IRS practice & procedure

TOPICS / TAX

November 1, 2024

Inflation adjustments to retirement account limits issued for 2025

The IRS announced inflation-adjusted limits on benefits and contributions for various retirement accounts on Friday, including maximum contribution amounts for 401(k) plans and traditional and Roth IRAs.

November 1, 2024

Fraudsters get $47 million from practitioner priority service line scheme

The losses occurred over an eight-month period ending in April, according to a report from the Treasury Inspector General for Tax Administration.

November 1, 2024

GAO recommends improvements to IRS’s private debt collection program

A U.S. Government Accountability Office report highlights a need for enforcement equity assessment and better taxpayer communication.

November 1, 2024

The IRS did not abuse its discretion in sustaining levy

The taxpayer did not challenge her tax liability in a CDP hearing, the Tax Court holds.

October 30, 2024

BOI reporting deadlines extended for certain victims of 5 hurricanes

The AICPA had requested that the Financial Crimes Enforcement Network extend reporting deadlines for beneficial ownership information for victims of hurricanes Beryl, Debby, Francine, Helene, and Milton.

October 29, 2024

IRS to end automatic penalties for late filing of foreign gift, bequest forms

National Taxpayer Advocate Erin Collins discussed the changes in a recent blog post. The changes have been long advocated by the AICPA.

October 22, 2024

Annual inflation adjustments announced for tax year 2025

The IRS on Tuesday provided its annual inflation adjustments for over 60 tax provisions in tax year 2025, including increases in the standard deduction for married couples and single individuals.

October 17, 2024

Analysis, clarity, and a quiz: A preview of the National Tax Conference

Two tax experts detail sessions of note and what practitioners can gain from the event in mid-November in Washington. Listen to the episode or read the Q&A.

October 11, 2024

IRS processing 400K ERC claims with about $10 billion in eligibility

Commissioner Danny Werfel says the IRS has made “substantial progress” in separating eligible claims from ineligible ones.

October 9, 2024

Intangible property repatriation rules finalized

The regulations terminate the continued application of the Sec. 367(d) annual inclusion in certain cases when intangible property is repatriated to the United States after previously being transferred to a foreign corporation.

October 9, 2024

TIGTA says IRS should review $42 billion in ERC claims

The Treasury Inspector General for Tax Administration estimated that a change in policy for pre-refund examinations resulted in payment of $2 billion in erroneous employee retention credit claims.

October 7, 2024

Final regs. target syndicated conservation easement transactions

The IRS issued the final regulations identifying these abusive transactions and substantially similar ones as listed transactions that must be reported to the agency.

October 3, 2024

IRS provides Helene relief; AICPA seeks BOI, FBAR filing extensions

The IRS said it was providing disaster relief for individuals and businesses in all or part of seven states. Also, the AICPA sent a letter to FinCEN seeking extensions for BOI and FBAR reports that match the relief that the IRS provides for other filings, both in terms of the extended due dates and geographic scope.

October 1, 2024