IRS Practice & Procedure
The IRS will permit taxpayers to change their bonus depreciation treatment for property acquired after Sept. 27, 2017, and placed in service during a tax year that includes Sept. 28, 2017.
The IRS issued updated procedures for third-party contacts to reflect changes enacted in the recent Taxpayer First Act, requiring the IRS to notify taxpayers at least 45 days before it contacts a third party to determine or collect a tax.
The law signed in July is aimed at enhancing taxpayer rights and improving customer service.
Taxpayers who fail to file tax returns may receive assessments from an IRS-prepared substitute for return.
The advent of e-filing has not changed the rule that reliance on a preparer to file a return is not a reasonable cause for a taxpayer’s failure to file a timely return.
The AICPA pushes for investments in IRS-practitioner communications that could reduce compliance burdens for millions of taxpayers.
The IRS issued final regulations and new proposed regulations on the 100% bonus depreciation deduction that was amended by the law known as the Tax Cuts and Jobs Act.
The IRS announced that it is opening its Compliance Assurance Process (CAP) program to new applicants for the first time in years, but applications must be made between Sept. 16 and Oct. 31.
The bill establishes an independent appeals office and requires the IRS to develop a customer service strategy. A controversial provision codifying the Free File program was dropped from the bill.
As part of its effort to reduce identity theft, the IRS issued final rules permitting employers to provide truncated taxpayer identification numbers on Forms W-2, Wage and Tax Statement, they provide to employees.
Some taxpayers who paid 2018 underpayment penalties will receive refund checks because the penalties will be automatically waived for those who qualify, the IRS announced.
Discrepancies between the amount of alimony deducted by payers and reported as income by its recipients increased by 38% in six years, the Treasury Inspector General for Tax Administration reported.
The IRS issued updated procedures for third-party contacts to reflect changes enacted in the recent Taxpayer First Act, requiring the IRS to notify taxpayers at least 45 days before it contacts a third party to determine or collect a tax.
The new draft form, which has been extensively redesigned, is intended to simplify the calculation of income tax withholding after the changes made by the law known as the Tax Cuts and Jobs Act.
The IRS’s failure to follow principles in the Taxpayer Bill of Rights did not deprive a taxpayer of her right to challenge deficiency determinations in the Tax Court.
The IRS will permit taxpayers to change their bonus depreciation treatment for property acquired after Sept. 27, 2017, and placed in service during a tax year that includes Sept. 28, 2017.
The IRS has begun sending what it calls “educational letters” to taxpayers it has identified as not reporting virtual currency transactions or reporting them incorrectly.
As part of its effort to reduce identity theft, the IRS issued final rules permitting employers to provide truncated taxpayer identification numbers on Forms W-2, Wage and Tax Statement, they provide to employees.
The bill establishes an independent appeals office and requires the IRS to develop a customer service strategy. A controversial provision codifying the Free File program was dropped from the bill.
The TCJA's reduction of corporate tax rates and the increase for QBI deductions is likely to pique interest in the claim-of-right provision.
Traps for the unwary: Tax Cuts and Jobs Act changes
Qualified business income deduction regs. and other guidance issued