Taxpayers and practitioners are unsure whether the CP53E notices they have received are scams or simply sent in error, a confusion heightened by the inclusion of a QR code.
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Tax
IRS establishes program for rulings on significant issues
The IRS is reinstating the practice of issuing these letters in response to numerous informal comments from taxpayers and practitioners regarding the time required to process letter ruling requests and the scope of those requests.
COVID-19 disaster relief case has implications for timely refund claims
National Taxpayer Advocate Erin Collins explained what affected taxpayers need to do in response to the Court of Federal Claims’ holding that a taxpayer’s refund claim filing deadline was automatically extended by Sec. 7508A(d)(1) due to the COVID-19 disaster declaration.
Avoiding a big tax bill on inherited IRAs
The 10-year drawdown rule can trigger hefty taxes for heirs. Learn how smart planning can help.
Fifth Circuit reverses Tax Court on ‘limited partner’ definition
The Fifth Circuit, overruling the Tax Court, held that for purposes of Sec. 1402(a)(13), “limited partner” means a partner in a limited partnership that has limited liability.
Taxpayer’s CDP case dismissed without prejudice
The Tax Court advised a taxpayer that if he filed a second petition, he probably would not have a chance for another review of the IRS’s collection action.
Line items
Click the headlines for these full stories. Anticipated applicability date for future final RMD regs. announced The IRS said it anticipates that the future final regulations on RMDs under Sec. 401(a)(9) will apply for the distribution calendar year that begins no earlier than six months after those regulations’ appearance in the Federal
IRS offers extension option for taxpayers facing ERC claim deadlines
Taxpayers meeting eligibility rules can now use Form 907 to preserve their right to challenge ERC disallowances while the IRS continues its review.
House panel backs repeal of BOI reporting by domestic companies
The House Financial Services Committee voted to remove domestic-owned companies from the beneficial ownership information reporting requirements of the Corporate Transparency Act.
IRS to update Form 990 amid transparency push for nonprofits
A Treasury release said the changes are intended to “strengthen tax administration” and provide clearer reporting on the activities of tax-exempt organizations. No timeline was announced.
IRS launches online tool to help taxpayers manage tax debt
Taxpayers can explore payment plans, collection delays, or compromise offers through a streamlined, privacy protected tool.
IRS flagged FATCA noncompliance but followed up with few exams, penalties
TIGTA found the IRS spent hundreds of millions on FATCA oversight while examining only a handful of high-value foreign account cases.
Uncredentialed tax preparer errors included fictitious deductions, review shows
A report from the Center for Taxpayer Rights comes as Congress considers giving the IRS more oversight of the industry.
IRS finalizes deduction rules for tips, adds 3 eligible jobs
The final IRS regulations expand the tips deduction to 71 occupations and clarify rules on qualified tips, digital payments, and automatic gratuities.
Expansion gives millions of entities access to business tax accounts
The IRS said Monday it is opening the online, self-service accounts to partnerships, Indian tribal governments, tax-exempt organizations, and federal, state, and local governments.
IRS tapped Inflation Reduction Act funds to cover 2025 filing season, watchdog says
TIGTA found the IRS spent $4.8 billion in Inflation Reduction Act funds, which were intended to supplement its annual appropriation, on labor and IT to keep the 2025 tax season on track.
Ways to de-risk concentrated stock portfolios
Learn how investors can manage concentrated stock risk with minimal tax impact — and why CPAs should know the options.
Transfer of for-profit colleges to nonprofit entity held to be bargain sale
The Tax Court affirmed bargain sale treatment for a transfer of for-profit colleges to a nonprofit entity but adjusted the taxpayer’s claimed charitable deduction for the transfer.
Court allows taxpayer’s refund suit to proceed
A district court declined to adopt a magistrate’s report recommending dismissal of a taxpayer’s complaint on the grounds that her refund claim was untimely.
Taxpayer received deficiency notices mailed to her office address
The Tax Court affirmed an IRS Office of Appeals determination to sustain a proposed levy against a taxpayer who failed to file tax returns and did not respond to notices of deficiency that were mailed to her office.
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