The IRS has stopped providing a number of taxpayer assistance services in person or over the phone and has shifted those services online.
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IRS Practice & Procedure
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.
“Dirty Dozen” Tax Scam List Now Includes Telephone Scams
Identity theft and telephone scams top this year’s list of the “Dirty Dozen” fraudulent tax schemes released by the IRS.
D.C. Circuit Affirms Decision Striking Down Tax Return Preparer Regs.
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 when it issued regulations imposing various requirements on tax return preparers.
New IDR Procedures Postponed Until March 3
The IRS announced in an email to practitioners that it is pushing back the effective date for its new information document request (IDR) procedures.
Final Regs. Permit Agents to Withhold FUTA for Home Care Service Recipients
The IRS issued final regulations permitting an agent authorized by the IRS under Sec. 3504 to perform certain acts normally required of employers to withhold FUTA taxes owed by home care service recipients.
An Overview of AICPA and IRS Rules of Practice
This column refreshes practitioners on the AICPA and IRS rules of practice, provides a list of resources for questions and answers, and details the relationship and similarities between the AICPA and IRS ethics standards related to tax practice.
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.
Valuation-Misstatement Penalty Applies to Tax Shelter Transactions
The Supreme Court held in that the Sec. 6662(b)(3) penalty for tax underpayments attributable to valuation misstatements applies to an underpayment resulting from a basis-inflating transaction that is disregarded for a lack of economic substance.
New IDR Policy Means Stricter Deadlines, More Discussions
A directive issued by IRS LB&I Division contains guidelines for issuing an information document request (IDR) and, separately, rules for enforcing the IDR.
District Court Considers Taxpayer’s Privilege and Work Product Doctrine Claims in IRS Summons Action
A recent case provides insight into how other courts may define materials prepared “in anticipation of litigation” and apply the work product doctrine, attorney-client privilege, and tax practitioner privilege to disputes between taxpayers and the IRS.
Final Version of Net Investment Income Tax Form Released
Just in time for the start of tax season, the IRS has released the final version of Form 8960, Net Investment Income Tax—Individuals, Estates, and Trusts, which will be used by individuals and trusts and estates to compute the new 3.8% tax.
2014 Inflation Adjustments Released
The IRS issued the annual inflation adjustments for 2014 for more than 40 tax provisions and the tax tables for 2014.
Large Tax Preparation Franchise Company Closed by Court Order
A federal district court in Ohio has issued a permanent injunction ordering ITS Financial LLC, the parent company of Instant Tax Service tax franchiser, to cease operations. The order, which was issued as a result of a two-week trial in June, also bars Fesum Ogbazion, the sole owner and CEO of ITS Financial, from operating or being involved with any business relating to tax-return preparation.
IRS Announces FY 2014 Sequester Reduction Rate for Qualified Refundable Credit Bonds
Refundable credit payments processed on or after Oct. 1, 2013, and on or before Sept. 30, 2014, will be reduced by a sequestration rate of 7.2% for issuers of various bonds that elected to receive a direct credit subsidy under Sec. 6431.
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.
