IRS Practice & Procedure
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.
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.
The system had been down since early June, after a federal court held that the IRS cannot charge a PTIN fee.
Various e-Services will be unavailable between Sept. 7 and Sept. 12, the IRS announced, as it moves to a new platform.
The relief includes an extension of time to file certain individual and business tax returns and make certain tax payments.
President Donald Trump’s proposed FY 2018 budget includes a new proposal to give the IRS authority to regulate paid tax return preparers.
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.
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.
Extensions can help in avoiding mistakes and determining that all appropriate forms are included with a return.
The Tax Court held that “amounts in dispute” for the $2 million threshold in whistleblower cases are
the total amount of the liability.
The IRS says it will again issue rulings on corporate leveraged spinoff transactions.
The IRS announced that it will no longer accept checks in payment for ruling requests.
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.
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.
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.
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.
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.
Practitioners should have a basic awareness of some of the unique tools the government uses to enforce employment tax laws.
Relying on a tax professional does not guarantee that the penalty will be removed for a taxpayer.
Key features include a large reduction in the corporate tax rate, fewer and lower tax brackets for individuals, and a repeal of the estate tax and the alternative minimum tax.
