Practitioners can protect themselves from significant penalties by following the IRS’s ‘adequate disclosure’ procedures.
The Sec. 6676 penalty is equal to 20% of the amount by which the claim for refund or credit exceeds the amount allowable for the tax year at issue.
An automated process for first-time abatements could ensure consistent application of relief for taxpayers.
Taxpayers failed to convince a court that their tax overpayment was attributable to foreign taxes for which a credit was allowed.
The IRS urged small businesses to be wary of a growing amount of identity theft attempts aimed at employers and small businesses in general, and partnerships and trusts and estates.
After the IRS’s Modernized e-File and Direct Pay systems were not in operation for most of the tax-deadline day, the IRS extended the filing and payment deadline for 2017 individual tax returns.
The Treasury Department and the White House’s Office of Management and Budget have agreed to change the procedures under which Treasury regulations are reviewed.
This column discusses reasons for delayed refunds and actions practitioners can take when a client is experiencing a delay.
The regulations’ definition of an ‘eligible partner’ is key to determining whether a partnership can elect out of the centralized partnership audit regime.
The IRS is working on a draft version of the 2018 Form 1040, U.S. Individual Income Tax Return, that reduces the size of the form to two half-pages in length and eliminates more than 50 lines.
The AICPA sent a letter to the IRS with recommendations for items of tax guidance that should be priorities for the Service to issue from July 1, 2018, to June 30, 2019.
The IRS released a draft Form W-4, Employee’s Withholding Allowance Certificate, and its instructions, for individual taxpayers to use to determine their income tax withholding for 2019.
Tax administration, post–tax reform, is markedly different than before, for several reasons.
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.
A taxpayer must be aware of a pending tax-related proceeding to be convicted of obstructing or impeding due administration of the Code.
The IRS completed its annual list of the top tax scams for this filing season, with brazen phishing and phone scams still prominent on the list.
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.
The IRS issued guidance on the standard mileage rates and depreciation limits that were changed by the Tax Cuts and Jobs Act.
The IRS alerted tax practitioners to beware of a new phishing scheme in which cybercriminals send out emails posing as state accounting and professional associations.
Find out about a new requirement for life insurance companies to report sales of life insurance policies.