A married couple can avoid the partnership filing requirements for a business they co-own by electing to be treated as a qualified joint venture.
IRS Practice and Procedure
The IRS announced that it is extending tax deadlines starting Sept. 7, 2018, until Jan. 31, 2019, for eight counties in North Carolina.
The Court of Appeals for the D.C. Circuit held that the AICPA had standing to challenge the IRS’s Annual Filing Season Program for unenrolled tax preparers but further held that the program did not violate the Administrative Procedure Act.
The order announcing the withdrawal says it is being done “to allow time for the reconstituted panel to confer on this appeal.”
The Ninth Circuit reversed a Tax Court decision invalidating a cost-sharing regulation that requires allocation of stock-based compensation costs between related parties.
News IRS procedures eliminate the requirement for many exempt organizations to list certain substantial donors’ names and addresses on some forms.
The AICPA’s Tax Executive Committee sent a letter to the IRS, urging the Service to simplify the proposed draft 2019 Form W-4, Employee’s Withholding Allowance Certificate.
The IRS warned that it is increasingly difficult for it to recognize fraudulent tax returns as cybercriminals succeed in getting more and more accurate information.
The IRS suffers its second defeat when the First Circuit, agreeing with the Sixth Circuit, denies application of the substance-over-form doctrine to recharacterize DISC commissions and dividends as excess Roth contributions.
An affidavit is needed only when an unauthorized return has been filed using the taxpayer's Social Security number.
PATH Act provisions and IRS security filters can often hold up the processing of legitimate refunds.
The taxpayer expected a substantial benefit from the donation, the court holds.
IRS guidance on the waiver of a dependency exemption remains significant with the newly enhanced child tax credit.
The IRS is working on a draft version of the 2018 Form 1040, U.S. Individual Income Tax Return, that reduces the size of the form to two half-pages in length and eliminates more than 50 lines.
The AICPA sent a letter to the IRS with recommendations for items of tax guidance that should be priorities for the Service to issue from July 1, 2018, to June 30, 2019.
The IRS released a draft Form W-4, Employee’s Withholding Allowance Certificate, and its instructions, for individual taxpayers to use to determine their income tax withholding for 2019.
The comments were prompted by new questions that have emerged about how the tax rules apply to virtual currency transactions since the AICPA first submitted comments.
The IRS issued guidance on the standard mileage rates and depreciation limits that were changed by the Tax Cuts and Jobs Act.
The IRS alerted tax practitioners to beware of a phishing scheme in which cybercriminals send out emails posing as state accounting and professional associations.
The IRS urged small businesses to be wary of a growing amount of identity theft attempts aimed at employers and small businesses in general, and partnerships and trusts and estates.