Tax

TIGTA critiques IRS’s protection of taxpayer data

The IRS continues to have challenges protecting taxpayer data, and especially ensuring that its various applications provide complete and accurate audit trails, according to the Treasury Inspector General for Tax Administration (TIGTA).

Proposed rules govern carried interests

The Irs issued proposed regulations under Sec. 1061, enacted by the law known as the Tax Cuts and Jobs Act, which requires owners of certain partnership interests to hold them for three years to be eligible for capital gain treatment.

Supervisory approval of penalties

Federal courts continue to clarify the contours of the Sec. 6751(b) managerial approval requirements for certain penalty assessments.

Line items

State law applied in lieu of Bob Richards rule ... Amended returns to join the electronic age ... Midyear cafeteria plan changes allowed

GILTI rules address income subject to high foreign tax rate

The IRS issued final regulations under the global intangible low-taxed income (GILTI) rules on the treatment of income subject to a high rate of foreign tax. At the same time, the IRS issued proposed rules conforming the GILTI high-tax exception rules with the Subpart F high-tax exception.

IRS reinstates PTIN user fees

The IRS said it would once again begin charging fees to issue preparer tax identification numbers (PTINs) to tax return preparers for 2021. The fee was reduced in response to court cases that challenged the IRS’s authority to charge a fee.

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