IRS practice & procedure

TOPICS / TAX

November 15, 2021

New FAQs cover interplay of unemployment income exclusion and credits

The IRS advises on the effects on tax credits and the Free Application for Federal Student Aid and what taxpayers should do.

November 11, 2021

Infrastructure analysis: The ERC’s end, and what’s next

An AICPA vice president analyzes the recently passed Infrastructure Investment and Jobs Act and previews what’s to come regarding budget reconciliation and key tax provisions.

November 9, 2021

Tax treatment of COVID-19 homeowner relief payments clarified

A revenue procedure clarifies Homeowner Assistance Fund payments are excluded from gross income and gives a safe harbor for computing certain itemized deductions.

November 1, 2021

IRS issues ERC guidance for second half of 2021

Majority owners’ wages for the employee retention credit are among issues addressed.

October 19, 2021

Videoconferencing with IRS now an option for all LB&I taxpayers

The IRS announced it is expanding the availability of videoconference meetings for large business taxpayers for examinations and appeals.

October 15, 2021

IRS addresses taxpayer reliance on FAQs, will save copies of old FAQs

Taxpayers who reasonably rely on FAQs posted by the Internal Revenue Service will have a reasonable-cause penalty defense under a new policy announced by the agency on Friday. The IRS will also keep original versions of FAQs on its site after it updates them.

October 1, 2021

IRS launches ‘Tax Pro Account’ feature

Online submissions of POAs and client account authorizations are processed automatically.

September 27, 2021

Final regulations establish a user fee for estate tax closing letters

The letters, which the IRS provides as a courtesy to executors and other authorized estate representatives, will now cost $67.

September 14, 2021

Transcript Delivery System down for some Form 941 transcripts

The IRS reports that its Transcript Delivery System is down for business taxpayers who reported information related to COVID-19 employment tax relief on Form 941, Employer’s Quarterly Federal Tax Return.

September 1, 2021

Final regs. cover mandatory postponements

Tax deadlines are pushed back 60 days after federally declared disasters.

August 1, 2021

Determining when overpayment interest begins for spouses changing their filing status

A key criterion is the overpayment date of a processable return.

July 20, 2021

IRS launches ‘Tax Pro Account’ feature

A new online portal automates the submission of powers of attorney and tax information authorizations, and there are plans to expand its functionality over time.

July 1, 2021

Last of the ‘Dirty Dozen’: Schemes peddled by tax promoters

The IRS warns taxpayers of unscrupulous tax promoters in the fourth installment of its annual list of common tax scams.

July 1, 2021

Bank information can now be updated on child tax credit portal

The IRS announced that is has added a new feature to its Child Tax Credit Update Portal to allow individuals to enter bank information so they can receive advance child tax credit payments by direct deposit.

July 1, 2021

Certified professional employer organizations: The first four years

Learn about the important role some CPAs play in the success of the IRS’s certified professional employer organizations program.

June 30, 2021

Proposed bill to regulate tax preparers has AICPA support

A bill recently proposed in Congress would authorize Treasury to regulate paid tax return preparers, and the AICPA strongly supports it.

June 30, 2021

More ‘Dirty Dozen’: Fake charities, ‘ghost’ preparers, and other ploys

The IRS warns of tax-related scams in a third of four installments.

June 29, 2021

Next batch of ‘Dirty Dozen’ warns of personal info scams

In the second installment of this year’s “Dirty Dozen” list of tax scams, the IRS warns taxpayers to be vigilant for fraudulent schemes in the form of emails, text or social media messages, and phone calls.

June 28, 2021

IRS warns of pandemic-related tax scams in ‘Dirty Dozen’ for 2021

Hijacking of economic impact payments and unemployment checks are spotlighted in the IRS’s annual alert, which warns taxpayers of the most prevalent scams and schemes the Service has identified.

June 15, 2021