IRS Practice & Procedure
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 Ninth Circuit Court of Appeals reversed a Tax Court decision that had held that a cost-sharing regulation that required allocation of stock-based compensation was invalid.
To fight identity theft, starting June 28 the IRS will no longer fax transcripts to taxpayers, tax professionals, and other third parties. And in July it will stop providing an option for mailing transcripts to third parties.
This item provides a quick overview of several tools available to taxpayers who have made mistakes.
The IRS issued final regulations under Sec. 6707A, which imposes a penalty on taxpayers who fail to disclose a reportable transaction on their tax returns.
The IRS proposed regulations under Sec. 6050Y, which governs reporting obligations for reportable policy sales of life insurance contracts and payments of reportable death benefits.
Banks, hotel groups, large retailers, utilities, and car rental companies may be eligible for refunds of federal excise tax paid when purchasing frequent flyer miles from domestic airlines to use in reward and loyalty programs.
Power of attorney and return filing extension forms
do not meet the requirements for notifying the IRS of a taxpayer’s change of address.
The TCJA revised Sec. 451(c), changing the timing of taxation for certain advance payments, including advance payments for future mineral production
and delivery.
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 notified tax software companies that it had discovered an error in the Schedule D, Capital Gains and Losses, Tax Worksheet used to calculate the tax on certain capital gains that had new rates as a result of the law known as the Tax Cuts and Jobs Act.
The IRS announced that taxpayers affected by the recent Wolters Kluwer service outage who are facing May 15 filing deadlines can follow certain procedures to obtain reasonable cause waivers for failing to file on time.
This discussion focuses on two notable business provisions in the TCJA affecting sports franchises: new like-kind exchange provisions under Sec. 1031 and the QBI deduction under Sec. 199A.
The IRS posted a draft of a form that affected taxpayers will submit with their 2019 tax returns showing how they computed their qualified business income (QBI) deduction under Sec. 199A.
An award of wages for working time lost due to an injury on the job is taxable compensation under the Railroad Retirement Tax Act.
An erroneously claimed qualified business income deduction under Sec. 199A can expose a taxpayer
to a substantial underpayment penalty.
The IRS has authority to charge a user fee for preparer tax identification numbers, a federal appeals court held, paving the way for the agency to reinstate the charges for obtaining and renewing a PTIN.
The IRS has authority to charge a fee for obtaining or renewing preparer tax identification numbers.
The TCJA and the PATH Act expanded the penalties on tax return preparers who fail to follow due-diligence procedures when clients claim certain credits or head-of-household filing status.
The IRS will permit professional sports teams that trade player contracts to recognize zero gain if both parties to the exchange adopt the safe harbor and do not exchange cash.
Qualified business income deduction regs. and other guidance issued