of 2015, enacted on June 29, contains a few tax provisions in addition to the trade measures that were the focus of the bill.
IRS Proposes Rule Updates and Clarifications to Penalty for Nondisclosure of Reportable Transactions
The IRS issued proposed regulations that would update and clarify the rules regarding the penalty for failure to disclose reportable transaction information.
Get Transcript Data Breach More Than Three Times as Big, IRS Announces
The IRS alerted the public that an additional 220,000 taxpayers had their tax return information compromised in the Get Transcript database breach it announced in May.
Highway Trust Fund in the Tax Reform Spotlight
Financially troubled since 2001, the Highway Trust Fund might get more than its typical Band-Aid fix with a proposed new funding source that could also kick off comprehensive tax reform.
Temporary Regulations End Automatic Extension for Forms W-2
In a move designed to fight taxpayer identity theft and tax fraud, the IRS will eliminate automatic extensions of time to file forms in the W-2 series, starting in 2017.
Taxpayer Data at Risk From Expansion of IRS Online Taxpayer Services, TIGTA Says
By expanding its online services, the IRS is putting taxpayers’ data at greater risk, the Treasury Inspector General for Tax Administration told Congress.
Construction Contractor Hammered on Trust Fund Penalty
The Tax Court held that a responsible person taxpayer was not entitled to currently not collectible status for her liability attributable to a trust fund recovery penalty and that adequate protection payments made to the IRS by her wholly owned corporation could not be applied to her liability.
The Threat of Parallel Investigations: When Civil Isn’t Civil
This article examines recent developments in parallel civil and criminal investigations as they have been reinvented over the past decade.
Rep. Ryan Addresses Spring AICPA Council Meeting
Rep. Paul Ryan, chairman of the House Ways and Means Committee, outlined his priorities since taking over committee leadership.
Return Due Dates Changed in Highway Funding Bill
The short-term highway funding extension passed by the Senate contains several important tax provisions.
Tax Court Invalidates Stock-Based Compensation Rule in Cost-Sharing Agreements
The Tax Court held that Regs. Sec. 1.482-7(d)(2), requiring entities to share stock-based compensation costs under qualified cost-sharing agreements, failed to meet the reasoned decision-making standard and was invalid.
Regulations Provide Guidance on Proper Place to File Refund Claims
The new rules generally require taxpayers filing claims for refund or credit to file their claim with the IRS service center at which the taxpayers currently would be required to file a tax return for the type of tax to which the claims relate.
National Taxpayer Advocate: IRS Falling Down on the Job of Helping Identity Theft Victims
During some of the busiest weeks of tax season, less than one caller in 10 to the IRS’s Taxpayer Protection Program phone line was able to reach IRS staff for assistance, according to Nina Olson, the national taxpayer advocate.
Small Businesses Bear a Significant Portion of Federal Tax Compliance Cost
Using a prudent tax adviser is economical for some, but it is a luxury for others, particularly for U.S. small businesses. This item focuses on small businesses that are independently owned, with gross receipts of less than $10 million.
Filing, Withdrawing, and Managing IRS Authorizations
Clients need their CPA to have the appropriate authorization to communicate with the IRS on their behalf. Whether they are selected for an audit, assessed a large penalty, or simply need a transcript to determine what payments were made this tax year, clients rely on CPAs to address their tax issues. Most practitioners regularly use a power of attorney to represent their clients. However, other types of IRS authorizations have practical uses. And, at times, it may make sense to obtain more than one type of authorization.
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.
