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.
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TOPICS / TAX
IRS practice & procedure
IRS computer crash prompts deadline extension
After the IRS’s Modernized e-File and Direct Pay systems were not in operation for most of the day on Tuesday, the IRS extended the filing and payment deadline for 2017 individual tax returns until midnight on Wednesday, April 18.
Treasury regulations to be subject to OMB review
The Treasury Department and the White House’s Office of Management and Budget have agreed to change the procedures under which Treasury regulations are reviewed.
Federal spending bill includes tax provisions
The $1.3 trillion spending bill passed by Congress includes IRS funding and tax-related technical corrections, including changes to the centralized partnership audit regime.
Supreme Court: Obstruction requires knowledge of investigation
The U.S. Supreme Court held that to obtain a conviction for obstructing or impeding the administration of the Internal Revenue Code, the government was required to prove that the defendant knew of a pending tax-related proceeding or could reasonably foresee the commencement of such a proceeding.
Phone scams and phishing featured in 2018’s Dirty Dozen tax scams
The IRS completed its annual list of the top tax scams for this filing season, with brazen phishing and phone scams still prominent on the list.
IRS issues new tax rate tables, inflation adjustments for 2018
The IRS announced the new lower tax brackets for 2018 and a number of other new items affected by P.L. 115-97, known as the Tax Cuts and Jobs Act.
IRS releases updated withholding calculator and 2018 Form W-4
The IRS has completed updating its online withholding calculator that individual taxpayers can use to determine how many withholding allowances they should claim for 2018.
IRS proposes to remove 298 regulations
The IRS is proposing to remove 298 regulations that have no current or future application to the Internal Revenue Code.
Charles Rettig to be nominated new IRS commissioner
President Donald Trump announced that he will nominate Charles Rettig, a tax attorney from California, to be the new Commissioner of the Internal Revenue Service.
OPR implements greater transparency in disciplinary investigations
The IRS’s Office of Professional Responsibility has implemented a new process for informing practitioners that they are under investigation for violations of Circular 230.
Tax Court trusts Congress’s use of subjunctive mood
Use of ‘as if’ in statute does not make a criminal restitution amount a tax, the court holds, and thus denies the IRS’s assessment of interest and additions to tax based on the restitution.
IRS issues more guidance on withholding rules for new tax law
The IRS issued Notice 2018-14 to provide more guidance on the withholding rules that were changed by P.L. 115-97, known as the Tax Cuts and Jobs Act.
Practitioners need immediate guidance on tax reform act, AICPA says
Thirty-nine areas in the recent tax overhaul act require immediate guidance, the AICPA told the IRS and Treasury.
What to expect from the IRS during the government shutdown
The shutdown of the federal government comes just nine days before the scheduled start of tax season. Here’s a look at how the IRS may be affected.
New tax withholding tables are issued
The IRS issued new tax withholding tables for 2018 to be used to implement the changes to the tax law enacted last month.
IRS asking for taxpayer representatives’ personal information
The IRS is now asking taxpayer representatives who call the agency to provide their Social Security number and date of birth to confirm their identity.
IRS announces when filing season will start
The IRS announced that this year’s filing season will begin about a week later than last year’s filing season.
Documenting virtual currency transactions
Even the simplest uses of this increasingly popular medium of exchange will likely involve a basis calculation for tax purposes.
IRS touts progress against taxpayer identity theft
The Security Summit strategy built on 2015 gains, stopping still more fraudulent returns in 2016 and 2017, the Service says.
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From The Tax Adviser
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Current developments in taxation of individuals: Part 1
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Current Developments in Taxation of Individuals: Part 1
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