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Tax
Fifth Circuit reverses Tax Court on ‘limited partner’ definition
The Fifth Circuit, overruling the Tax Court, held that for purposes of Sec. 1402(a)(13), “limited partner” means a partner in a limited partnership that has limited liability.
Taxpayer’s CDP case dismissed without prejudice
The Tax Court advised a taxpayer that if he filed a second petition, he probably would not have a chance for another review of the IRS’s collection action.
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Click the headlines for these full stories. Anticipated applicability date for future final RMD regs. announced The IRS said it anticipates that the future final regulations on RMDs under Sec. 401(a)(9) will apply for the distribution calendar year that begins no earlier than six months after those regulations’ appearance in the Federal
IRS offers extension option for taxpayers facing ERC claim deadlines
Taxpayers meeting eligibility rules can now use Form 907 to preserve their right to challenge ERC disallowances while the IRS continues its review.
House panel backs repeal of BOI reporting by domestic companies
The House Financial Services Committee voted to remove domestic-owned companies from the beneficial ownership information reporting requirements of the Corporate Transparency Act.
IRS to update Form 990 amid transparency push for nonprofits
A Treasury release said the changes are intended to “strengthen tax administration” and provide clearer reporting on the activities of tax-exempt organizations. No timeline was announced.
IRS launches online tool to help taxpayers manage tax debt
Taxpayers can explore payment plans, collection delays, or compromise offers through a streamlined, privacy protected tool.
IRS flagged FATCA noncompliance but followed up with few exams, penalties
TIGTA found the IRS spent hundreds of millions on FATCA oversight while examining only a handful of high-value foreign account cases.
Uncredentialed tax preparer errors included fictitious deductions, review shows
A report from the Center for Taxpayer Rights comes as Congress considers giving the IRS more oversight of the industry.
IRS finalizes deduction rules for tips, adds 3 eligible jobs
The final IRS regulations expand the tips deduction to 71 occupations and clarify rules on qualified tips, digital payments, and automatic gratuities.
Expansion gives millions of entities access to business tax accounts
The IRS said Monday it is opening the online, self-service accounts to partnerships, Indian tribal governments, tax-exempt organizations, and federal, state, and local governments.
IRS tapped Inflation Reduction Act funds to cover 2025 filing season, watchdog says
TIGTA found the IRS spent $4.8 billion in Inflation Reduction Act funds, which were intended to supplement its annual appropriation, on labor and IT to keep the 2025 tax season on track.
Ways to de-risk concentrated stock portfolios
Learn how investors can manage concentrated stock risk with minimal tax impact — and why CPAs should know the options.
Transfer of for-profit colleges to nonprofit entity held to be bargain sale
The Tax Court affirmed bargain sale treatment for a transfer of for-profit colleges to a nonprofit entity but adjusted the taxpayer’s claimed charitable deduction for the transfer.
Court allows taxpayer’s refund suit to proceed
A district court declined to adopt a magistrate’s report recommending dismissal of a taxpayer’s complaint on the grounds that her refund claim was untimely.
Taxpayer received deficiency notices mailed to her office address
The Tax Court affirmed an IRS Office of Appeals determination to sustain a proposed levy against a taxpayer who failed to file tax returns and did not respond to notices of deficiency that were mailed to her office.
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Click the headlines for these full stories. Prop. regs. amend Sec. 3406 backup withholding regulations The IRS issued the proposed regulations to reflect changes made by H.R. 1 to the threshold for backup withholding for third-party settlement organizations such as PayPal, Venmo, and others. IRS IT overhaul set to finish by 2028,
IRS watchdog cites resource limits, duplication in partnership audits
The Treasury Inspector General for Tax Administration assessed a soft-letter initiative and the IRS’s examinations of 82 major U.S. partnerships.
AICPA seeks clarity on revamped paid family leave credit rules
The request came in an AICPA letter to Treasury and the IRS seeking guidance on how employers should implement changes to the paid family leave credit.
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