The law revamps the appeals process, requests for innocent spouse claims, and private debt collection rules, among other revisions.
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TOPICS
Tax
Proposed regs. govern maximum automobile values
The IRS issued proposed rules that provide maximum automobile values for the cents-per-mile and fleet-average valuation rules used to determine the amount to include in an employee’s gross income for personal use of an employer-provided vehicle.
Underpayment penalty relief now automatic for eligible filers
Some taxpayers who paid 2018 underpayment penalties will receive refund checks because the penalties will be automatically waived for those who qualify, the IRS announced.
Alimony tax gap swells to $3.2 billion, TIGTA finds
Discrepancies between the amount of alimony deducted by payers and reported as income by its recipients increased by 38% in six years, the Treasury Inspector General for Tax Administration reported.
Rules proposed for classifying cloud and digital content transactions
The Internal Revenue Service proposed regulations to clarify how to classify transactions involving digital content and cloud computing.
IRS changes its third-party contact procedures
The IRS issued updated procedures for third-party contacts to reflect changes enacted in the recent Taxpayer First Act, requiring the IRS to notify taxpayers at least 45 days before it contacts a third party to determine or collect a tax.
The QBI deduction for rental real estate activity
Optimal treatment under Sec. 199A eludes any one-size-fits-all solution.
Line items
LB&I launches data analytics compliance
program … Vehicle depreciation limits for 2019 … HSA contribution limits for 2020
Digital assets after death
Estate planning should account for a client’s digital assets, which often have significant financial or sentimental value.
IRS issues CPEO final regulations
The tax consequences under Sec. 3511 are spelled out for employee leasing and similar arrangements.
Sales tax compliance post-Wayfair
The U.S. Supreme Court’s decision last year in South Dakota v. Wayfair prompted many states to enact new sales tax legislation or promulgate new regulations based on economic nexus. Find out how to help your clients comply.
State cash grants were nontaxable contributions to capital
New Jersey’s payments to a corporate taxpayer were intended as an inducement to locate in the state.
Ninth Circuit holds common law mailbox rule inapplicable
IRS regulations permissibly established the exclusive means of proving timely filing, the appeals court holds.
Taxpayers may revoke or make late bonus depreciation elections
The IRS will permit taxpayers to change their bonus depreciation treatment for property acquired after Sept. 27, 2017, and placed in service during a tax year that includes Sept. 28, 2017.
IRS permits certain partnerships to file superseding partnership returns
The IRS is permitting certain partnerships that timely filed their tax returns for the 2018 tax year an extension of time to file superseding returns and Schedules K-1 for their partners.
IRS alerts virtual currency owners of nonfiling consequences
The IRS has begun sending what it calls “educational letters” to taxpayers it has identified as not reporting virtual currency transactions or reporting them incorrectly.
Guidance adds preventive care items to high-deductible health plans
The IRS added 14 types of preventive care items that qualify to be provided under a high-deductible health plan to treat chronic medical conditions.
Final rules permit truncated TINs on W-2s
As part of its effort to reduce identity theft, the IRS issued final rules permitting employers to provide truncated taxpayer identification numbers on Forms W-2, Wage and Tax Statement, they provide to employees.
Congress approves IRS reform bill, drops Free File language
The bill establishes an independent appeals office and requires the IRS to develop a customer service strategy. A controversial provision codifying the Free File program was dropped from the bill.
Second Circuit expands Tax Court’s jurisdiction for hearing refund claims
In reversing the Tax Court, an appeals court fixes a ‘black hole’ for timely filing.
Features
FROM THIS MONTH'S ISSUE
How to craft the CPA career you want
Want to pursue a work life that brings you purpose and joy? Learn how in this article from the Journal of Accountancy’s November issue.
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