Ninth Circuit withdraws Altera opinion
The order announcing the withdrawal says it is being done “to allow time for the reconstituted panel to confer on this appeal.”
IRS practice and procedure
Stock-based compensation cost-sharing regs. valid
The Ninth Circuit reversed a Tax Court decision invalidating a cost-sharing regulation that requires allocation of stock-based compensation costs between related parties.
Many tax-exempt organizations no longer need to list donor information
News IRS procedures eliminate the requirement for many exempt organizations to list certain substantial donors’ names and addresses on some forms.
AICPA: 2019 Form W-4 needs to be simplified
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.
Tax practitioners are warned to safeguard client data
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.
Charitable contribution deduction denied for conservation easement
The taxpayer expected a substantial benefit from the donation, the court holds.
Claiming child tax benefits for noncustodial parents
IRS guidance on the waiver of a dependency exemption remains significant with the newly enhanced child tax credit.
First Circuit allows DISC dividends paid to Roth IRAs
The IRS suffers its second defeat when the First Circuit, agreeing with the Sixth Circuit, denies application of the substance-over-form doctrine to recharacterize DISC commissions and dividends as excess Roth contributions.
IRS clarifies identity theft procedures
An affidavit is needed only when an unauthorized return has been filed using the taxpayer's Social Security number.
Explaining refund payment delays to clients
PATH Act provisions and IRS security filters can often hold up the processing of legitimate refunds.
Form 1040 to be shorter but with more schedules
The IRS is working on a draft version of the 2018 Form 1040, U.S. Individual Income Tax Return, that reduces the size of the form to two half-pages in length and eliminates more than 50 lines.
AICPA advocates for IRS tax guidance priorities
The AICPA sent a letter to the IRS with recommendations for items of tax guidance that should be priorities for the Service to issue from July 1, 2018, to June 30, 2019.
Draft 2019 Form W-4 and instructions posted
The IRS released a draft Form W-4, Employee’s Withholding Allowance Certificate, and its instructions, for individual taxpayers to use to determine their income tax withholding for 2019.
AICPA recommends IRS FAQs on virtual currency taxation
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.
Standard mileage rates, depreciation amounts updated
The IRS issued guidance on the standard mileage rates and depreciation limits that were changed by the Tax Cuts and Jobs Act.
IRS warns tax practitioners of new phishing scam
The IRS alerted tax practitioners to beware of a phishing scheme in which cybercriminals send out emails posing as state accounting and professional associations.
Small businesses should guard against tax-return identity theft
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.
How to treat virtual currency
Due diligence begins with one question you should be asking every client, according to Annette Nellen, CPA, CGMA, Esq.
Virgin Islands ‘cover over’ partial return transmittal constitutes IRS filing
The Tax Court finds an assessment is barred by the statute of limitation.
IRS pursuing self-employment taxes from LLC members
IRS court victories asserting that LLC members should pay self-employment taxes on distributive shares of LLC income should give practitioners pause before claiming this income is exempt from those taxes.
