This item discusses new information reporting requirements that affect brokers, professional transfer agents, trustees, and also corporations undertaking actions in their own stock and acting as transfer agents for their own securities.
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TOPICS
IRS Practice & Procedure
Final Regs. Governing Practice Before the IRS
Treasury issued final regulations governing practice before the IRS to increase taxpayer compliance and to ensure uniform and high ethical standards of conduct for all tax return preparers.
Taxpayers Hit by Irene Get Postponement
Taxpayers in certain areas affected by Hurricane Irene have until October 31 to file certain returns and make payments normally due before then, the IRS announced September 1.
Hurricane Postpones IRS’s Offshore Voluntary Disclosure Deadline
The IRS announced it had postponed the deadline for its 2011 Offshore Voluntary Disclosure Initiative (OVDI). The new due date for requests is September 9, 2011.
TIGTA: IRS Does Not Timely Resolve Math Error Disputes
TIGTA released a report in which it recommended that the IRS develop processes to ensure that math error disputes with taxpayers are resolved more quickly and accurately.
Final Regulations Govern Establishing Evidence of Delivery to the IRS
The IRS issued final regulations providing guidance on how taxpayers can prove the timely delivery of physical documents to the IRS or the Tax Court, absent direct proof of delivery.
IRS Revises Actuarial Tables
The IRS issued final regulations relating to the use of actuarial tables for valuing annuities, interests for life or a term of years, or remainder or reversionary interests.
Dispute Resolution Process for the 2011 Prescription Drug Annual Fee
This item describes the exclusive process available to covered entities to dispute the preliminary calculations of the annual fee on branded prescription drugs and obtain any change to data that would be reflected in the final fee allocation.
Codification of Economic Substance Affects All Tax Practitioners
This column discusses uncertainty surrounding the codification of the economic substance doctrine and explores selected areas of impact on CPAs’ professional obligations and practice.
No Reasonable Cause for $3.4 Million Omission from Income
The Tax Court held that a taxpayer did not have reasonable cause for omitting from income $3.4 million from the termination of a swap transaction that was reported to him on a Form 1099.
Final Circular 230 Regs. Implement Preparer Registration Rules
The IRS has issued final regulations implementing components of its initiative to register and regulate all paid tax return preparers.
IRS Removes Form 5472 Duplicate Filing Requirement
The IRS has issued temporary and proposed regulations to remove the duplicate filing requirement for Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business.
Congressional Committee Checks In on Registered Tax Preparer Program
While tax professional communities offered diverging opinions of the registered tax return preparer (RTRP) program to a congressional subcommittee, all agreed on one thing—the IRS made a significant effort to listen.
IRS Discontinues High-Low Method for Substantiating Travel Expenses
The IRS announced that it is discontinuing the high-low method for substantiating lodging, meal and incidental expenses incurred in traveling away from home.
Comments Sought on IRS Continuing Education Provider Standards and Process
The IRS on July 18 invited public comments on its process for approving continuing education providers and on the standards that should apply to such providers.
Economic Substance Guidance Issued to IRS Examiners
The IRS Large Business and International (LB&I) Division issued guidance to examiners on the newly codified economic substance doctrine limiting the application of penalties relating to the doctrine.
100,000 Preparers Did Not Comply with PTIN Rules
The IRS announced that it has identified approximately 100,000 tax return preparers who did not comply with the new rules for preparer tax identification numbers (PTINs), and it is sending them letters informing them of the problem.
AICPA Offers Guidance on Registered Preparer Competency Exam
In a July 7 letter to IRS Commissioner Doug Shulman, the AICPA offered its perspective on the agency’s development of the registered tax return preparer examination.
Penalty Relief for Delinquent FBARs and Forms 5471 Ends August 31
The IRS has provided penalty relief in guidance related to its latest offshore voluntary disclosure initiative. The focus of this item is on who qualifies for penalty relief and procedures for obtaining this relief.
Restricted Interest and Common Errors Made by the IRS
The Internal Revenue Code allows the IRS to charge interest when a taxpayer does not pay all required taxes by the due date of the return. The Code also requires the IRS to pay interest on refunds in certain circumstances. This item discusses the many nuances related to the computation of interest that tax professionals should be familiar with.
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.
