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.
IRS Practice & Procedure
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.
CPAs can advise clients about several IRS programs for paying past-due taxes.
The IRS announced on Saturday that it is extending tax deadlines starting Sept. 7, 2018, until Jan. 31, 2019, for eight counties in North Carolina.
The exemption to the limitation on business interest under Sec. 163(j) does not apply to a tax shelter prohibited from using the cash-receipts-and-disbursements method of accounting under Sec. 448(a)(3).
A charitable contribution deduction is available if there is no quid pro quo.
The IRS announced relief from late-payment penalties and that it will allow late elections for taxpayers subject to the new Sec. 965 transition tax on deemed repatriated foreign earnings.
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 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.