In denying relief, the court finds that the Office of Chief Counsel’s litigating position is independent of its request for a determination by a specialized unit.
Individual income taxation
A bankruptcy court holds that the taxpayers’ return was an honest and reasonable attempt to comply with the tax law.
Administrative expenses and claims against estates allowable under Sec. 2053 beyond a three-year grace period would be discounted for current deduction, under proposed rules issued by the IRS.
Nonresident alien amended returns and those for Puerto Rico residents are added; superseding returns can be designated.
Last week’s bump was the third midyear increase in the past 14 years, and it came after members of Congress wrote to the IRS about rising fuel prices.
Acknowledging recent sharp increases in gasoline prices, the IRS announced a rare midyear increase in the standard mileage rate, starting July 1.
Sketchy operations target tax debtors for offers in compromise, and preparers who remain anonymous on returns generally have something to hide, the IRS says in its ongoing series.
The IRS continued its annual series, highlighting threats to ordinary taxpayers from would-be thieves.
The first installment of the Internal Revenue Service’s annual feature focuses on four abusive transactions and arrangements.
Communicate the benefits of the mark-to-market election.
Recent changes in reporting requirements will lead to mistakes, but taxpayers should not ignore them.
The IRS administered the recovery rebate credit correctly for all but 0.7% of returns in the 2021 filing season, the Treasury Inspector General for Tax Administration found.
The IRS provides two simplified filing methods for bona fide residents of Puerto Rico to claim the child tax credit.
The IRS’s interpretation of a conservation easement rule is struck down.
Parents pursuing an adoption can use a CPA’s advice.
The $10,000 limitation on deducting state and local taxes stands after the Supreme Court refused to review a long-running lawsuit by New York and three other states.
A taxpayer convinces the Tax Court he entered into the activity for profit despite not making one and having substantial other income.
The subsidy improves affordability for lower-income families.
The proposal in President Joe Biden’s fiscal 2023 budget to impose a 20% minimum tax on certain high-wealth individuals is seen as likely to raise thorny issues and likely even constitutional challenges.
Fiscal 2023 tax provisions also would increase IRS funding, encourage domestic business investments, and repeal many fossil fuel tax preferences.