Phone scams, phishing, and identity theft topped this year’s IRS list of the “dirty dozen” tax scams.
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TOPICS
IRS Practice & Procedure
IRS Issues Revised 2014 and 2015 Passenger Automobile Depreciation Limits
The IRS issued revised numbers for the amount of depreciation taxpayers can take for the first year they use a passenger automobile (including a truck or van) for business in 2014 and the figures for 2015.
IRS Offers New Options for Taxpayers Who Failed to File International Information Returns
This item is an overview of the ways a taxpayer can deal with the failure to file required international information returns.
Codified Economic Substance Update: IRS Issues More Guidance
The IRS issued a notice providing additional guidance on the codified economic substance doctrine under Sec. 7701(o) and related penalty amendments.
AICPA’s Revised Confidentiality Rule, Sec. 7216, and the Tax Professional
Practitioners are encouraged to determine whether they comply with both Sec. 7216 and revised AICPA client confidentiality rules.
Congress Enacts Last-Minute Extenders for 2014
The Senate passed a bill to retroactively extend more than 50 expired tax provisions through 2014, by a vote of 76-16 on the evening of Dec. 16. The extender bill passed the House of Representatives on Dec. 3, and was signed by President Barack Obama on Dec. 19.
Offshore Voluntary Disclosure Program to Remain Open Indefinitely
The IRS stated that it intends to keep its Offshore Voluntary Disclosure Program open until it announces otherwise.
Taxpayers Get Penalty Relief for Incorrect Premium Tax Credit Advance Payments
The IRS will provide automatic penalty relief for taxpayers who, when they reconcile advance payments of the premium tax credit they received for 2014 to the amount of the credit they are entitled to on their income tax returns, find they owe additional tax.
Details of the President’s State of the Union Tax Proposals
President Barack Obama used Tuesday’s State of the Union address to announce that he will propose tax increases for higher-income individuals and provide tax relief for middle-class taxpayers.
Budget Cuts May Force IRS Furlough Days Again
IRS Commissioner John Koskinen issued a message to IRS employees outlining the steps the Service will have to take to deal with the budget cuts Congress enacted late last year.
IRS: Tax Season to Start on Time
The IRS announced that tax season will start on time this year and it will begin accepting e-filed and paper returns on Jan. 20, as originally planned.
IRS Analyzes Whether Third-Party Employment Tax Returns Are Sufficient to Start Assessment Statute of Limitation
The Office of Chief Counsel analyzed whether an employment tax return prepared and filed by a third party on behalf of an employer was sufficient to commence the period of limitation on assessment for the employer under Sec. 6501.
IRS Signals PPACA Compliance Issues
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.
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.
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.
