The IRS is expanding its relief from cancellation-of-debt income to students whose federal loans were discharged for certain legal reasons.
IRS practice and procedure
If taxpayers disagree with an IRS audit, they have 30 days to prepare an IRS protest. Find out how to win at IRS Appeals.
Does your business fall under the definition of a syndicate? Chris Hesse, chair of the AICPA’s Tax Executive Committee, reveals where the traps lie for business taxpayers and their CPA advisers.
The IRS issued updated rules for substantiating the amount of ordinary and necessary business expenses paid or incurred while traveling using the per-diem rates.
Speaking to the AICPA National Tax Conference in Washington, IRS Commissioner Charles Rettig discussed possible Internal Revenue Service restructuring, more-targeted enforcement efforts and IRS use of data analytics.
The IRS released the 2020 tax tables for individuals and estates and trusts, as well as the inflation adjustments for over 60 tax provisions for 2020 tax returns.
The difference resulted in $248 million of tax underreporting.
As states impose sales tax collection obligations on more companies, individual taxpayers face a greater risk of personal liability if their organization fails to comply.
Taxpayers' reliance on a preparer to e-file their extension request is not reasonable cause, a district court holds.
Late elections or revocations made during the time prescribed in Rev. Proc. 2019-13 will be treated as automatic changes in method of accounting with a Sec. 481(a) adjustment.
The memorandum lists 10 challenges in order of importance, ranging from data security to achieving operational efficiencies.
The Taxpayer First Act embodies several principles for improved IRS customer service that have been central to AICPA advocacy efforts in recent years.
If an employer elects, forms issued to employees starting in 2021 will show only the final four numerals of their SSN.
The IRS issued final regulations and new proposed regulations on the 100% bonus depreciation deduction that was amended by the law known as the Tax Cuts and Jobs Act.
The law revamps the appeals process, requests for innocent spouse claims, and private debt collection rules, among other revisions.
Some taxpayers who paid 2018 underpayment penalties will receive refund checks because the penalties will be automatically waived for those who qualify, the IRS announced.
Discrepancies between the amount of alimony deducted by payers and reported as income by its recipients increased by 38% in six years, the Treasury Inspector General for Tax Administration reported.
The IRS issued updated procedures for third-party contacts to reflect changes enacted in the recent Taxpayer First Act, requiring the IRS to notify taxpayers at least 45 days before it contacts a third party to determine or collect a tax.
IRS regulations permissibly established the exclusive means of proving timely filing, the appeals court holds.
The IRS will permit taxpayers to change their bonus depreciation treatment for property acquired after Sept. 27, 2017, and placed in service during a tax year that includes Sept. 28, 2017.