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.
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TOPICS
IRS Practice & Procedure
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.
Treating a Refund Request Made on an Incorrect Form as an Informal Refund Claim
This item discusses some situations in which taxpayers have argued that a refund request made on an incorrect form is a valid informal refund claim.
Form 5472 Regulations Are Finalized Prohibiting Filing Form Separately
Final regulations issued by the IRS remove the provision allowing Form 5472 to be timely filed separately from the corporation’s tax return if that return is filed late.
Tax Court Reforms Statute-of-Limitation Extensions
The Tax Court found that the IRS and the taxpayers made a mutual mistake on Forms 872, Consent to Extend the Time to Assess Tax, regarding the tax years for which the statute of limitation on assessment was being extended and reformed the forms to apply to the years that the IRS and the taxpayers intended to extend.
IRS Commissioner Warns of Budget Cut Effects
IRS Commissioner John Koskinen issued a message to IRS employees in January outlining the steps the Service will have to take to deal with the budget cuts Congress enacted late last year, giving the IRS $10.9 billion in funding, a reduction of $346 million from the previous fiscal year.
Taxpayers Who Already Filed 2014 Returns Using Incorrect Forms 1095-A Won’t Have To Pay More Tax
The Treasury Department announced on Tuesday that taxpayers do not have to file amended returns if they already filed their 2014 tax returns relying on forms sent by the government that contained incorrect information about their health coverage and any advance premium tax credit they received.
Thousands Receive Incorrect Health Care Tax Forms; Signup Period Extended
The government announced that many taxpayers who signed up for health insurance on the site have received an incorrect Form 1095-A for 2014. It also announced an extension of time for uninsured taxpayers to sign up for insurance on the website.
Employee Consent to Employment Tax Refunds Could Be Obtained Electronically
The IRS issued a proposed revenue procedure that would permit employers who file refund claims for overpaid FICA and RRTA taxes to obtain their employees’ consent to the refund claims electronically.
Most Outstanding Claims for FICA Tax Refunds Will Be Denied, IRS Announces
The IRS announced that it will disallow all refund claims filed while resolution of the issue of whether severance payments to employees are subject to FICA tax was pending, as well as the appeals filed in response to the denial of refund claims.
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.
