The IRS issued new procedures for contributions to charitable organizations, including rules for when donors can rely on the information about an organization’s tax-exempt status on the IRS database Tax Exempt Organization Search.
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TOPICS / PROCEDURE
Tax Planning; Tax Minimization
New guidance needed on virtual currency taxation
The comments were prompted by new questions that have emerged about how the tax rules apply to virtual currency transactions since the AICPA first submitted comments.
Special limitation period does not apply in foreign tax imbroglio
Taxpayers failed to convince a court that their tax overpayment was attributable to foreign taxes for
which a credit was allowed.
Tax reform and the IRS: Five takeaways for tax practitioners
Tax administration, post–tax reform, is markedly different than before, for several reasons.
Appropriations act tax provisions include IRS funding and audit rules
The $1.3 trillion spending bill passed by Congress includes IRS funding and tax-related technical corrections, including changes to the centralized partnership audit regime.
AICPA recommends IRS FAQs on virtual currency taxation
The comments were prompted by new questions that have emerged about how the tax rules apply to virtual currency transactions since the AICPA first submitted comments.
Standard mileage rates, depreciation amounts updated
The IRS issued guidance on the standard mileage rates and depreciation limits that were changed by the Tax Cuts and Jobs Act.
Reporting life settlement sales after the Tax Cuts and Jobs Act
Find out about a new requirement for life insurance companies to report sales of life insurance policies.
Are client meals deductible after the Tax Cuts and Jobs Act?
Editor’s note: Thank you for your interest in this article. The deductibility of business meals is an evolving issue under P.L. 115-97, known as the Tax Cuts and Jobs Act, and this article is no longer available.
Economic substance doctrine applied to conservation easements
The IRS stated it would challenge the tax benefits of certain syndicated conservation easement transactions.
Court rejects ‘obey-the-law’ injunction in employment tax case
A district court denied the IRS a proposed injunction that would have required taxpayers to comply with their employment tax obligations.
Federal spending bill includes tax provisions
The $1.3 trillion spending bill passed by Congress includes IRS funding and tax-related technical corrections, including changes to the centralized partnership audit regime.
Six-year limitation period does not apply to years before Sec. 6038D’s enactment
The six-year limitation period applies only to tax
years in which the Sec. 6038D reporting requirement was in effect.
Congress enacts tax reform
This column summarizes the federal tax law changes under reform enacted in December.
Employment tax penalties: Let’s keep it civil
This article focuses on the potential criminal consequences that can arise when a business fails to collect or pay over withheld tax.
A new safe harbor for LB&I taxpayer R&D credits
A new directive allows taxpayers to use R&D costs reported on FASB ASC financial statements as the starting point for computing QREs.
IRS memorandum provides clarity on treatment of debt-issuance costs
The IRS concluded that a taxpayer could deduct the unamortized debt-issuance costs related to its existing debt upon its exchange for new debt.
Practitioners need immediate guidance on tax reform act, AICPA says
Thirty-nine areas in the recent tax overhaul act require immediate guidance, the AICPA told the IRS and Treasury.
FASB proposes corporate reporting change related to new tax law
FASB proposed a new standard that is intended to help organizations reclassify certain income effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act.
FASB addresses financial reporting impacts of new tax law
FASB addressed numerous financial reporting implications of P.L. 115-97, known as the Tax Cuts and Jobs Act.
INDIVIDUALS
Current Developments in Taxation of Individuals: Part 1
This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the six months ending October 2025.
