IRS practice & procedure

TOPICS / TAX

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

Lack of facts precludes equitable tolling of 30-day filing deadline

The Tax Court dismissed a taxpayer’s petition due to a missed filing deadline and lack of any facts that would entitle him to equitable tolling of the deadline.

September 26, 2024

ERC supplemental claim process opened for third-party payroll companies

The IRS announced that it will open a supplemental claim process to help third-party payers and their clients resolve incorrect claims for the employee retention credit. The deadline is Nov. 22.

September 23, 2024

IRS increases special per diem rate for business travel

The special per diem rates that a taxpayer uses in travel and business expenses will be higher starting Oct. 1, as provided by the IRS.

September 13, 2024

Proposed regs. would exclude tribal general welfare benefits from income

The first proposed regulations under Sec. 139E set out the requirements for excluding Indian tribal general welfare benefits from income.

September 6, 2024

IRS seeks comments on SECURE 2.0 saver’s match contributions

Treasury and the IRS issued a notice on saver’s match contributions to be paid by Treasury under provisions of SECURE 2.0.

September 1, 2024

Cryptoasset ‘staking’ challenge dismissed as moot after government’s concession

Sixth Circuit affirms district court’s holding that the taxpayer’s refusal to cash a refund check did not keep the controversy alive in his case.

September 1, 2024

Credit card reward liabilities may be eligible for recurring-item exception

The Office of Chief Counsel approves
accrual of liability, distinguishing the
situation in a CCA from that of Giant
Eagle, Inc.

September 1, 2024

Tax Court lacks jurisdiction because notice of deficiency was invalid

The court held that the notice was not sent
to the taxpayer’s last known address.

August 30, 2024

Fact sheet addresses taxability of crowdfunding distributions

The IRS said that crowdfunding distributions may be included in the gross income of the person receiving them, depending on the facts and circumstances of the distributions.

August 20, 2024

Employers now have interim guidance on student loans and retirement plans

The IRS provided guidance for sponsors of 401(k) and similar retirement plans that provide matching contributions based on eligible student loan payments made by participating employees.

FROM THIS MONTH'S ISSUE

Flip out with the latest Tech Q&A

The September Technology Q&A column shows how to create dynamic to-do lists with Excel's checkboxes and also how to set up multifactor authentication texts that don't rely on phones. Flip through both items and view a video walkthrough in our digital format.