AICPA advocates for IRS tax guidance priorities
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.
IRS Practice and Procedure
Draft 2019 Form W-4 and instructions posted
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.
AICPA recommends IRS FAQs on virtual currency taxation
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.
Standard mileage rates, depreciation amounts updated
The IRS issued guidance on the standard mileage rates and depreciation limits that were changed by the Tax Cuts and Jobs Act.
IRS warns tax practitioners of new phishing scam
The IRS alerted tax practitioners to beware of a phishing scheme in which cybercriminals send out emails posing as state accounting and professional associations.
Small businesses should guard against tax-return identity theft
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.
How to treat virtual currency
Due diligence begins with one question you should be asking every client, according to Annette Nellen, CPA, CGMA, Esq.
Virgin Islands ‘cover over’ partial return transmittal constitutes IRS filing
The Tax Court finds an assessment is barred by the statute of limitation.
IRS pursuing self-employment taxes from LLC members
IRS court victories asserting that LLC members should pay self-employment taxes on distributive shares of LLC income should give practitioners pause before claiming this income is exempt from those taxes.
IRS computer crash prompts deadline extension
After the IRS’s Modernized e-File and Direct Pay systems were not in operation for most of the day on Tuesday, the IRS extended the filing and payment deadline for 2017 individual tax returns until midnight on Wednesday, April 18.
Treasury regulations to be subject to OMB review
The Treasury Department and the White House’s Office of Management and Budget have agreed to change the procedures under which Treasury regulations are reviewed.
Federal spending bill includes tax provisions
The $1.3 trillion spending bill passed by Congress includes IRS funding and tax-related technical corrections, including changes to the centralized partnership audit regime.
Supreme Court: Obstruction requires knowledge of investigation
The U.S. Supreme Court held that to obtain a conviction for obstructing or impeding the administration of the Internal Revenue Code, the government was required to prove that the defendant knew of a pending tax-related proceeding or could reasonably foresee the commencement of such a proceeding.
Phone scams and phishing featured in 2018’s Dirty Dozen tax scams
The IRS completed its annual list of the top tax scams for this filing season, with brazen phishing and phone scams still prominent on the list.
IRS issues new tax rate tables, inflation adjustments for 2018
The IRS announced the new lower tax brackets for 2018 and a number of other new items affected by P.L. 115-97, known as the Tax Cuts and Jobs Act.
IRS releases updated withholding calculator and 2018 Form W-4
The IRS has completed updating its online withholding calculator that individual taxpayers can use to determine how many withholding allowances they should claim for 2018.
IRS proposes to remove 298 regulations
The IRS is proposing to remove 298 regulations that have no current or future application to the Internal Revenue Code.
Charles Rettig to be nominated new IRS commissioner
President Donald Trump announced that he will nominate Charles Rettig, a tax attorney from California, to be the new Commissioner of the Internal Revenue Service.
OPR implements greater transparency in disciplinary investigations
The IRS’s Office of Professional Responsibility has implemented a new process for informing practitioners that they are under investigation for violations of Circular 230.
Tax Court trusts Congress’s use of subjunctive mood
Use of 'as if' in statute does not make a criminal restitution amount a tax, the court holds, and thus denies the IRS's assessment of interest and additions to tax based on the restitution.
