IRS Practice & Procedure
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.
The order announcing the withdrawal says it is being done “to allow time for the reconstituted panel to confer on this appeal.”
The IRS issued guidance on the standard mileage rates and depreciation limits that were changed by the Tax Cuts and Jobs Act.
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.
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.
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.
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.
CPAs can protect tax advice to clients from disclosure by understanding the scope of the Sec.
7525 practitioner-client privilege, when it applies, and what actions can cause a waiver of this
key protection.
The IRS should provide a simplified adjustment procedure for partnership audits, the AICPA recommended in a letter to the IRS Chief Counsel’s Office.
The Ninth Circuit reversed a Tax Court decision invalidating a cost-sharing regulation that requires allocation of stock-based compensation costs between related parties.
The AICPA’s Tax Executive Committee sent a letter to the IRS, urging the Service to simplify the proposed draft 2019 Form W-4, Employee’s Withholding Allowance Certificate.
The IRS warned that it is increasingly difficult for it to recognize fraudulent tax returns as cybercriminals succeed in getting more and more accurate information.
Practitioners can protect themselves from significant
penalties by following the IRS’s ‘adequate disclosure’
procedures.
The Sec. 6676 penalty is equal to 20% of the amount by which the claim for refund or credit exceeds the amount allowable for the tax year at issue.
An automated process for first-time abatements could ensure consistent application of relief for taxpayers.
Taxpayers failed to convince a court that their tax overpayment was attributable to foreign taxes for
which a credit was allowed.
The IRS urged small businesses to be wary of a growing amount of identity theft attempts aimed at employers and small businesses in general, and partnerships and trusts and estates.
After the IRS’s Modernized e-File and Direct Pay systems were not in operation for most of the tax-deadline day, the IRS extended the filing and payment deadline for 2017 individual tax returns.
The Treasury Department and the White House’s Office of Management and Budget have agreed to change the procedures under which Treasury regulations are reviewed.
This column discusses reasons for delayed refunds and actions practitioners can take when a client is experiencing a delay.
