Quiz: Like-kind exchanges
This quiz tests your knowledge of the like-kind exchange rules.
IRS Practice & Procedure
PTIN fees proposed to be lower when reinstated
The IRS has proposed to lower the fee it charges for preparer tax identification numbers (PTINs) when PTIN fees are reinstated.
Does substantial authority provide penalty protection?
This item discusses whether substantial authority protects against a penalty for a return position that is contrary to a regulation.
Understanding the filing relief for ‘time-sensitive acts’ in Notice 2020-23
Carefully review Notice 2020-23 for the full scope of filing relief granted by the IRS in response to hardships caused by the coronavirus pandemic.
IRS will not postpone July 15 deadline
The IRS announced that it will not further postpone federal tax filing and payment deadlines beyond July 15.
IRS provides temporary relief from audit and collection activities
The People First Initiative provides taxpayers relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions.
AICPA recommends changes to e-signature requirements
In a letter to the IRS, the AICPA asked the IRS to permanently amend its electronic signature procedures to make it easier for taxpayers and practitioners to e-file all types of returns.
Understanding the filing relief for 'time-sensitive acts' in Notice 2020-23
Practitioners must carefully review Notice 2020-23 to understand the full scope of filing relief granted by the IRS in response to hardships caused by the coronavirus pandemic.
Taxpayer First Act: Important new protections for taxpayer information
Several provisions restrict the IRS’s authority to gather information or impose an obligation on the agency to share information or documents with taxpayers that can prove beneficial to taxpayers and their representatives.
Taxpayer’s failure to report foreign accounts was willful
Willful FBAR penalties upheld because taxpayer exhibited willful blindness of or recklessly violated the FBAR reporting requirements.
Responding to the pandemic crisis and calls from practitioners, IRS issues broader tax deadline relief
The IRS granted relief for a broad array of tax filing and payment deadlines that fall between April 1 and July 15, expanding on previous relief, as requested by the AICPA.
E-filing of Form 1040-X coming this summer
The IRS announced that taxpayers will be able to electronically file Forms 1040-X, Amended U.S. Individual Income Tax Return, later this summer.
Quirks spurred by COVID-19 tax relief
This article discusses some procedural and administrative quirks that have emerged with the new tax legislative, regulatory, and procedural guidance related to COVID-19.
IRS mobilizing 3,500 phone operators to answer stimulus questions
With many taxpayers still having problems using the Internal Revenue Service’s “Get My Payment” website, the IRS announced that it is mobilizing 3,500 telephone representatives to answer some of the most common questions about economic impact payments.
Foreign trust reporting: Beware of late-filing penalties
Late-filing penalties for foreign trust filings can be devastating to clients and a significant challenge to CPAs trying to explain or eliminate them.
Proposed rules govern deductions and reporting for restitution
The IRS issued regulations explaining the allowance of deductions for certain fines and penalties under Sec. 162(f) as amended by the law known as the Tax Cuts and Jobs Act.
AICPA proposes broad range of tax relief to aid economic recovery
The AICPA has made a broad range of legislative recommendations to encourage economic recovery in the wake of the COVID-19 pandemic.
District Court lowers penalties for Form 3520 nonfiling to zero
The ruling provides guidance by a federal district court on the application of the civil penalties for unfiled Forms 3520 for foreign trusts.
AICPA supports bill that would make PPP-funded expenses deductible
A bill introduced in the Senate would clarify that ordinary expenses funded by Paycheck Protection Program (PPP) loans are deductible by taxpayers. If enacted, this would overrule a recent IRS notice saying the expenses are not deductible.
COVID-19 pandemic prompts many tax changes
Taxpayers have a variety of tax relief measures to help them through the economic disruption caused by the coronavirus pandemic. From tax credits to filing postponements, here is a breakdown of the initial changes benefiting individuals and businesses.
