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.
The IRS’s LB&I division implemented a major restructuring intended to make better use of IRS resources.
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 Court of Appeals for the D.C. Circuit held that the AICPA had standing to challenge the IRS’s Annual Filing Season Program for unenrolled tax preparers but further held that the program did not violate the Administrative Procedure Act.
The order announcing the withdrawal says it is being done “to allow time for the reconstituted panel to confer on this appeal.”
IRS guidance explains changes to standard mileage rate rules and depreciation in the Tax Cuts and Jobs Act
The IRS issued guidance on the standard mileage rates and depreciation limits that were changed by the Tax Cuts and Jobs Act.
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 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.
For investors, cryptocurrency will be regarded as a capital asset, so a key component of correctly determining the tax treatment of a cryptocurrency investment will be establishing its basis.
The failure to update the regulations to reflect a statutory increase in the FBAR penalty amount prevents the IRS from assessing the full statutory amount of the penalty.
CPAs can protect tax advice to clients from disclosure by understanding the scope of the Sec. 7525 practitioner-client privilege, when it applies, and what actions can cause a waiver of this key protection.
The IRS should provide a simplified adjustment procedure for partnership audits, the AICPA recommended in a letter to the IRS Chief Counsel’s Office.
The Ninth Circuit reversed a Tax Court decision invalidating a cost-sharing regulation that requires allocation of stock-based compensation costs between related parties.
The AICPA’s Tax Executive Committee sent a letter to the IRS, urging the Service to simplify the proposed draft 2019 Form W-4, Employee’s Withholding Allowance Certificate.
The IRS warned that it is increasingly difficult for it to recognize fraudulent tax returns as cybercriminals succeed in getting more and more accurate information.
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.