Speaking at an IRS Nationwide Forum in Fort Washington, Md., the deputy director of the IRS Office of Professional Responsibility warned practitioners that they should exercise due diligence when advising clients on emerging tax issues.
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TOPICS / TAX
IRS practice & procedure
Managing IRS authorizations
These tools are essential to interact with the IRS on clients’ behalf.
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.
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.
Filing within 60 days before the assessment period ends
A special rule gives the IRS an extra 60 days to assess tax.
Taxes and the rescission doctrine
This doctrine allows taxpayers to “unwind” a tax transaction.
“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.
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.
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.
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.
IRS realigns compliance operations
The IRS in November completed reorganization of its compliance operations serving individual and small business taxpayers.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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