CPAs who oversee their firm’s practice should take note of the changes to expansion of supervisory obligations under Circular 230.
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TOPICS
IRS Practice & Procedure
IRS Proposes to Allow Employees to Consent to FICA Refunds Electronically
The IRS issued a proposed revenue procedure that would permit employers who file refund claims for overpaid FICA and Railroad Retirement Tax Act taxes to obtain their employees’ consent to the refund claims electronically.
IRS Considering Free Electronic Filing for Employment Tax Returns
In an attempt to address the low rate of e-filing of employment tax returns (currently 31%), the IRS announced that it is considering opening a free e-file program for businesses to e-file employment tax returns.
“Be on the Lookout” Lists Gone From IRS Reviews of Sec. 501(c)(4) Applications
Two years after the scandal involving IRS reviews of applications for tax-exempt status, TIGTA issued a follow-up report.
IRS Intends to Amend Rules So Refunds Match Foreign Withholding Payments
The IRS proposed that taxpayers that are subject to withholding under Ch. 3 or 4 and that make claims for refunds or credits of the withheld tax be prevented from obtaining them where a withholding agent failed to deposit the required amounts.
Millions of Taxpayer Phone Calls Went Unanswered by IRS This Tax Season
The number of taxpayer phone calls answered by the IRS dropped significantly during this tax season and call wait times were up.
IRS Grants Penalty Relief to Taxpayers Who Received Incorrect Health Care Forms
To ease the filing burden for taxpayers who received late or incorrect Forms 1095-A, the IRS announced that it will provide penalty relief for taxpayers.
Wife of Anti-Tax Author Sentenced to Prison
A taxpayer was sentenced to 18 months in prison followed by one year of supervised release after being convicted of criminal contempt for failing to file amended tax returns as ordered by a judge and for filing a false income tax return.
Why the Internal Revenue Manual Is Valuable to Your Clients
Understanding how IRS personnel are instructed to perform certain procedures can be valuable to practitioners. This item contains several key areas of the IRM that should be noted in tax practice.
Guiding Clients Through the Offshore Voluntary Disclosure Program
This item provides a synopsis of the steps and procedures involved in initiating and completing a successful voluntary disclosure through the OVDP.
New Procedures Designed to Restore Confidence in Appeals’ Independence, Improve Efficiency
New provisions of the Internal Revenue Manual affect not only IRS Office of Appeals procedures, but also how Examination develops its cases and how taxpayers access Appeals.
Volunteering at Low Income Taxpayer Clinics Can Provide CPAs Valuable Experience
Volunteering for a Low Income Taxpayer Clinics panel gives a CPA a chance to provide valuable community service outside busy season and obtain additional experience in tax representation.
Understanding IRS Form 1099-K Letters and How to Quickly Respond
Taxpayers that sell products or services online or accept payment cards for sales need to be aware of IRS notice letters relating to Form 1099-K.
Tax Reform: Five Priorities to Remember
As a new Congress begins a fresh look at tax reform, the AICPA intends to stay engaged in the process and advocate on issues of particular interest to CPAs. Five areas deserve strong consideration in tax reform.
Offshore Disclosure Program a Success, Will Remain Open
The IRS stated that it intends to keep its Offshore Voluntary Disclosure Program (OVDP) open until it announces otherwise.
Final Regs. Provide Rules for Assessment Limitation Period for Undisclosed Listed Transactions
The IRS issued final regulations regarding the exception to the general three-year assessment limitation period for listed transactions that a taxpayer did not disclose as required under Sec. 6011.
Former Partner Liable for Trust Fund Penalty
A taxpayer who asserted he was no longer a partner in a business during the periods at issue was nevertheless held to be a responsible person and liable for the 100% penalty for failure to pay over withheld employment taxes.
Treasury Will Not Have to Tell PTIN Holders That They Are Under Investigation
The Treasury Department issued a final rule on Monday that exempts it from having to reveal to PTIN holders the names of agencies or individuals that have asked for their files.
Final Regulations Amend Broker Basis Reporting Requirements
The IRS issued final and temporary regulations that provide rules for brokers to report bond premium and acquisition premium as well as govern information reporting of transactions involving debt instruments and options.
IRS Considering Free E-Filing for Employment Tax Returns
The IRS announced that it is considering opening a free e-file program for businesses to e-file employment tax returns.
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.
