On March 14, the IRS released final regulations regarding disclosure of return information by the Treasury Department in connection with written contracts among the IRS, whistleblowers and, if applicable, their legal representatives (T.D. 9516).
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IRS Practice & Procedure
Senate Passes Bill Addressing Tax Strategy Patents
The Senate voted 95–5 on March 8 to pass the America Invents Act. Included in the bill is a provision intended to stop the granting of patents for tax strategies.
House Passes 1099 Repeal
On March 3, the House passed a bill to repeal the expanded Form 1099 information reporting requirements mandated by last year’s health care legislation and the new 1099 reporting requirements imposed on taxpayers who receive rental income.
IRS Oversight Board Says 80% E-File Goal Will Not Be Met
The IRS Oversight Board released its Electronic Filing 2010 Annual Report to Congress and concluded that the goal that 80% of all major tax return types be electronically filed will likely not be met by 2012.
Supplemental Claims: Acceptable Amendment or New Claim?
Whan a taxpayer amends a previously filed refund claim at a time outside the refund statute of limitation period, certain factors dictate whether this supplemental claim is deemed to be an amendment to an existing claim or a new claim.
CPA Supervised Nonsigning Preparers and Non-1040 Preparers Exempted from Return Preparer Rules
The IRS has released guidance on the implementation of new regulations governing tax return preparers and provided an exception to its return preparer regulation plan for nonsigning preparers supervised by a CPA, attorney, enrolled agent, or other Circular 230 practitioner.
Updated Guidance on Adequate Position Disclosure
The IRS has released updated guidance identifying when a taxpayer’s disclosure of an item or position in an income tax return is adequate for purposes of reducing the understatement of tax penalty and the tax return preparer penalty for understatement due to unreasonable positions.
Tax-Exempt Bond Voluntary Closing Agreement Program Announced
The IRS announced a program to provide certain issuers that purchase and hold their own tax-exempt bonds relief from debt extinguishment.
IRS Announces Changes to Lien Process
The IRS has announced a set of new policies designed to help taxpayers pay their back taxes and avoid liens.
IRS Provides Transitional Relief for Some Stock Basis Reporting Requirements
The IRS provided transitional relief from the information reporting requirements that apply to issuers of stock regarding organizational actions that affect stock basis.
House Committee Sends 1099 Repeal to the Floor; Senate Passes Its Own Version of Repeal
The Ways and Means Committee voted to send a bill that would repeal the expanded Form 1099 reporting requirements to the full House of Representatives on February 17, and the Senate approved its own version of 1099 repeal.
President Proposes 3-Year AMT Patch, Partial Relief on 1099s, Crackdown on Misclassification
President Barack Obama released his proposed budget for fiscal 2012, containing several tax proposals.
IRS Starts Accepting Delayed Returns
The IRS on February 15 announced that it has started accepting returns that it could not accept before because it was updating forms and reprogramming its systems.
IRS Announces Second Offshore Voluntary Disclosure Program
The IRS announced that it is starting a new program designed to bring money held in foreign accounts back into the U.S. tax system and to help taxpayers with income from offshore accounts to comply with federal tax law.
IRS Guidance on Court-Ordered Restitution
The IRS Office of Chief Counsel provided an outline of its understanding of the IRS’ new authority to assess and collect court-ordered restitution for failure to pay tax.
IRS Revises Withholding Rules for Nonresident Alien Employees
The IRS announced the 2011 procedures for withholding on wages of nonresident alien employees who work in the United States
False Tax Returns, Mail Fraud, and Money Laundering
The Third Circuit Court of Appeals may have opened the door to a new approach that could result in significantly increased criminal penalties for taxpayers who file false returns. Taxpayers who mail or e-file their tax returns and knowingly understate their taxable income thereon may be exposing themselves to the same money laundering charges levied against drug dealers and financiers of international terrorism.
AICPA National Tax Conference Hosts Senior IRS Executives
The AICPA hosted a number of senior IRS executives at the institute’s National Tax Conference on October 26, 2010. This item gives an overview of the policies or programs that these speakers discussed, which will have a significant impact on the practices of CPA members and their clients.
Disagreements Between Taxpayers and the IRS over Substantiating the R&D Credit
The incentive effect of the R&D credit has been severely dampened by the fact that defending the credit during an IRS audit can be a long and frustrating process for taxpayers. But there are several vague and subjective terms in the body of the R&D tax credit law that are interpreted very differently by taxpayers, the courts, and the IRS.
Tax Law Changes Delay Start of Filing Season for Some Taxpayers
The IRS has warned taxpayers that it will not be accepting certain 2010 individual tax returns until mid- or late February, due to tax law changes enacted by Congress late in 2010. Taxpayers affected include all those who itemize deductions on Schedule A, as well as those who take certain recently extended deductions.
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.
