The IRS announced corrections to two of the 2013 tax tables it issued on Jan. 11.
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IRS Practice & Procedure
Tax Tables, Other Inflation Adjustments, Issued for 2013
The IRS issued inflation-adjusted items for 2013 as well as the new income tax rate tables now in effect as a result of the American Taxpayer Relief Act.
Start of Tax Season Delayed Until Jan. 30; Later for Some Taxpayers
The IRS announced that it plans to open the 2013 filing season and begin processing many individual income tax returns on Jan. 30
IRS Issues Withholding Tables for American Taxpayer Relief Act
The IRS issued newly revised percentage withholding tables to implement the rates that will be in effect this year now that the American Taxpayer Relief Act has been enacted.
To Fight Identity Theft, IRS Proposes Rules for Truncating Identifying Numbers
Proposed regulations permit filers of information returns to use truncated taxpayer identification numbers (TTINs) when issuing certain payee statements.
IRS Makes Tax Exempt/Government Entities Fast Track Settlement Program Permanent
The IRS announced it is making the Tax Exempt and Government Entities Division Fast Track Settlement (TE/GE FTS) program permanent.
IRS Announces Abatements of Frivolous Filing Penalty
Taxpayers who have filed all required tax returns and paid all outstanding tax liabilities, including penalties (except for the Sec. 6702 penalty) and related interest, may qualify for a one-time reduction to $500 of any unpaid penalties that the IRS has assessed (Rev. Proc. 2012-43).
Inadvertent Waiver of the Tax Practitioner Privilege: Salem Financial, Inc.
A decision by the Court of Federal Claims last year has important implications for tax practitioners who represent taxpayers before the IRS.
Amendments to Circular 230 to Remove “Covered Opinion” Rules
When issued in final form in 2013, Circular 230 amendments are likely to have an important impact on CPAs and other tax representatives.
Judicial Deference to Regulations: Home Concrete & Supply, LLC
This article reviews the Supreme Court opinions and IRS regulations that gave rise to Home Concrete and analyzes how a deeply divided Supreme Court resolved the issue.
Disaster Relief Extensions Apply Only to Original Post-Casualty Dates
When natural disasters strike, they often affect thousands or millions of taxpayers, and their effects can last for a long time. To provide some relief in these situations, the IRS often postpones various filing, deposit, and, sometimes, payment deadlines for affected taxpayers.
Updated Guidelines for Ex Parte Communications
The IRS updated the rules on ex parte communications between IRS Office of Appeals (Appeals) employees and employees of other IRS functions.
Significant Changes to Offer in Compromise Program
The IRS published new guidelines for its offer in compromise program as part of its expansion of the “Fresh Start” program.
The Number of No-Change Audits Is a Concern
Two TIGTA audits are report that although the SB/SE audits recommended substantial adjustments, roughly 33% of all the audits in fiscal years (FYs) 2009–2011 resulted in no change.
Mandatory Language for Consents to Disclose, Use Taxpayer Information Modified
The IRS has provided guidance to tax return preparers about the format and content of taxpayer consents to disclose and consents to use tax return information and modified the mandatory language required on each taxpayer consent.
Rules on Use, Disclosure of Taxpayer Information Finalized
The IRS issued final regulations under Sec. 7216 that govern the circumstances in which tax return preparers can disclose or use certain limited tax return information.
Voluntary Classification Settlement Program Expanded, Liberalized
The IRS announced significant changes to its Voluntary Classification Settlement Program (VCSP).
Proposed Regs. Provide Rules for Whistleblower Awards
The IRS issued proposed regulations for whistleblower awards, as well as rules governing the disclosure of return information under Sec. 6103(h) to pursue these claims.
Tangible Property Regs. Amended to Implement Delayed Effective Date
The IRS released technical amendments that delay the effective date of the temporary regulations it issued in December 2011 governing whether tangible property expenses could be deducted or had to be capitalized.
Rules Distinguishing Tips From Service Charges Delayed Until 2014
The IRS announced that businesses have additional time to make the changes needed to comply with the proper treatment of tips and service charges.
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.
