Tax software vendors will share analytical information about their customers’ tax filings with the IRS under new agreement announced by the IRS.
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TOPICS
IRS Practice & Procedure
Tax Reform for 2015: One Step Forward, Two Steps Back?
The 114th Congress started with talk of comprehensive tax reform, but actions to date hint a different ending may be in store.
Expanded IRS Online Services Put Taxpayer Information at Risk, Senate Committee Told
By expanding its online services, the IRS is putting taxpayers’ data at greater risk, the Treasury Inspector General for Tax Administration told Congress.
Final Rules Govern Basis Reporting
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, including the reporting of original issue discount on tax-exempt obligations, the treatment of certain holder elections for reporting a taxpayer’s adjusted basis in a debt instrument, and a new requirement to report transfers of Sec. 1256 options and debt instruments.
Final Rule Does Not Require PTIN Holders Be Told of Investigation
The Treasury Department issued a final rule that exempts it from having to reveal to holders of preparer tax identification numbers the names of agencies or individuals that have asked for their files.
Rules for the Assessment Period for Undisclosed Listed Transactions Are Clarified
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.
Thieves Access IRS Get Transcript App, 100,000 Accounts Compromised
The IRS announced on Tuesday that criminals have used taxpayer-specific information to gain access to approximately 100,000 taxpayers’ accounts through the IRS’s Get Transcript online application and steal those taxpayers’ data.
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.
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.
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.
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.
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.
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.
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.
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.
