The AICPA asked Treasury and the IRS to issue additional guidance on Sec. 199A beyond the recently finalized regulations and a proposed revenue procedure in the form of a notice on a safe harbor for rental real estate.
CPAs can advise clients on the proper measures to take to address delinquent taxes so the debt does not result in a passport revocation.
This article lists the changes together, along with some unexpected nuances.
Beginning May 13, the IRS will accept employer identification number (EIN) applications only from individual taxpayers who have either a Social Security number or an individual taxpayer identification number as the responsible party on the EIN application.
The IRS issued final regulations under Sec. 6707A, which imposes a penalty on taxpayers who fail to disclose a reportable transaction on their tax returns.
The IRS announced that it is lowering from 85% to 80% the amount taxpayers are required to have paid in order to escape an underpayment of estimated income tax penalty for 2018.
The IRS proposed regulations under Sec. 6050Y, which governs reporting obligations for reportable policy sales of life insurance contracts and payments of reportable death benefits.
The IRS highlighted the 12 abusive tax schemes it wants taxpayers and tax practitioners to be on the alert for this year. Phishing and scam phone calls were the biggest repeat offenders.
Despite generally lower tax bills, many taxpayers are seeing smaller-than-expected refunds — or no refunds at all. And some taxpayers are now subject to underwithholding penalties, despite limited relief from the IRS.
IRS guidance is needed to determine items of business income, gains, losses, and deductions to arrive at the amount of excess business losses.
The IRS and the Treasury Department announced changes to their policy on issuing temporary regulations, notices of proposed regulations, and other guidance.
The IRS has authority to charge a user fee for preparer tax identification numbers (PTINs) a federal appeals court held, paving the way for the agency to reinstate the charges for obtaining and renewing a PTIN.
The IRS can assess restitution that a taxpayer was ordered to pay as part of his sentence for violating Sec. 7201.
Rev. Proc. 2016-19 lists six characteristics that the IRS will consider in determining whether an issue request is appropriate for the Industry Issue Resolution Program.
The IRS posted a draft of a form that affected taxpayers will submit with their 2019 tax returns showing how they computed their qualified business income (QBI) deduction under Sec. 199A.
The IRS announced that it is expanding its identity protection personal identification number (IP PIN) program to taxpayers in seven additional states.
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.
Veteran tax attorney Charles Rettig gave his first public address as new IRS commissioner, speaking to CPAs at the AICPA National Tax Conference in Washington.
The AICPA National Tax Conference heard from National Taxpayer Advocate Nina Olson about particular taxpayer quandaries and needs.
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.