IRS Practice & Procedure

TOPICS

May 19, 2015

Tax Reform, Lower Rates Among Top Legislative Goals, Ryan Tells AICPA

Rep. Paul D. Ryan, R-Wis., outlined his priorities since taking over House Ways and Means Committee leadership to members of the AICPA’s spring Council meeting in Washington.

May 7, 2015

List of Designated Private Delivery Services Is Updated, Postmark Rules Revised

The IRS updated the list of designated private delivery services (PDSs) that taxpayers can use to take advantage of Sec. 7502’s timely mailing equals timely filing/paying rule.

May 1, 2015

IRS Modifies Rules for Filing Accounting Method Changes and Procedures for Taxpayers Under Examination

This item highlights the significant developments in rules for filing accounting method changes and procedures for taxpayers under examination.

May 1, 2015

Making a Valid Sec. 754 Election Following a Transfer of a Partnership Interest

It is not uncommon for a partnership to attempt to make a valid Sec. 754 election, only to find that it failed to satisfy regulatory requirements.

May 1, 2015

IRS Modifies Guidance on Distressed Debt Held by REITs

Recent IRS guidance modifies the rules for determining the value of a distressed mortgage that the taxpayer can include as a real estate asset for purposes of the REIT asset test.

May 1, 2015

Supervisory Obligations Under Circular 230

CPAs who oversee their firm’s practice should take note of the changes to expansion of supervisory obligations under Circular 230.

May 1, 2015

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.

May 1, 2015

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.

April 30, 2015

“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.

April 28, 2015

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.

April 16, 2015

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.

April 13, 2015

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.

April 10, 2015

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.

April 1, 2015

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.

April 1, 2015

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.

April 1, 2015

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.

April 1, 2015

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.

April 1, 2015

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.

April 1, 2015

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.

April 1, 2015