IRS to rule on tax-free stock distributions
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.
IRS Practice & Procedure
Rules would allow truncated taxpayer IDs on Forms W-2
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.
Hurricane Irma victims get IRS reprieve
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.
PTIN registration system reopened
The system had been down since early June, after a federal court held that the IRS cannot charge a PTIN fee.
Changes and outages coming to IRS e-Services
Various e-Services will be unavailable between Sept. 7 and Sept. 12, the IRS announced, as it moves to a new platform.
Hurricane Harvey victims have more time to file tax returns and pay tax
The relief includes an extension of time to file certain individual and business tax returns and make certain tax payments.
Proposed budget contains tax reform provisions and would authorize regulation of tax return preparers
President Donald Trump’s proposed FY 2018 budget includes a new proposal to give the IRS authority to regulate paid tax return preparers.
Will tax reform make C corps. more attractive for closely held businesses?
Tax reform is expected to reduce the tax rates imposed on C corporations’ taxable income, giving closely held businesses a significant reason to consider converting.
IRS cannot charge fees for PTINs
The D.C. District Court held that the IRS has the authority to require preparers to use preparer tax identification numbers but that it cannot charge fees for issuing PTINs.
Considering whether to file an income tax extension
Extensions can help in avoiding mistakes and determining that all appropriate forms are included with a return.
Tax Court clarifies ‘amounts in dispute’ for purposes of whistleblower awards
The Tax Court held that “amounts in dispute” for the $2 million threshold in whistleblower cases are the total amount of the liability.
IRS will rule on leveraged spinoffs again
The IRS says it will again issue rulings on corporate leveraged spinoff transactions.
Taxpayers must pay electronically for ruling requests
The IRS announced that it will no longer accept checks in payment for ruling requests.
IRS moves for stay of PTIN fee injunction
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.
IRS pilots Appeals videoconference service
The IRS Office of Appeals announced that on Aug. 1 it will begin offering taxpayers and their representatives a new web-based virtual conference option for taxpayer conferences.
Regulations address new statutory due dates for many tax returns
Changes to the due dates and extensions of time to file various tax returns and information returns were implemented in a package of regulations the IRS issued on Wednesday.
Treasury identifies 8 regulations as burdensome
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.
TIGTA official testifies about IRS data breach in FAFSA application
The details of a recent data breach affecting 100,000 taxpayers were revealed in testimony before the House of Representatives Oversight and Government Reform Committee in Washington.
Employment tax enforcement is trending
Practitioners should have a basic awareness of some of the unique tools the government uses to enforce employment tax laws.
Tax preparer mistakes: Taxpayer penalties and the tax treatment of indemnity payments
Relying on a tax professional does not guarantee that the penalty will be removed for a taxpayer.
