The Tax Cuts and Jobs Act released by the House Ways and Means Committee incorporates many of the provisions listed in the Republicans’ September tax reform framework while providing new details.
IRS Practice & Procedure
The news especially affects taxpayers in recent disaster areas who have received extensions until Jan. 31, 2018, to file their 2016 returns.
The Tax Court found that a taxpayer had reasonably relied on her preparer’s advice in determining which year to include income.
Taxpayers cannot rely on a recent tax case to require the IRS to provide workers’ return information during employment tax audits, during either the examination process or Appeals consideration.
While many overpayments are conceded by the IRS and credited or refunded automatically, sometimes the taxpayer must file a claim for credit or refund.
The IRS had planned to launch by the end of the month its updated Secure Access site, which will require using a two-factor authentication process.
President Donald Trump plans to name David Kautter as acting IRS commissioner when John Koskinen’s term expires in November.
The IRS issued the annual revenue procedure that updates the almost 60 tax provisions that must be adjusted for inflation each year.
Treasury said it intended to withdraw the Sec. 2704 valuation discount regulations and portions of the Sec. 385 corporate inversion regulations.
The IRS issued final regulations that govern the relief available for victims of domestic abuse or abandonment from the requirement that married taxpayers must file joint income tax returns to qualify for the Sec. 36B premium tax credit.
This second of a two-part article discusses GST tax and trust tax developments, as well as tax reform proposals and inflation adjustments for 2017.
The campaigns reflect a change in the way the IRS intends to influence the compliance behaviors of LB&I taxpayers.
If granted, the stay would allow the IRS to charge the fees while it decides whether to appeal the district court decision that struck down the fees and, if it does appeal, during the appeal itself.
After reviewing all 105 Treasury regulations issued in 2016 and early 2017, the Treasury Department has identified eight that cost too much, are too complex or exceed the IRS’s statutory authority.
Taxpayers and their representatives are now able to conduct virtual web-based videoconferences with IRS Appeals officers.
Changes to due dates and extensions to file various tax returns and information returns were implemented in a package of regulations issued by the IRS.
Republican leadership released a tax reform framework that calls for fewer individual tax brackets, a lower corporate tax rate, and elimination of many tax deductions.
The IRS is introducing an 18-month pilot program under which it will once again issue letter rulings concerning the general income tax effects of stock distributions under Sec. 355.
Acting quickly in the wake of Hurricane Irma, the IRS gave filing and payment extensions to hurricane victims in 16 counties in Florida, all of St. John and St. Thomas in the U.S. Virgin Islands, and four municipalities in Puerto Rico.
In an effort to reduce identity theft, the IRS issued proposed regulations that would permit employers to use truncated taxpayer identification numbers (TTINs) on Forms W-2, Wage and Tax Statement.