Charles Rettig sworn in as new IRS commissioner
Charles Rettig was sworn in as the 49th commissioner of the IRS by Treasury Secretary Steven Mnuchin.
IRS Practice & Procedure
IRS issues final rules on adequate substantiation of charitable contributions
Final regulations address how taxpayers can comply with the requirements for adequate substantiation of charitable contributions of money or property.
Momentum from tax reform could lead to IRS reorganization
House-passed legislation includes goals for improving the IRS but lacks descriptions of specific reforms and the funding needed.
Cryptocurrency: Compliance challenges and IRS enforcement
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.
Preparing clients for tax surprises: How to handle tax bills that clients cannot pay
CPAs can advise clients about several IRS programs for paying past-due taxes.
IRS extends deadlines in N.C. counties affected by Hurricane Florence
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.
Sec. 163(j) places renewed importance on tax shelter status
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).
Land donations may not result in desired tax benefit
A charitable contribution deduction is available if there is no quid pro quo.
IRS gives taxpayers penalty and late-election relief for Sec. 965 transition tax
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.
IRS releases revised draft 2018 Form 1040
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.
Draft 2019 Form W-4 released
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.
LB&I campaigns update
The IRS’s LB&I division implemented a major restructuring intended to make better use of IRS resources.
AICPA recommends priorities for IRS tax guidance
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.
D.C. Circuit upholds IRS unenrolled tax preparer program
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.
Ninth Circuit withdraws Altera opinion
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.
New guidance needed on virtual currency taxation
The comments were prompted by new questions that have emerged about how the tax rules apply to virtual currency transactions since the AICPA first submitted comments.
IRS updates charitable contribution procedures
The IRS issued new procedures for contributions to charitable organizations, including rules for when donors can rely on the information about an organization’s tax-exempt status on the IRS database Tax Exempt Organization Search.
Basis issues in cryptocurrency
For investors, cryptocurrency will be regarded as a capital asset, so a key component of correctly determining the tax treatment of a cryptocurrency investment will be establishing its basis.
Failure to update penalty regulation costs IRS
The failure to update the regulations to reflect a statutory increase in the FBAR penalty amount prevents the IRS from assessing the full statutory amount of the penalty.
