In September 2014, the IRS made several updates to the Internal Revenue Manual that provide insight on the notices and enforcement methods the Service will use this tax season to ensure taxpayers comply with the Patient Protection and Affordable Care Act.
Advertisement
TOPICS
IRS Practice & Procedure
2015 Inflation Adjustments Announced
The IRS issued the annual inflation adjustments for 2015 for more than 40 tax provisions as well as the 2015 tax rate tables for individuals and estates and trusts.
Congress and the Extenders: Doing the Same Thing Over and Over and Expecting Different Results
Every year, Congress must renew dozens of expired tax provisions, and taxpayers must anticipate what Congress is going to do each year as they structure their business affairs.
LB&I Explains “Rules of Engagement” in Examinations of Transfer-Pricing Issues
The IRS Large Business & International division released general guidelines and rules of engagement for LB&I examiners employed in the Transfer Pricing Practice and the International Business Compliance unit involved in the examination of transfer-pricing issues.
When to Rely on a Tax Adviser’s Advice as “Reasonable Cause”
The IRS, Justice Department, and even some courts take a hardline view on when a taxpayer, to avoid failure-to-file and failure-to-pay penalties, may establish reasonable cause by relying on a tax adviser.
What to Do When Your Client Receives a Summons
Practitioners should carefully consider the facts and circumstances of a client’s examination or collection matter if the IRS issues a summons.
Economic Substance Doctrine Clarified
The IRS provided guidance defining "transaction" for purposes of applying the Sec. 7701(o) economic substance doctrine and "similar rule of law" for purposes of the Sec. 6662(b)(6) accuracy-related penalty.
IRS Updates Streamlined Offshore Compliance Procedures
The IRS updated its streamlined offshore compliance procedures and issued new frequently asked questions (FAQs) about the procedures.
President Signs Tax Extenders Into Law
President Barack Obama on Friday signed into law the Tax Increase Prevention Act of 2014, which retroactively extends more than 50 expired tax provisions through 2014.
Congress Passes Tax Extender Legislation
The Senate passed a bill to retroactively extend more than 50 expired tax provisions through 2014, by a vote of 76–16 on Tuesday evening. The extender bill passed the House of Representatives on Dec. 3, and it now goes to President Barack Obama for his signature.
Standard Mileage Rates Will Change Slightly in 2015
Optional standard mileage rates for use of a vehicle will change a little for 2015, the IRS announced, with the business use rate going up and the medical and moving rate going down.
AICPA Letter to IRS Highlights Shortcomings in New Electronic Signature Procedures
AICPA sent a letter to the IRS Commissioner raising concerns about the IRS’s recently issued guidance on electronic signatures.
New Rules on Written Tax Advice and Other Revisions to Circular 230 and Their Effect on CPAs
This article discusses the technical provisions of Circular 230, Regulations Governing Practice Before the Internal Revenue Service, and how recent revisions could affect existing tax practice procedures and the management of tax practices.
Filing Season Complications Loom, IRS Commissioner Tells AICPA
The 2015 tax filing season “will be one of the most complicated filing seasons we’ve ever had,” IRS Commissioner John Koskinen said in a keynote address Tuesday to hundreds of attendees at the AICPA National Tax Conference in Washington.
D.C. District Court Invalidates Regulation That Bans Contingent Fees for Preparing Refund Claims
A federal district court found Section 10.27(b) of Circular 230 invalid as it pertains to refund claims and permanently enjoined the IRS from enforcing the regulation with respect to fees for preparing refund claims.
IRS Appeals Office Announces New Procedures
Under the new Appeals Judicial Approach and Culture project, appeals officers are “no longer going to be examiners or investigators.”
Only Gains From Sale of Property Included in Statute-of-Limitation Determination
The Tax Court held that in determining whether the six-year statute of limitation on assessment due to a 25% omission from gross income applied, only the gains, rather than the full amount realized, on the sale of the taxpayers’ investment assets are taken into account.
CPAs Claim IRS Not Authorized to Charge PTIN Fees, Seek Return of Past Payments
CPAs filed suit in federal court for the District of Columbia, asking the court to stop the IRS from charging fees for issuing PTINs, to obtain refunds of fees paid in the past, and to enjoin the IRS from asking for more information than needed to issue PTINs.
2015 Inflation-Adjusted Items and Tax Tables Issued
The IRS issued the annual inflation adjustments for 2015 for more than 40 tax provisions as well as the 2015 tax rate tables for individuals and estates and trusts.
Social Security Administration Announces 2015 Wage Base
The Social Security Administration announced that the wage base above which OASDI taxes are not due will increase from $117,000 to $118,500 in 2015.
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.
