The IRS has decided that, as a result of the recent decision preventing it from regulating unenrolled tax return preparers, disbarment or suspension from practice before the IRS cannot include a ban on tax return preparation or blocking an individual’s PTIN.
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IRS Practice & Procedure
AICPA Has “Deep Concerns” About IRS Voluntary Certification of Return Preparers
The AICPA sent the IRS commissioner a letter expressing its “deep concerns” about a program for voluntary certification of tax return preparers.
Tax Lawyer: Code Reform Stymied by Dysfunctional Congress
Passage of major tax reform legislation appears unlikely soon, partly because of partisan gridlock in Congress as bad as any in the past century and a half, a noted tax lawyer told the AICPA Council.
TIGTA Finds $2.3 Billion Alimony Tax Gap
The discrepancies between alimony income reported by taxpayers and alimony deductions claimed resulted in $2.3 billion in excess deductions in 2010, TIGTA reported.
Commissioner Calls for Greater IRS Funding
The IRS needs more money to effectively do its job, especially with its added responsibilities under the Patient Protection and Affordable Care Act. That was the message IRS Commissioner John Koskinen delivered to attendees at the American Bar Association Tax Section’s spring meeting in Washington on Friday.
Practical Approaches to Common Conflicts of Interest
This column highlights some common conflicts of interest encountered by CPA tax practitioners and offers some practical means of properly addressing the consequential ethical issues.
Implications of IRS Examination of Accounting Software Data
It is important to understand the expanded scope of “books and records” in the context of taxpayers using accounting software.
Issues With Employer Identification Numbers
This item reviews the few issues practitioners may face when obtaining an employer identification number from the IRS.
Decision Striking Down Tax Return Preparer Regulations Upheld on Appeal
The IRS’s attempt to regulate unenrolled tax return preparers was dealt another blow when the D.C. Circuit Court of Appeals held that the agency exceeded its statutory authority by issuing regulations imposing various requirements on tax return preparers.
AICPA Pushes for Simplification of Tax Return Due Dates
This column provides an update on the AICPA’s proposal to change the original and extended due dates for several important tax and informational returns.
New Guidance Clarifies Tax Treatment of Bitcoin and Other Virtual Currencies
The IRS issued its first guidance on the tax rules that apply to virtual currencies, in the form of 16 questions and answers.
IRS Clarifies: Electronic Signatures Permitted for Form 8879
The IRS updated the online version of Publication 1345, Handbook for Authorized IRS e-File Providers of Individual Income Tax Returns, to clarify that electronic signatures are permitted for Form 8879 as well as Form 8878.
IRS Expands Use of Electronic Signatures
The IRS provided new methods for taxpayers to electronically sign Form 8878.
Several Taxpayer Services Become Online Only
The IRS has stopped providing a number of taxpayer assistance services in person or over the phone and has shifted those services online.
New Mandatory IDR Enforcement Procedures for LB&I Examinations
The IRS’s Large Business and International Division has recently focused on implementing significant changes to its information-gathering process by changing procedures for information document requests.
Form 1099-B and the New Adjusted Tax Basis and Sales Proceeds Reporting Rules for Brokers
This item focuses on the general taxation of debt instruments and provides an overview of the new reporting requirements and the implications they raise.
John Koskinen Confirmed as IRS Commissioner
Senate confirmed John Koskinen to be the next IRS commissioner.
Taxpayer Did Not Have Fraudulent Intent
The Tax Court held that a taxpayer who used an “agent-principal” scheme to avoid paying taxes on income from his business was not liable for a civil fraud penalty because the IRS had failed to prove that the taxpayer had fraudulent intent.
IRS Issues Final Instructions for Net Investment Income Tax Form
The IRS finally released its eagerly awaited final instructions for Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts.
Report Reveals Breadth of Criminal Tax Activities
The IRS Criminal Investigation division’s annual report reviewing its accomplishments in 2013 reveals the wide range of criminal tax activities it investigated in the past year.
employee benefits & pensions
Profits interests: The most tax-efficient equity grant to employees
By granting them a profits interest, entities taxed as partnerships can reward employees with equity. Mistakes, however, could cause challenges from taxing authorities.
