A transferee could be liable for a transferor’s tax debts if property is purchased for less than fair value.
The IRS LB&I identified 10 new campaigns that expand the focus areas under its issue-based examination program.
The IRS’s statutorily mandated private debt collection program creates numerous hazards for unsuspecting taxpayers, allows fewer payment and negotiation options than direct contact with the IRS, and has not been cost-effective.
As a result of feedback from payroll and tax professionals, the IRS will postpone the extensive changes it had planned to the 2019 Form W-4.
The IRS can take advantage of several rules to ensure related-party transactions do not result in tax evasion or an improper reflection on income.
A partial government shutdown at midnight on Friday would affect the IRS, which has not been fully funded for fiscal year 2019.
A taxpayer’s amended returns sufficiently apprised the IRS of inconsistencies between the amended returns and the returns filed by the bankruptcy trustee of his wholly owned S corporation.
The IRS abused its discretion in failing to consider the taxpayers’ proposed offer in compromise, installment agreement request, and economic hardship claim.
By knowing the factors courts consider in determining whether a taxpayer meets the requirements for the reasonable-cause exception, and how the courts have applied the factors, tax advisers can help their clients properly mount a defense to an accuracy-related penalty.
The IRS issued a notice providing interim guidance for the 2019 calendar year on income tax withholding from wages and from retirement and annuity distributions.
The IRS issued the 2019 annual inflation adjustments for many tax provisions as well as the 2019 tax rate tables for individuals and estates and trusts.
Veteran tax attorney Charles Rettig gives his first public address as new IRS commissioner, speaking to CPAs Tuesday at the AICPA National Tax Conference in Washington.
The IRS issued final regulations on the penalty that applies to tax return preparers who fail to exercise due diligence in preparing returns for taxpayers who are claiming head-of-household filing status, the earned income tax credit, the child tax credit, the additional child tax credit, or the American opportunity tax credit.
Practitioners must use due diligence when clients claim any deductions related to business meals.
Abandonment of intangible property should be established by detailed documentation.
Although the IRS conceded that a taxpayer had overpaid his taxes, the Tax Court held that it did not have jurisdiction to order the IRS to pay a refund.
Charles Rettig was sworn in as the 49th commissioner of the IRS by Treasury Secretary Steven Mnuchin.
Final regulations address how taxpayers can comply with the requirements for adequate substantiation of charitable contributions of money or property.
House-passed legislation includes goals for improving the IRS but lacks descriptions of specific reforms and the funding needed.
This item discusses some key U.S. tax implications and unanswered questions of cryptocurrencies and identifies possible avenues of relief for taxpayers with unreported income or assets connected to cryptocurrency.