IRS practice & procedure

TOPICS / TAX

July 1, 2015

Criminal investigations down in staffing and investigations

The number of new IRS criminal investigations fell markedly in fiscal 2014 from the year before, the Service’s Criminal Investigation Division reported.

July 1, 2015

Final regs. provide rules for assessment limitation period for undisclosed listed transactions

Coordination with the general limitation period for assessment and the effect of information furnished by a material adviser are among the points addressed.

July 1, 2015

Filing within 60 days before the assessment period ends

A special rule gives the IRS an extra 60 days to assess tax.

June 1, 2015

Taxes and the rescission doctrine

This doctrine allows taxpayers to “unwind” a tax transaction.

April 30, 2015

“Be on the lookout” lists gone from IRS reviews of Sec. 501(c)(4) applications

Two years after finding the IRS used inappropriate criteria when reviewing applications for tax-exempt status under Sec. 501(c)(4) and delayed the processing of some applications, the TIGTA issued a follow-up report to check on the IRS’s progress in eliminating the controversial practices.

March 30, 2015

Final regs. provide rules for assessment limitation period for undisclosed listed transactions

Generally, the IRS has three years from the later of the date the return was filed or the original due date of the return to assess tax.

February 1, 2015

Gross income omissions and the 6-year tax assessment period

How taxpayers can guard against doubling the statute-of-limitation period for the IRS to assess tax.

February 1, 2015

What to do when your client receives a summons

This column addresses summonses when issued in taxpayer examinations and is not designed or intended to be a full articulation of the significant legal implications of a summons or its enforcement.

February 1, 2015

IRS realigns compliance operations

The IRS in November completed reorganization of its compliance operations serving individual and small business taxpayers.

January 16, 2015

IRS updates accounting method change procedures

The new rules apply to automatic and nonautomatic accounting method changes and include a list of automatic changes that do not require IRS consent.

January 13, 2015

Budget cuts may force IRS furlough days again

The IRS warned its employees that budget cuts may require it to furlough employees for two days sometime during this fiscal year.

January 12, 2015

AICPA provides feedback on tax reform proposals

The AICPA urged Rep. Paul Ryan, the new chair of the House Ways and Means Committee, to follow the AICPA’s principles of good tax policy to guide tax reform.

January 1, 2015

TIGTA: Process for complaints against preparers is too slow

The Treasury Inspector General for Tax Administration said in Rep’t No. 2014-40-056 that its audit indicated the IRS does not timely process complaints it receives against tax return preparers.

January 1, 2015

IRS proposes scrapping COD nonpayment testing period

The Service says the 36-month period for reporting cancellation-of-debt income is ineffective and prone to confusion.

December 16, 2014

Congress passes tax extender legislation

Included in the extended provisions are the research and development credit, bonus depreciation and higher limits under Sec. 179. The bill now goes to the president for his signature.

December 1, 2014

CPA practitioners sue to stop PTIN fees

Plaintiffs say the $64.25 first-time fee and $63 annual renewal provide no special benefit under federal law.

December 1, 2014

AICPA identifies problems with IRS’s electronic signature rules

Verification through records checks and authentication questions may risk clients’ data security and be impractical for some.

December 1, 2014

Can practitioners give up their email disclaimers?

In June, the IRS finalized changes to Circular 230, Regulations Governing Practice Before the Internal Revenue Service, affecting the provision of written tax advice and certain other related provisions.

November 17, 2014

G-20 leaders commit to automatic exchange of tax information

“Profits should be taxed where economic activities deriving the profits are performed and where value is created”—so said the leaders of the G-20 major economies as they endorsed the Organisation for Economic Co-operation and Development’s (OECD’s) global standard for automatic exchange of tax information at the G-20 summit in Brisbane,

November 1, 2014

Whistleblower awards widened

Final rules expand the definitions of collected proceeds and eligible individuals, and specify the criteria for award amounts. Comprehensive final regulations issued in August provide rules for whistleblower awards under Secs. 7623(a) and (b), as well as rules governing the disclosure of return information under Sec. 6103(h) to pursue these

FROM THIS MONTH'S ISSUE

Tax season quick guide

Get ready for tax season with the JofA’s annual filing season quick guide, an easy-to-use compilation of dollar thresholds, tax tables, standard amounts, credits, and deductions. Download and print for quick reference this tax season.