With the federal government shutting down at midnight on Sept. 30, the Tax Court announced that, unlike other federal courts, it is closing during the shutdown.
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TOPICS
IRS Practice & Procedure
How the Government Shutdown Affects Taxpayers and Tax Practitioners
The shutdown of the federal government on Oct. 1 involves a large number of federal government functions, including many affecting taxpayers and tax practitioners.
“At Least You Still Have Your Identity”
Tax-related identity theft has become a huge and growing problem in this country, and it is critical for the AICPA to play a thoughtful and forceful role in solving the problem, along with Congress the IRS, and CPAs.
Foreign Citizen Denied Refund of Erroneously Withheld Taxes
The Federal Circuit upheld the IRS’s denial of a request for refund of erroneously withheld taxes because the taxpayer filed his claim for a refund well after the end of the three-year lookback period in Sec. 6511(b)(2)(A).
IRS Releases Government Shutdown Contingency Plan
The IRS released its contingency plan for what it will do if the federal government shuts down Oct. 1.
Streamlined Procedures for Post-Windsor FICA Refunds Are Released
The IRS announced the procedures employers should follow for filing refund claims for overpaid FICA and income taxes paid on employer-provided benefits for same-sex spouses that, because of the Supreme Court’s Windsor decision, are now tax free.
New York State Proposes to Regulate Tax Return Preparers
The New York State Department of Taxation and Finance has proposed amendments to its Personal Income Tax Regulations and Procedural Regulations to regulate tax return preparers.
Final Rules Remove “Credit Ratings” from Regulations
The IRS issued Dodd-Frank mandated regulations that remove all references to and all requirements of reliance on “credit ratings” from Treasury regulations.
Regulations Clarify Treatment of a Debt Instrument Under Straddle Rules
The IRS issued regulations to clarify the treatment of debt instruments that are part of a straddle.
Broker Basis Reporting of Debt Instruments and Options: Actions Holders or Issuers Must (or May Want to) Take
Buried in the regulations are optional or necessary actions to be taken in certain circumstances by holders of debt instruments, issuers of debt instruments subsequently registered with the SEC, and securities issuers that undertake organizational actions affecting the basis of specified securities.
IRS Proposes Increased User Fees for Installment Agreements, Offers in Compromise
The IRS issued proposed regulations to raise user fees for installment agreements and for offers in compromise.
Amounts on Late-Filed S Corporation Return Were Not Disclosed on Taxpayer’s Return
For purposes of determining whether there had been a substantial understatement of gross income on a taxpayer’s return, the IRS determined that amounts on a Form 1120S filed after the three-year statute of limitation expired, were not considered to be disclosed on a taxpayer’s Form 1040.
Final Rules Issued on IRS Disclosure of Tax Return Information Under Health Care Law
The IRS issued final regulations about how it will release certain tax return information to the Department of Health and Human Services, as required by 2010’s health care legislation.
Disclosure Authorization and Electronic Account Resolution E-Services Get Three-Week Reprieve
The IRS announced that it is delaying the retirement of the Disclosure Authorization (DA) and Electronic Account Resolution (EAR) electronic services for three weeks.
Proposed Rules Reset Limitation for Pursuing Equitable Innocent Spouse Relief
The IRS issued proposed regulations under Secs. 6015(f) and 66(c) changing the deadline for taxpayers to request innocent spouse relief from joint liability.
Aug. 30 IRS Furlough Day Canceled
The IRS announced that it will remain open on Aug. 30, canceling a previously scheduled furlough day.
IRS Releases Draft Net Investment Income Tax Form
The IRS released a draft of Form 8960, a new dual-purpose form that will be used by individuals and trusts and estates to compute the new 3.8% net investment income tax.
White House Announces Nominee for IRS Commissioner
The White House announced that President Barack Obama will nominate John Koskinen as the new IRS commissioner.
Taxpayers Receive Notice That IRS Is Resolving Form 3520 Processing Issues
The IRS plans to send out letters to taxpayers who filed Form 3520 or Form 3520-A as it attempts to close out outstanding inquiries/correspondence involving Form 3520 prior processing issues.
Comments Requested on Proposed Net Investment Income Tax Form
The IRS published a notice and request for comments from taxpayers on a new dual-purpose form that will be used by individuals and trusts and estates to compute the new 3.8% tax and then to report the tax.
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.
