Rejection of the taxpayer’s proposed collection alternatives was ‘hasty,’ the Tax Court finds.
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TOPICS
Tax
Excise tax imposed on $25 million in excess IRA contributions
The Tax Court rebuffs the taxpayer’s argument that the Sec. 4973 tax is actually a penalty.
Tax Court has jurisdiction to hear taxpayers’ case
A notice of deficiency’s petition filing deadline controls despite, in an ‘obvious mistake,’ being more than a year after the notice’s mailing date.
Automatic accounting method changes list updated by IRS
The IRS on Tuesday provided a comprehensive list of changes in tax accounting methods to which the automatic change procedures in Rev. Proc. 2015-13 apply. The list includes 21 changes described as significant.
Final regs. issued for clean energy credit transfers
The IRS issued final regulations regarding the election to transfer certain clean energy tax credits. The regulations include specific rules for partnerships and S corporations as eligible taxpayers and transferee taxpayers.
Draft of Form 1099-DA for reporting digital asset transactions released
The draft form, which when finalized will be used by brokers to report digital asset transactions, reflects the language of the proposed regulations, including a broad definition of “broker.”
IRS has mixed results from ‘ghost employer’ enforcement efforts
The IRS had mixed success in its first efforts to find employers who evade taxes, doing better in its criminal pursuit than on the civil side, the Treasury Inspector General for Tax Administration said in a recent report.
Updated FAQs provide details on phase-in timing of BOI access
The FAQs from Treasury’s Financial Crimes Enforcement Network said access to beneficial ownership information will be phased in, beginning this spring with a pilot program for some federal agency users and concluding in spring 2025, when financial institutions with customer due-diligence requirements will be able to review BOI.
Despite moratorium, IRS gets 20,000 ERC claims weekly, Werfel says
IRS commissioner Danny Werfel told the Senate Finance Committee that a tax bill passed by the House in January would help the IRS combat fraud in employee retention credit claims.
IRS grants limited waiver for underpayment of estimated corporate AMT
In light of the continuing challenges taxpayers are facing with the corporate alternative minimum tax, the IRS granted a waiver of the addition to tax for failure to pay estimated corporate AMT “in the interest of sound tax administration.”
Dirty Dozen list ends with easements, digital assets, and more
The IRS winds up its annual list of 12 scams and schemes by covering two broad categories: bogus tax-avoidance strategies and schemes with an international element.
Proposed regs. issued for 1% excise tax on corporate stock repurchases
Two sets of proposed regulations issued by the IRS provide guidance on the implementation of the new excise tax and on rules for the procedure and administration applicable to the reporting and payment of the tax.
Two home energy rebates not includible in gross income, IRS says
The IRS said it will not include the rebates provided under the Inflation Reduction Act of 2022 in individual purchasers’ gross income or in the cost basis of the property purchased.
AICPA: BOI ruling confuses businesses; enforcement should be delayed
In a letter to the Treasury secretary and the FinCEN director, the AICPA called for enforcement of beneficial ownership information reporting regulations to be suspended until after lawsuits are settled.
Supreme Court to decide estate tax impact of life insurance in closely held businesses
This term, the Supreme Court will answer the questions regarding the estate tax treatment of life insurance proceeds received by a closely held business and its shareholder redemption obligations. It heard oral arguments last week.
Court’s inaccessibility extends taxpayers’ petition filing deadline
Although mailed after the 90- day deadline had expired, the petition was timely because it was filed within a 14-day extension provided under Sec. 7451(b)(1).
Line items
Simpler IRS notices are coming … Reporting of digital assets as cash delayed until IRS issues regs. … IRS enforcement efforts collect $520 million from
wealthy taxpayers … Taxpayer advocate: IRS again fails tax pros with PPS call answer rate … IRS collects record-setting $4.9 trillion in tax revenue in FY 2022 … ERC voluntary Disclosure program requiring 80% claim payback launched
Foreign earned income and housing exclusion denied
Another worker at a U.S.–Australia joint defense facility fails to nullify a closing agreement waiver.
Tax Court petition is ruled untimely
When a private delivery service is used, it must be one the IRS has specifically identified to satisfy Sec. 7502, the Tax Court holds.
Dirty Dozen list from IRS opens with phishing, smishing scams
The IRS opened its annual Dirty Dozen list with scams that trick recipients into clicking a suspicious link, filling out personal and financial information, or downloading malware onto their computer.
Features
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Clean data faster using Excel’s REGEX functions
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From The Tax Adviser
July 31, 2026
Current developments in S corporations
July 31, 2026
